robert mencel onstage sydney wednesday 15 may, page-4

Yes I attended and had a coffee with Robert and Ian.

This is the first time I met Robert and although he is still learning how to present in a more exciting way, his technical expertise of running a mine cannot be questioned.

There is no doubt IMO he can deliver if they get the money, and the SA port approval will not be an issue. Also I am more comfortable now the costs will be kept to the minimum possible for a small junior.

Robert just came back from China and there is at least 3 steel mills who have potential to take the remaining 50% and New page are still solid with IFE and their offtake agreement. According to Robert the demand is still there from China for our product.

IMO it all boils down to future iron ore prices holding. If the prices stay at $120, then $30 to $40mil net profits are there for the taking.

Financing is mainly in the hands of Sydney based BurnVoir Corporate Finance, and they have done some big financing in the hundreds of millions, so they can certainly handle $21mill. Again forecasted iron ore prices need to be, IMO, say over $105p/t for any bank to lend comfortably. I think that will be the case unless China change their growth plans to less than 6%. I don't see them doing this.

One thing for sure the current M.Cap is close to the bottom if not the bottom.

Now I best not say much more as i will be blasted for ramping or being the company's puppet.