Announcement aligns with the 2007 Annual Report - we are on...

Announcement aligns with the 2007 Annual Report - we are on track...

Changes since then :
* A new Capesize Port option
* Iron Ore at $81 per tonne.
* Shougang & WISCO

Notice the pellet feed - profit increase.

Our business strategy going into 2008/2009 is as follows:
* Capitalise on iron ore prices by selling as close to the global benchmark price set by CVRD, iron ore on a FOB basis, from our Caleta port in 2008 and offer Panamax and
Cape size ships in 2009 and 2010 from Candelaria and Punta Alcalde ports. We will also investigate the pellet feed market, as this will increase our profitability two to three fold through higher yields per tonne mined and beneficiated.

* We will exploit the Mirador, Japonesita and Mariposa deposits as they offer very high quality grades of iron ore and can be processed using our existing plant. SRK Geological Consulting will continue to develop
JORC ASX inferred resource estimates and mine engineering at Primavera and Chilean Viejo mines.

* Develop the port of Punta Alcalde near the township of Huasco to build a first class super capesize facility 55km from the mine. An estimated $40 million investment, we will work with other partners to develop this project.