Ann: JWD Resource Update , page-3

this deposit is currently in JV with FEL. Who are now getting approvals. GWR to get a further $325k and they can mine and ship 300kt. FEL to have 51% and should the wish to continue GWR receive 4.25mil cash and 49% of revenue or profit not sure for 3mt of product. In addition GWR will receive royalties which are tied to pricing and then another lot of royalties on top of that. Not bad hey! Also very good grades getting the full price of 62% Fe. In addition to this they currently looking to expand stage 1 as well as other expansion. They have had plenty of years to do the ground work I think all will flow pretty quickly they know that time is of the essence in this game. Shipments 18th Jan