Ann: Wilcherry Hill Project Feasibility Update , page-18

re: Ann: Wilcherry Hill Project Feasibility U... Did not get through- yet sent emails... Now if the shipping costs are inclusive of costs then obviously we are onto a winner. Yet naturally Stage 1- Yr 1 was to be less profitable.

Yet when they Incinerated to me an earlier than possible sales date- the last sentence seems to indicate this. They have stated it is possible for sales before April 2011.

Now Cost in Full Vs Sales Cost is a big one for me. Needs to be clarified. It would be very nice to know that Yr 1 will make us over 40M then on and up above 100M profit pa in the next 2-3 years.

Iron Ore sales costs will be the biggest mover in this stock when they are a producer next year.

Before this FE- I assumed 20-40M Yr 1 & 2, yet expected delays. Therefore I always thought this play worth triple the price in the ST. Time will tell.