comparison to ago/brm looks cheap!

Love people's thought on this one as an iron ore play. I recently did some comparisons with this BRM and AGO.
Obviously all are at different stages but I found AGO expensive relative to the other two.

I also found FRS stupidly priced unless I was missing a vital piece of information to the jigsaw puzzle when compared to the other two. BRM did also look good as well.

I do like the announcement of the 16th of March 2009 with suggestion of a potential off-shore investor. I also remembered reading somewhere that the project's worth was 8.5 billion dollars using a US$55 tonne figure. With the recent upgrades well I'm wondering whether this figure is still the same?

Add to this:

What appears to be experienced management

The total iron ore resource inventory for FerrAus’ licence areas in the East Pilbara has increased to 164.4 million tonnes grading 58.6% Fe.

Market Cap. – fully diluted at about
$ 50 mn @ 29c per share

And the recent consent to mine on the East Pilbara project

I wondering what the pitfalls of the Company are.

The only issue that I can see is the rail matter which several others are also experiencing and hopefully there maybe a resolution too soon.

Comments appreciated!