Ann: General Update , page-12

Nose,

If you can't see value in a company that could potentially have around $5M cash by the end of April, that could have 1B tons of magnetite sitting alongside a road train designated highway only 250km from port, and has a partner that will spend $20M on project work over the next 18 months with only a market cap of $7M, I would then say you will never see value. Purely on a risk / reward basis FWL would be better than 90% of stocks on the ASX! Downside is 4C or 25% whereas upside is 300 to 400% just on the expansion of the resource to the 1B ton mark and converting resources to reserves. Now if a dso resource is delineated I would suspect FWL will be close to a ten bagger.