chart - looking ready for breakout, page-51

Hi Satori,

Good questions, and trust me I am as disapointed in the current share price as you are. We could be higher if we did a crappy deal but that would only be a short term thing, I am only interested in long term value.

Your questions:

We are 3 years away from production purely because of the environmental hurdles that will be imposed on us by the EPA. We use excellent environmental consultants led by a former EPA chairman so he knows his stuff. We need several seasons of data to provide the EPA, and we need to negotiate a fair remuneration package for the Mayala....otherwise we would be in constructing already!

We will not need $$$ until late this year at least, maybe early next year. The drilling program is an expensive one and we have allocated $4m for the environmental surveys that we need to do for mining. These guys don't come cheap, but the do the job properly.

Don't assume we will come back to current shareholders when we next need to raise funds, althogh we may be. As stated before there are plenty of people interested in the project and we MAY (read MAY!) be able to raise money using off-take agreements, equity etc... at a price shareholders would prefer not to pay. We have looked at many many options and all are available to us. We are keeping our powder dry until we have a large resource number.

The range of tonnage at the end of this year is stated as 130Mt+. This does not include the Wonganin sandstones. If I had to guess the sandstones then I would guess 2 tonnes per 1 tonne Yampi Member (our resource tonnage), it may be considerably higher. So the number may be large, will depend on drilling and being able to convert the sandstones into tonnage.

the sandstones are more difficult to convert to a resource purely because the thickness is more variable than the Yampi Member (although much thicker) and the grade is also more variable (although lower grade than the Yampi Member). Thus we need more holes to be certain.

If you want my true guesstimate I would conservatively say 130Mt for the Yampi and 200Mt for the sandstones = 330Mt resource that will produce apx. 140Mt - 180Mt of product at 66%Fe. that is my best guess but will depend on drilling.

Nope, never heard of "remote viewing". Do you ask this before or after a couple of bottles of red? LOL. I'll google it.

nothing I have said above is sensitive and hasn't been said before.

Except the goat thingy which I find a little disturbing.....


Cheers, Tony.