Check out the Ocean Equities report on the company...

Check out the Ocean Equities report on the company website:
http://www.ironroadlimited.com.au/

"Iron Road is undertaking a feasibility study on the Central Eyre Iron Ore Project (CEIP). If approved, the 20Mtpa magnetite operation would be the largest project to be developed in South Australia after Olympic Dam. Our modelling suggests that even after dilution the stock could be worth at least 10 times the current share price at start up, and we rate it a Speculative Buy."

"IRD offers early stage entry to a new iron ore project. The CEIP has the potential to be a large, long life project, where resources already stand at 2.1Bt and have potential to reach +5Bt. Our valuation suggests significant upside even accounting for dilution to fund the project. IRD may also gain synergy benefits in the future from its first mover advantage in building strategic infrastructure in the region.
Milestones include:
? Resource upgrades as the current drilling concludes
? Further progress on port site selection end 2012
? Mining lease application in mid 2013
? Development application late 2013
? DFS updates until it concludes at the end of 2013
? Approvals mid 2014"

This was published 12 Nov so not that recent but I hadn't picked up on it.

DYOR, good luck to holders