tenement for their iron ore is close to fmg, page-3

JMS is right next door. Closer than FMG, once GNL becomes Hawthorn resources - assuming all the AGM resolutions are passed and they merge with ELL. Then the next step is to propose a script takeover of JMS ( after a share conoslidation of 10 for 1 or there abouts) to reduce the 1 billion odd shares they are going to have on issue. at 3.5c a share that will give market cap of 35$m. 10 for 1 will give us 100m shares on 35c a share ( thats just my wishlist) theroretical idea.

Merging with JMS with a market cap of about 35-40m$ would make sense a 2 for 1 offer in that case would do it, would give em most of mt bevan and a larger probably continous tentement according to results from both companies.

Either that or a JV agreement. Full merger makes more sense. market cap in this case would be 80$m probably 100-130m$ by the time the market is finished, FMG could then be brought in as well.

thats my logic anyway its close to both JMS and FMG mt bevan has some potential but i think pinjin and erayina and mt clarke for ELL are going to be the bigger annoucements and come to think might be time to load up if youre bullish