Ann: Investor Presentation , page-11

I anticipate MinRes will try to do a deal with FMG for both rail access and blending down the P from Iron Valley. That said, they will have a hard time in doing so because FMG have more than enouth high P dirt from Nhydinghu(sp?)of their own and diminishing low P Chichester ore as a blend source. There will be a market for the high P ore, just at a significant discount which will impact the overall economics of the project.