Ann: Corporate Update, page-11

Like usual, you either don't understand or you are being misleading. Page 11 is talking about the new JORC 2012. Most companies don't have JORC 2012 feasibility studies yet because it is only a new standard. FWL has never said it has a JORC 2012 feasibility study. No one has lied . FWL has a JORC 2004 feasibility study. As usual, you are gong on and on about something that is totally irrelevant to the current situation for iron ore miners in the current price regime.