Ann: Quarterly Activities Report , page-9

Deano,

I agree that more drill holes are required but disagree that billions of tonnes are required to make this work.

Remember, the citic pacific group who are close to us are currently spending billions of dollars to support a limited mine life. I think this provides opportunity for all magnetite players in close proximity to do a JV with the likes of Citic. They are developing desalination plants, power grids, jetty development and a whole heap of processing gear to deal with Pilbra magnetite.

With continued drilling of Mt Oscar and Mt Oscar east 1 billion tonnes may be possible.

The whole of Mt Oscar is a significant BIF and with further drilling tonnage will increase.