Split,IMO, the recent Intersuisse Research Report may be a...

Split,

IMO, the recent Intersuisse Research Report may be a strong indication to this morning's CR announcement;

1. Disclosure (part)
Intersuisse and an associate company, Phillip Capital Pty Ltd, have been engaged by Ironclad Mining since November 2010 to carry out capital markets work for a minimum of 12 months at $10,000 per month. Ironclad paid a return trip to Perth, WA for the analyst to assist in carrying out research. Some of the business operations statements in this report have been sourced direct from Ironclad. In the future Intersuisse may provide capital raising services to Ironclad on commercial terms.

2. Intersuisse's analysis assumes that IFE issues 39.8m new shares to raise the $30m equity required for the development.

3. Ironclad is presently 50% owned by Trafford Resources (TRF) although TRF will be diluted by any equity raising by Ironclad.

4. TRF will remain an explorer, funded by its share of earnings from its 20% (free carry) share of the Wilcherry Hill iron project.


Stagman