Ann: New Scoping Study increases margin per tonne, page-11

re: Ann: New Scoping Study increases margin p... Actually Tewkleberry, ~20% recovered magnetite is not 0.2Mt/yr from 1Mt/yr processed, as the feedstock is not 100% magnetite.

Been following this for a while now, and the downgrade of feed tonnes is disapointing.

Given that the average iron grade of a magnetite deposit is 20 - 40% (according to a past report from VMS), and that magnetite is about 70% Fe, then that means that from 1Mt/yr, the amount of magnetite produced should be around

((1000000 * 0.3) / 0.7) * 0.2 = ~86000

if we take the average of a magnetite deposit, assume it's pure and apply the recovery of magnetite stated in the latest release.

I dunno if that's enough to be considered worthwhile when some of the big boys are talking tens of millions of tonnes rather than tens of thousands.

I hope the Pre-feasability study shows that this is a goer, and will be keeping an eye on it, but think I will keep holding off for now.