Ann: BC Iron - Operations Update , page-3

Hi.

Firstly a massive congratulations to BCI management. Haul road fully open and the Powertrans are a rollin'. It'll be good to see the photos of the very first ship fully loaded with Bonnie fines ONLY, setting sail in October.

Re: Tonnage shipped. I reckon management are taking the cautious route with the 3.5Mt by the end of June 2012 number.

As of now, the NJV is achieving 10,000t per day (3.5Mtpa). If I'm allowed to assume that the NJV will no longer be adversely effected by bad weather since the bitumen is going down in a month. Than averaging at least 10,000t a day from now on should be a doddle.

Just a reminder however, the private haul road once bitumened, can easily handle double the present 10,000t a day. And the mine is about to start night shifts to increase production there as well. FMG infrustracture at the rail head and to a lesser degree port space, is the only thing curbing the NJV ramping up production at this stage. Once that has all come online by the end of this year. The NJV wants to ramp up to 5Mtpa by early 2012. That's why Toll (formerly Mitchell West) is bringing another 5 Powertrans online -- hauling Bonnie fines early 2012.

Unless the information infront of me has changed. I reckon the NJV will smash the 3.5Mtpa figure. At this stage I'm saying 4Mt+.

Why is this thing at $2.37???