re: Ann: 450 Million Tonne JORC-Compliant Res... Correct over...

re: Ann: 450 Million Tonne JORC-Compliant Res... Correct over the last couple of weeks there has been the SPP share over hang placing some sell pressure on the stock but geez its held up well.

10million shares raised through the SPP @ 21c going by the Appendix 3B dated 9/04/2010 = $2.1 Million.

Total Volume traded in DMA since 9/04/2010 to 28/04/2010 = 9.7million shares. 13 Trading Days with an average of 750K shares per day, a total of 12.5% of the total shares on issue.

I'd say that there couldn't be too much SPP over hang left (Pattersons have cashed in no doubt).

Interesting fact that the share price doubled in one day on the (18/03/2010) when the 450million tonne JORC resource was announced with only 6.3 million shares traded on that day so this stock has proved to be tightly held and can move very quickly to the upside.

A previous poster has raised concerns on the grades of FE around 30% however processing test work to date has confirmed that with beneficiation the FE grades are commercial @ 58% FE and can be improved even further (slide 22 March 2010 presentation).