re: Ann: Drilling update No.17 - Agbaja Iron ... I was sitting...

re: Ann: Drilling update No.17 - Agbaja Iron ... I was sitting underground the other night and reread some of the data put out by various out lets .
Some of the points to consider

Very large ore body 3 to 4 billion tonne
Average grade 40.35% FE
Average depth 18.60m
SG of 2.8
Rail to be put in aprox 60 ks at $2 mill a k aprox
Power to site ?? say $10 mill
Roads very close say another $5 mill to get them right into the site .
Camp for workers and Admin etc say $20 mill
Working Cap $100 mill to start off.
We need a Wet high intensity magnetic separation so a Whim plant say $40 mill
$295 round that off to $300 million
Jorc out the end of this month earl Sep
Nigeria gives exclusive licenses unlike some other countries
We have a rep in Kevin Joseph on the ground 24/7
The current rail does not have a lot of traffic .
Eio could enter in to a track access arranement .
Sale of iron ore could be to both the Nigerian plant and over sea,s
Remmember that plant would employ nearl 10,000 workers .

My feeling is with the recent new board appointments we are not looking at a quick sale .
We have a board that has members that will make this their last mining statement .
To do that I think they will take it up to nearly production before they are willing to consider selling .
We also have to consider tgp our biggest share holder ,they will want to get the best possible price
I have a great week end EIO investors GO freo