Hey BT, one thing to come out of the AGM that really surprised...

Hey BT, one thing to come out of the AGM that really surprised me was that TN was critical to Vale because somehow they would use its richer magnetite iron ore to mix and grade control!

You would know more about this intriguing practice, no doubt.

Before, I thought more tonnage for Vale.... no big deal for them... no hurry...but apparently not so. Hence there are good grounds for both parties to close a deal in the near future. Puts a very different complexion on it I think.

Also TP has always maintained that mining at the start will be self-funded.. no more issuing paper... and that he will not commit to buying a shovel or portable toilet block without the cash.

Now if the mining is going to be a more serious concern than ferreting out a little DSO HG .... and it is the basis of a larger scale operation, then I suggest that nothing will happen except paperwork things like mine plans, permits, off-take agreements, procurement specs. until(!) the money is there.

My projection is that they will feel the heat for more cash Aug -Sept 2012. They will not run out of it then, but you do not wait until you are skint to do something.

Cash from Vale in August 2012 (say) means real mining in April 2013 after wet. Fine.

Exploration can continue confidently on all tenements. Buying equipment and making roads, power supply, etc.

A good scenario for a rapidly progressing Company. Up goes the SP.... stratoshpere and beyond! hooray!

Otherwise...... nothing dynamic will happen until August 2013... for real mining in 2014!

It is the cash and its rate of consumption that tells the story. Like Crime Scene Investigation.... follow the money trail to get the truth... or see what could be going to happen.