Ann: Drilling Results and Option to JV Signed , page-9

Well this is a good move by FWL, some decent milestones to aim for. What they don't find as DSO they can add to the mpi pile - which sits around 120mt of low grade feed.

The tightening global supply (currently being helped along by India's moves) will pressure IO prices into the first half of 2010, a tide that raises boats big and small.

FWL now has a roadmap to liquidity and assets in hand heading towards their potential JV on the WHP - quite a turn around from just a month ago, and fixes the value at least to their float price.