notice received nc, page-71

There has been speculation that RIO would need to build a processing plant to handle ore from below the water table at Marandoo - have you heard anything Tony? Hopefully we are not in that position, although I'd certainly be happier with a lot of below water table marra mamba than nothing.

If UMC have anything like 100-200Mt it would be a major discovery, the much heralded Hope Downs was around 400Mt and from above Marandoo at 360 Mt (I think inclusive of below water table ore). Quite bizarre that rock chip samples and magnetite orebodies are exciting the market elsewhere

IMO a quick drilling campaign, a 50% price hike and then a mine gate sale to RIO/BHP would deliver the most value. No need for financing, extra approvals, time for infrastruture building, marketing office etc. Hopefully are guys are capable of negotiating with the iron ore big guns. One step at a time though.