Ann: Open Briefing on Mbalam Iron Ore Project , page-21

Going through the open breifing again, I found these two comments interesting.

"Deutsche Bank is currently engaged with a range of prospective partners with their target being to recommend the preferred party(s) and financing terms before March/April next year"

&

"This is targeting to define an initial 100 million tonne
Inferred Resource by mid next year."


Now these two quotes mean one of two things. Either:

A) Negotiations with strategic partners do not hinge on drilling results, as the 100 million tonne Inferred Resources won't be defined until mid next year, yet the Deutsche Bank will be reccomending preferred party's by March/April next year.

B) Although the Deutsche Bank may recommend preferred party(s) in March/April, they won't atually be announced until after the resources have been defined which is mid next year.

For those hoping of an announcement in March/April on strategic partners, there is a chance it may not come until mid next year, even with everything going to plan.