bring on bhp & fmg, page-8

Iron Mike,

Drilling results for Bungaroo look like they will increase the current deposit from 50Mt to probably around 80-100MTs.

Then there is still Snake Valley & Mesa J which could easily be another 20-50MTs each.

IOH total MTs will be north of 500MTs within 12 months at the current rate of exploration, drilling, etc.

If you look at Figure 1 on page 3, Bungaroo is the further deposit which is 35km from the Robe River Rail which has 3rd party access. IOH would only have to build 35km of new rail and they can construct their own mine and they will start churning a profit. Mesa J & Snake Vally look like they are only 5kms & 10kms approx from the rail.

Plenty of potential here... Excellent buying price right now.

Butchy.