600mt iron ore target only 50m shares on issue

Check out the announcement.

ASX Limited 28 May 2008
FOR IMMEDIATE RELEASE
PROPOSED ACQUISITION OF IRON ORE, DOLOMITE AND LIMESTONE
PROJECTS IN KOGI STATE, NIGERIA
Transaction Highlights:
· Black Fire Energy to acquire advanced package of iron deposits in Kogi State,
Nigeria.
· Package contains six projects containing magnetite style mineralisation. Potential
for hematite mineralisation also exists.
· The Company's exploration target is 400-600 million tonnes of potential iron
mineralisation grading between 15-65% averaging 30-36%. The potential quantity
and grade is conceptual in nature. There has been insufficient exploration to
define a Mineral Resource under the JORC Code and it is uncertain if further
exploration will result in the determination of a Mineral Resource.
· Potential access to existing beneficiation facilities at Itakpe as well as
transportation via an existing railway to Warri Terminus, 24km from the port.
· Project proximity to existing rail, road and power infrastructure to limit CAPEX
requirements and fast track project development.
· Availability of substantial historical geological data generated by the Geological
Survey of Nigeria and National Steel Raw Materials Exploration Agency
(NSRMEA).
· Alliance with the Sovereign Ruler of Ebira Kingdom, Kogi State, Nigeria, HM
King Dr Ado Ibrahim, provides access to further mineral opportunities within
Kogi State.
· Favourable political and regulatory environment for foreign investment. New
Minerals and Mining Act introduced in February 2007.
· Development of limestone and dolomite resources as feedstock to the Ajaokuta
Steel complex and extension as feedstock to existing cement production.