Ann: Land Access Agreements Executed,West Pilbara WA, page-2

How do we value the info below. From today's announcement.
Is it correct to assume the iron ore at $90-120 pt times the tonnage 1.5mt = about $150 million to Cullen its seems a very big deal
Perhaps someone (zaroone) can do the math.

From
Cullen Resources Limited
Access Agreements West Pilbara – June 2014
2

Under one scenario, and subject to successful execution of several commercial agreements, it
is anticipated that ore derived from the Catho Well Channel Iron Deposit (located within the
PKKP Claim) will contribute to the main, blended product stream throughout the proposed
mine life of the WPIOP – Stage 1. Cullen’s attributable share of the proposed production from
the MSIOJV is approximately 1.5 million tonnes of iron ore per year, totaling 21Mt over the
14 year mine life. (These data are as first reported to the ASX by Cullen 14 December 2010,
in regards to a maiden Reserve, and 7 June 2012, for the results of a Feasibility Study for the
MSIOJV).