Ann: FMS Audio Broadcast 05-09-2012 , page-16

Jayson1 what makes you think that FMS wont be mined before 2020..

If RIO takes over FMS for example i would think that they would wont to get production going asap...the pilgara project will be one of the lowest cost productions with OPEX at $35 per tonne, this is not mention what we will find at canegrass where we already have a 107mt resource of vanadium

FMS Resource is currently 917mt 55.2 fe (targetting 1 billion plus) with Drillilng to recommence shortly (Q3 2012)

Timelines are below.

* Mining lease & native title granted
* DFS to be completed 2012
* Approvals (off tenement) 2013
* Design & Construction 2014
* Production 2015

SP held up ok yesterday and did a lot better than some of the IO plays on the market...at an IO price of $90/T a number of these companies are running at a loss or close to it because of their high OPEX...

When you look at FMS, its development stage, potential for resource increase, canegrass, strategic location, and then look at its current SP it really must be the cheapest IO play on the market at the moment...