Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-118

Yep…you do here it everywhere in bulk commodities yet youguys take it as gospel from bloke that has been on a VTiFe resources for 20years and couldn’t bring it to market.

I could go an buy the Iron Bridge magnetite pilot plant concentrator (1mtpa)off FMG for nothing (it's a pilot plant), run my ‘shit’ grade resource through it and have aconcentrate at 1.2% V, 16% TiO2 and 53% Fe at a 1.1 x stripe ratio.

You guys have head grade 0.9% V, 10% TiO2 and 38% Fe on a stripe ratio of4.6 times. That means you have to move 4 times the amount of overburden and dirt to access this head grade yet I can run mine straight through a basic bit of equipment and have better grades.

You guys need learn a bit more about actual mining, geology and processing rather than spreadsheet jockeying. Amateur hour.