with regard the US option i think you will find they won't take up the option for a 6 months or so. it has an expiry of April 2011 I think. as they can pay for 50% of the purchase price in shares they will convert when it is advantageous to RHM. In the mean time they will continue to work up the resource which includes some drilling in April 2010 to refine some sweet spots in the fe pits.
This project is very close to being a start up mine - within 12 months in my opinion.
They will be drilling the naracoota resource in April/May. Which is 40km's from the Sandfire resource and a few km's from a smallish mine that is no longer in operation.
They have flown the VTEM survey and found the features reflective of a Sandfire type of ore body in several areas.
Next announcement will be booking of drill rig and date of start of drilling in naracoota.
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