Big win, page-21

Despite relatively low Fe prices (around $57/t, the fundamentals for this project are strong.

1) Nature has done most of the hard work to provide high grade mineral sands

2) Operating costs expected to be around $23/t !!

3) Demand for this particular iron sand (with vanadium content) by specialist Chinese mills exceeds supply !

4) Tightly held stock (apart from a few who view this as a typical Fe, high cost producer). Approx 80% plus held by top 20.

5) A well qualified Directorship ream with back up experienced mineral sand employees.

6) A likely construction contract being negotiated.

7) A likely funding arrangement to be negotiated and finalised.

8) Fijian government encouraged by developments so far and very supportive as it will require local employment and alleviate flooding of the Ba river (an important consideration for the local community which is ravaged by flooding annually!)

9) A long, high yield mine life with the opportunity to double the production and to sell all they produce.

10) The announcement of a completion, finally, of all pre-requisites, could see this stock show strong growth and return to and eventually exceed it's highs ($1.70+). My opinion on current known economic returns could be as high as $3. It would not be too optimistic to see this stock exceed $3 if further value adding can be achieved by either higher prices and/or higher production.

It's a definite buy at this stage.