cfr grades no comparisons with nsl, page-22

"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!"

Ironically i couldn't get them on the phone but the email response was quick.
This is what they said,

Thank you for your inquiry.
No such assurances were given, however the caller would have been given the same information as other callers who have inquired on the same topic: that the Company has already informed the ASX of typical iron ore grades being found in the Karnataka region being in this order of magnitude, and that the technical report was still being completed.
Specifically, the previous announcement stated:
'Banded haematite and magnetite quartzite are common rock types frequently encountered in the Archaean greenstone belts of Karnataka. Commercially valuable ore bodies are the result of residual concentration of iron in the banded iron formation either through replacement of silica by iron, or leaching of silica. Such processes acting over a long period of time have given rise to massive ore bodies occupying the crest of hills and elevated plateaus. (See Mineral Resources of Karnataka, B.P.Radhakrishna, Geological Society of India, 1996). Neighbouring leases mine haematitic iron ore at an average grade of 64% Fe'
The caller was told that the technical report would probably contain more detailed analysis of the typical iron ore grades found in the Karnataka region, and would probably provide more specific information on the leases which are the subject of the MOU, but nothing more than this.