double announcement, page-58

Madgwick; plenty of emerging iron ore producers to compare FMS and their progress; Atlas, Yilgarn Mining, United Minerals Corp, Aurox Resources, BC Iron, Ausquest, Ferraus Resources, Echelon Resources, Cazaly Resources, Iron Ore Holdings, Aquila Resources, Cape Lambert Iron, Australasian Resources and Polaris Metals. Interestingly enough their all united in trying to get their ore to market. Lets take Ferraus Resources (FRS) as one comparison;
Market Cap FMS - 227 m
FRS - 186 m
Shares ASX FMS - 1819 m
FRS - 151 m
Cash on Hand FMS - 61m
FRS - 23m
Resource inventory FMS - 550mt
FRS - 277mt ( potential 300-400mt)
AVG resource FE% FMS - 55.6
FRS - 58.6
Inferred DSO FMS - 113mt
FRS - 167mt
Rail Agreement FMS - no
FMS - no
Port Agreement FMS - no
FRS - yes
Mine Approval FMS - no
FRS - yes ( Apr 09)
Indigenous Appr. FMS - no
FRS - yes
Fast Track opt FMS - decision pending 2012
FRS - yes ( 2011 1.5-2 mt)
Upcoming IPO FMS - yes ( diamond)
FRS - yes ( gold)
Special Alliances FMS - no
FRS - yes Chinese allliance and also PEARL- Pilbera East Alliance Rail Link
Top 20 shareholders FMS - 26.5%
FRS - 64.5%

Conclusion; Although FRS shareprice is $ 1.05 FMS is fairly priced at 13 cents given the number of FMS shares on issue; FMS is in a strong position financially to firm up and possibly increase its JORC resource inventory; During the GFC FRS ceased drilling which would have hindered progress. As other posters have already mentioned we'll need some significant news releases ( strategic alliances; mine approvals; major new finds; free loyality diamond shares to existing loyal holders- Kev - are you listening? - to move the share price to 25 cents ( as per the forecast)GL holders.