IOH is currently planning substantial exploration drilling programmes for FY2012. Wow, more drilling, more resource, more of the good stuff. I'm happy to see the inventory continue to grow.
Wedge & Ricane drilled. Based on there record, I'll bet 70+Mt total.
Following this first phase of Maitland River resource definition, IOH will commence planning of a Concept Study on practical options for mining and connecting infrastructure. The approvals process to obtain further land access permits is to commence, which will facilitate the second phase of drilling.
They seem in a hurry. I'm still not clear on why this magnetite has all of a sudden been elevated to "pillar" status. Do they have a specific buyer/market in mind.
I must say, while I would love things to move along a bit quicker, IOH are becoming a big fat IO company with LOTS of resources. Surly the BRIIC's (and Japan) must salivate at this (relatively) cheap resource. They could secure supply for many years (yes, I know about rail & port access, but if you have the motivation and money, there's always a way).
I also agree with SW, that this company is worth a lot more longer term. Mind you, I have re thought my strategy with IOH and believe (IMH O) that I'll need to sit on this for 3-4 years with the belief that we're looking at $10-$15+ sp.
Remember, despite all the problems in the world, life still goes on, cars are still made and sold, buildings are still constructed, homes are still built, goods are still purchased, steel is still produced, IO is still mined.
Oh, that's right, we got a sh.. load of the stuff.
Regards,
A believer...
IOH Price at posting:
$1.34 Sentiment: Buy Disclosure: Held
