Ann: Iron Valley Project Results of Pre-feasibili, page-2

re: Ann: Iron Valley Project Results of Pre-f... Points to note:

1. Production "up to" 15Mt per annum: We are most likely (if we ever get into production) looking at a staged increase from a low base. Don't forget Phils Creek was flagged as a 1.5Mt p/a project.

2. EPA referral document is finalised for submission this month. This is excellent news and shows clear intent to bring the project along quickly, but EPA approvals take time and 1-2 years is not uncommon.

3. All PFS activities to be completed by mid 2012 and DFS to commence early 2012. This paints us a picture of the timeline for any deal on Iron Valley - it might not be realistic to expect FMG to rush in and deal on IV until at least the PFS is done and/or EPA approvals are delivered.

There could still be plenty of waiting to come on this.