Ann: Drilling update No.21 - Agbaja Iron Ore Expl, page-3

re: Ann: Drilling update No.21 - Agbaja Iron ... To summise, using the following assumptions:

No further drilling, therefore 555 holes out of 789 (meaning approx 10.5 sq km instead of full 15.0 sq km);

No real grade cut-off to speak of (i.e. where a hole has started or ended below 10% Fe I have left that line out of the hole's depth calculation);

And current avg depth of 18.57m (giving an avg 40.06% Fe) holds for remaining 96 holes to be released (by the way the Co says 463 holes have been released but I only get 459);

Then these SG's would provide the following inferred tonnages (the full 15 sq km area extrapolation in brackets):

2.25 - 440Mt (626Mt)
2.41 - 472Mt (671Mt)
2.57 - 503Mt (715Mt)