SP up two cents to 66 cents todayMIS issued to ASX today Austock...

SP up two cents to 66 cents today

MIS issued to ASX today Austock Conference Presentation

Half Yearly Results looks great reading
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Dedicated iron ore coy with strong Chinese support for development in context of strong 20+% pa gowth in Chinese demand

Clear growth strategy for future ;arge scale DSO and/pr magnetite projects

Successfully bedded down 1 mtpa DSO starter project - 520,100 wmt shipped as at 30 Sept 2006

Company is profitable and on tack to achieve 50% operating margin

50:50 JV with Sinosteel has established project studies team for development of Weld Range hematite & koolanooka magnetite

Weld Range major project with target 300 - 400 mt for developmetn in late 2010 - drilling on schedule (7.990 m drilled to 13/10/06) with assay conifriming Fe 60+%

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Revenue $13.17 mil
Gross Profit $5.18 mil
PBT $3.10
Cash 11.59 mil after investment in infrastruture for start up operations
Cash from operations approx $1.5 mil per month