quarterly actrivities report ..., page-32

AJ

It did take a while for people to get a gest of the Q2 update. But that line abt 'Strategic Partner/Investors' is afterall the opening statement. We already know the drilling stuff etc.

To get this project off the ground, they need a cashed up partner/s & get their finances in-order. So far with the drilling at EP92, its fairly straight-fwd that the drilling of the mineralised section has followed the Aero-Mag response, in short, it simply stands out in y'r face. It shouldn't b that hard for anyone else to conduct their due-diligence on this & make a decision.

The key points, frm the Q2 update are :

1) Cash on hand ~$20m
2) 2.45 bT of resource (215 mT @ 60%, 2.3 bT @ 38%)
3) Upgrade the port capacity to "ChinaMax". (ie 380000 DWT capacity ships).
4) Aero-Mag for EP92 (says it all for me).
5) An ore-body thats open down-wards!! (page 6 cross-section)

IMO with a resource of 2.45bT, even thou' 94% of which is ~38% Fe, the Chinese or (?) should b all over this. Not sure who else would b, afterall Arcelor Mittal are up in Sierra Leone, another place where CAPEX, Labour costs aren't a show-stopper, when u have such a vast resource in ground. It should generate jobs & royalties for the govt. there.

I think, we will have to wait till this qtr ends for the interested parties to wind up their due-diligence, b4 we see further updates on that front.

Should b a good ride this one.

cheers