iron ore resource estimate in nigeria, page-32

james,

This statement is not true.

"My investigations suggest that due to the GFC they could not raise the funds to finance the project"

The funds required were $2.5 million. See page 9 of this announcement.

http://asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00918998

BFE raised just under $700,000 in June 2008 for working capital purposes as well as for the Koji State project. BFE always had a cash balance of around $2-$2.5 million during this time. there was never any reports that they could not raise the money.

Please provide the source of your investigations re: could not raise funds to finance the project"

The reason why the project was terminated was because certain conditions of the acquisition were not met by the vendor.

http://asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00918998

:)
Nic