bright day lots of io news, page-12

Old ED & Co.

Not sure what ann'mnt u'r looking fwd to.

In their ann'mnt on the 7th July, FMS stated the following points:

1) Drilled a water bore well
2) Have 1 rig on hand to start drilling
3) Anticipated drilling date was delayed (ie not sure if action started on the 7th July)
4) Waiting on a second rig to make up on lost time
5) Batch of first samples will b sent to Perth for analysis in the next 2 weeks (after drilling begins)
6) Lab results sometime in early August.

What the lab assays will tell is the % of Fe & other contents (Si, etc). In time after the program is done (say 6-8 months, they should b in a situation to model the ore body & issue a JORC reserve figure. More drilling gives a higher degree of confidence so this could take a while.

In short 3-4 weeks for first results (say the 10th of Aug)& then it should b more drilling to follow thereafters.

Hope this answers yr questions.

cheers