assay results, page-18

My thoughts on the latest PLV announcement PLV have:

Isthmus: DSO at surface typically 6 m deep and as I have previously indicated a one metre thickness over the Isthmus area equates to 1 million tonnes.

What I also like in these latest holes is the additional 15.8 m at 50.6 %Fe which gives a total of 22 m for the hole at an average of 53.7 %Fe. I would expect that this could be considered as "pre-concentrated" DSO. I need to look back on previous holes and unfortunately we do not get the full hole log but a similar thickness and grade gives plenty of DSO ore to smile about. Remember PLV were initially only targeting 15 Mt of DSO. 22m thick from surface of 53.6 %Fe at Isthmus will be very useful in the early year financials when completing the DFS.

For the Yampi: hole 41 had a total mineralised thickness of 36 m, holes 48 had 33 m and hole 45 a whopping 69 m mineralised thickness.

Also very nice to see the grade of the Wonganin sandstones lift up into the 30 percentile (8m at 35.8 %Fe wow!). Again PLV have 376 Mt of this material currently grading at 21 %Fe. The latest results show hole averages at 23 %Fe, 25 %Fe and 26 %Fe. A 26% average over the 376 Mt equates to another 30 Mt of 60%. I know this is not applicable but it indicates what significant improvements in the resource can be made with such small adjustments to the grades due to the high tonnages of the Wonganin sandstones. And these are easily upgradable to 70 %Fe........WHO WOULD NOT WANT TO BUY THIS STUFF...

My final comment is will Cliffs be at the PDAC convention and/or will they be entertaining Tony during his visit to Canada...it is a great opportunity for an in depth update...hypothetically speaking of course.