Ann: General Update , page-16

Seems to me that the shares being off loaded exceed the amount I estimated that Springtree hold so i suspect another large holder off loading. I was adding last week but the selling is relentless. I still have more shares to buy over the next few weeks if the price is right! I just hope it's not Sin Tang selling as it means a few weeks of lower prices but on the upside it also means they will be off our register and that the resistance area at 14/15c may not be such a hurdle. Still, we have to get over 7.5c before we even contemplate the 14/15c levels and higher. Hopefully April will bring about a re-rating of FWL if we get Chinese Gov approval and some drill results.

Had a look at MAU announcement for a conceptual mine study at the below link;

http://hotcopper.com.au/announcementFiles/2011%5CMAU%5C198967fd-1fe9-47c1-89ce-347ddec35b1d-MAU559027.pdf

And whilst they are only a minnow they have costs for a magnetite plant in that announcement. FWL's resource is 20 times larger and the proposed mine will be 9 times larger and we have a jv partner and more cash yet MAU have a slightly higher market cap than FWL! What I'm saying here is that FWL has significant upside from current levels!