scoping study on iron ore - 400mt potential, page-17

re: **scoping study** Sp

Disappointing?? ONLY if you are a short-term trader in GBG. The resource estimate has been upgraded to 420mt. They are embarking on a full feasibility study to JORC standard - that's bankable once completed!! Would they do that if its total pie-in-the-sky? A total of 16,000 meters of drilling - some cost there so they are serious. I think the tone is very upbeat and although they haven't announced a JV they are hinting at it I would say - and they will need a backer if a pieline will cost $700m.

The punters may not be impressed and there may not be short-term profits to be made on thsi announcement but GBG has other irons in the fire.

IMHO of course.

H