2011 outlook

The first half of 2011 will see extensive drilling programs at the three main Mindax projects drilling for Iron Ore, Uranium and Copper-Gold. The 75c level is the key towards the end of the year as it is the option exercise price, failure to reach this will be a big negative as it will lose out on a large amount of incoming funds. By the end of June, there should be two resource updates for Mt Forrest and a PFS released which will hopefully give the share price a boost.

Mt Forrest:
The current JORC stands at 1.01 billion tonnes @ 31.4%Fe and 4.6MT at 54.3%Fe. A 15,000m drilling program is currently underway and expected to be completed in early 2011 to be followed be an additional drilling program. Resource updates are expected in January and June of 2011. The PFS for Mt Forrest is expected to be completed by the end of June this year.

Uranium:
Significant Uranium intercepts have been encountered which are comparable in grade and thickness to other significant deposits in WA. They are working towards defining a resource at Jindarra and Yandegin following a significant drilling program in the first half of 2011

Mortlock Copper-Gold:
Drill testing of deeper conductivity targets is set to commence in early 2011.