i've done some digging, page-15

Hi Pat

I think I can help you with some of your queries.

1. Current drilling? As far as I know,there is none being done at the moment.. Most of the deposits were drilled in 2007-2009. They are currently working on defining all DSO and so-called BBSO (beneficiate before shipping ore) on the project. That may require some additional drilling.
2. Reserves. What more info? The recent presentations have pretty complete tables so I am really not sure what else one needs.
3. On M&A. What else but non-committal statements can be said. You can't talk about the duds you've passed up, and you can't talk about a incomplete deal that is in the pipeline. All you can do is be vague.
4. Buy back?? Unlikely given the extremely tight registry.
5. Dividends? Maybe. But no board would put out a statement before seeing end of FY, audited, financials. That is just good governance. But do the maths. If BC Iron ends up with >$70m in the bank then you'd have to think a 0.06-0.08 dividend is in the offing. But again, there is no obligation on a board to make any announcement or committment until the numbers are in.

Hope this helps.