300-500mt magnetite jorc jan $21mil mcap 16cen, page-31

Hi kgee

I think Beyoondie is a long way from infrastructure. So the location for ACS is much better.

Also, EMG's magnetite is quite low grade (around 27%). ACS MAY have around 35%.

The other point about ACS is it's mass recovery of magnetite, which appears to be around 40%. This is much higher than most magnetite projects in Australia.

And then of course we have the two Chinese shareholders on board who have paid well north of the current ACS share price for their holding.

All we need now is the JORC figure. If ACS prove up 500Mt at 35%, that equates to 175Mt. At 30 cents/tonne, that equals a MCAP of $52 million or 42 cents per share.

Hence all the nervous excitement.

Ralph