cfr grades no comparisons with nsl

Hi All,

Obviously the market is getting impatient, but I just spoke with CFR and the valuation report is in it's final stages of completion.

Importantly, CFR confirmed they are expecting haematite iron ore to feature in their report with average grades around 60%. Potential reserves will be announced and he agreed their expectations on volumes are high which is typical and inline with Karnataka's reputation as having the largest reserves and grades in India!

CFR did emphasize that NSL and CFR proposed iron ore leases are distinctively different with regards to grades and volumes.

Hold'em tight and make them pay up!

JB