more coverage on takeover, page-12

col - my comments were just a summary but here's some more info:

http://www.unitedminerals.com.au/IRM/Company/ShowPage.aspx?CPID=1073

PILBARA IRON ORE PROJECT 100%
HISTORY OF THE PROJECT
On the 4th October 2006, UMC announced it had acquired a 100% interest in a significant and extremely well located Iron Ore Project comprising 263 sq km in the heart of the Pilbara iron ore province in Western Australia. The project was acquired from DFD Rhodes Pty Ltd, a Company with a long and successful association with the iron ore mining industry in Western Australia.
The tenements (E47/1429, EL47/1431 and EL47/1432) were once a part of the original Temporary Reserve TR70/3156 which dates back to the “Iron Ore (Mt Goldsworthy) Agreement Act 1964.” The main portion of this original TR is now the Area C mining lease (ML70/281SA) currently owned and being mined by the Mt Goldsworthy Joint Venture (BHP Billiton 85%, Itochu Minerals and Energy of Australia Pty Ltd 8%, Mitsui Iron Ore Corporation 7%. It was a condition of the Agreement Act that 263 sq km be relinquished when the Area C mining lease was granted. The relinquished area is now the UMC ground as acquired from DFD Rhodes Pty Ltd.
Significantly, the UMC tenements had no previous history of any drilling, as the majority of the relinquished ground is covered by alluvium and valley fill deposits. The area however is underlain by both Brockman and Marra Mamba formations, making the tenements highly prospective for new iron ore occurrences. These two formations are the host for two of the major ore types shipped from the Pilbara – Brockman and Marra Mamba ores which are a type of supergene enriched iron ore.
Much of the original information regarding TR 3156H is still on closed file report and not publicly available. However, the original Goldsworthy Iron Ltd annual exploration report for year ending 31 December 1987 is relevant to the UKD ground and is available at the Western Australian Department of Industry and Resources website: http://www.mpr.wa.gov.au/wamex/item_details_rep.asp?m_num=246&sub_num=8&PageNo=1&Totalrecs=1