ceo update all postive

Let's summarise the CEO's Update:

1. EPA approvals and PER docs progressing and advanced. Currently working with the govt regarding the development of both the hermatite and magnetite projects.

2.Hermatite Mungada and magnetite Kagara for the Karara Project. The mag and herm deposits are integrated.

3. WA govt clearly say that the Mid-West is strategically going to be the next major iron-ore region in Aust.

4.Karara Project is well funded and effectively guaranteed by Ansteel. It is also not dependent on the production of hermatite (as hinted in the WA Busines article).

5. 2 of the largest Chinese Banks are in talks with them and are keen to fund the Karara project. (With regards to long-term funding)

6. New high grade magnetite discovery at Karara was in addition to already proven reserves.

7. Lodestone mag concentrate looks v good. Will be seeking a partner in this project.

8. GBG on the look-out for project and corporate opportunities.

9.GBG are not restricted by the developement of Oakajee for their initial production. GBG have great access already to the port of Geraldton.

All in all I am glad that they have seen fit to clarify the current position of the company. Too bad if no-one wants to sit up and listen ATM. I hold for the long term.