announcement out: 500mn tonnes iron ore, page-9

I believe all of this has already been discuss with the Chinese. They knoew the potential, and they needed min 150mt so this was a no brainer. Many holders, like me, will now hold for the buyout as the short term traders wont have much opportunity with the lack f liquidity.

If the other project can prove up 100mt then this co will have atleast min 1/2 billion tonnes of Magnitite at ~30% is comparable (grades and tonnage) to MGX/ MMX in the area. It better to have 500m tonnes at 30-35% than 80-100mt at 55-60% for a viable project. I suspect the bigger cos in the area will look with interest and possibly want to expand their resource.

Good luck all ....