project update asx release @ 9.10, page-51

As the dust settles I thought it might be useful to review parts of two announcements wrt potential partnerships.

Looking back at the 20 October announcement .....

"Key to any financial transaction is Pluton?s ability to show that it will be able to meet the required technical specifications and cost requirements for the commercial production of iron concentrate for use at specific steel mills in Japan, and the completion of the Pre-feasibility Study. The Pre-feasibility Study is due for completion by the end of March 2011.
Pluton and the JTC have agreed to use all reasonable endeavours to finalise an agreement within 30 days of the completion of the Irvine Island Pre-feasibility Study to a standard determined by the JTC, and the commencement of a detailed feasibility study.
Pluton will be working with the JTC over the coming months to meet their requirements.
If Pluton meets the JTC?s requirements, and Pluton and the JTC agree on terms, the parties would likely enter into:
? A Sale and Purchase Agreement
? A Joint Venture Agreement, and
? An Off-take Agreement
Said Pluton Managing Director, Mr. Tony Schoer ?we have now completed a process looking for a strategic partner who has the financial capacity, the need for our style of product, and the technical background to assist us in bringing the Irvine project to development.?
?The potential partner we have selected meets all of our requirements. It is now up to us to demonstrate to the JTC that we can produce the concentrate they require. To that end we will soon be conducting tests on 1.5 tonnes of material. We have their required specifications and are confident that we can produce this product?.
?It also makes sense for both parties to wait to negotiate based on the Pre-feasibility Study results. This will give us a true indication of value and give us a much better chance of a win-win transaction?.

then, when you read this weeks announcement, when it says ...

Potential Partners
? Memorandum of Understanding on foot with a Japanese Trading Company
entered into in 2010.
? The JTC is currently conducting due diligence on the PFS
? Ongoing discussions with 5 other potential partners with discussions and due
diligence accelerating post release of the PFS
? Partners looking at value of entire project? ie. beyond Stage 1 covered by the PFS
? New parties have approached us following the release of the PFS
? Discussions revolve around central issue of funding project capital as starting point

.... the question that I would now ask, is the MOU fast track 30 day commitment to the jtc, post pfs completion still a commitment, or is there now a level playing field between the jtc, the 5 new players and the new parties that have expressed interest after the PFS. Furthermore, with "value adding" activities now programmed to take place over the next 2-5 months, how will these affect the timing of current negotiations?