Ann: Confirmation of saleable Iron Ore Concentrat, page-13

re: Ann: Confirmation of saleable Iron Ore Co... I concur with your thoughts korni. Also, a big plus is that the results have been achieved without the need for power intensive rolling mills. A big cost saving.

So if the 15km x 2km ore body in this lease contains 2.7Bt, as we now have reason to expect from last week's announcement, using your methodology earlier (i.e. the actual recoverable resource being 50% of the total lower zone B ore body, which is 2/3 of the total of zones A and B) we may well have 1.8Bt in zone B providing a recovery of 900Mt (at 55% Fe).

Even at 20Mt p/a (say 10Mt by rail and 10Mt by river), there is a 45 year mine life, with scope for major increases in the north/east leases. With consistency and useability now proving up, I still expect to see suitor interest coming within this financial year.