any questions, page-9

Hi Chubbito,

gee my internet is slow when my boys are on the X-Box, bear with me.

Probably not appropriate to say the names of the funds mate until we put out a new top-40 next week. They are big, very big, and loved the asset. We had to scale them all down big time given the demand for the placement. I expect they are all long term holders like JP Morgan (our biggest holder with apx 10%). In fact JP Morgan topped up to remain at around 10%. Most of our instos topped up which was good news.

We are very fortunate to have a quality institutional base. not a lot of companies our size that have the institutional backing we do.

The target is per-beneficiation, however we have not included the sandstones in that target. We currently classify the sandstones as waste (or overburden). We have already beneficiated the sandstones to up to 68%Fe with only trace impurities. If you include the sandstones the number is much bigger in product tonnes. The sandstones were not included in the JORC resource only because of the lack of drilling.

Cheers, Tony.