300m x 1km of land wedged between iron ore finds of GIR and BHP...
it appears the iron ore thickness decreases from the BHP east towards the GIR west, so the ROY block may be thicker than GIR...
300m x 1km x 10 metres thick of iron ore = 10M tonnes 300m x 1km x 15 metres thick of iron ore = 15M tonnes 300m x 1km x 20 metres thick of iron ore = 20M tonnes
at 2008 prices, 10M tonnes at 50:50 lump & fines = $955M in revenue value on 60% iron ore grade or at least $360M NPAT cash flow at current prices.
And the above is just one small part of ROY's four Pilbara tenaments...
current market cap fully diluted of 86M shares and around 64M options is $27M, with $8M cash in the bank, sufficient to fund the 2008 exploration program.
Great buying around 18 cents in my opinion...
MFE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
