QUARTERLY ACTIVITIES REPORTFOR THE QUARTER ENDED 30 JUNE...

QUARTERLY ACTIVITIES REPORT
FOR THE QUARTER ENDED 30 JUNE 2008
HIGHLIGHTS
Corporate
• Territory announced a realignment of its focus and corporate strategy based on the
development and expansion of the Frances Creek Iron Ore Mine (Northern
Territory) as the cornerstone of its activities for at least the next two years.
• Mr Andrew Simpson was appointed as Chairman and Mr Richard Elman, the CEO
of Noble Group, was appointed as a Non-Executive Director, with the
appointment of additional Non-Executive Directors currently being finalised.
• The Company ceased the provision of all inter-company loans.
Mining & Production
• The production ramp-up to a targeted annualised level of 2.0Mtpa by December
2008 and 2.5Mtpa in 2009 continued, with mine scheduling and expansion plans
for rail and port facilities progressing.
• The third mining fleet was deployed with ancillary works completed including an
expansion of the camp to 170 persons.
• Design and planning commenced for the wet crushing and processing facility to
improve product yield and quality and reduce unit costs.
Exports & Marketing
• Three shipments totalling 211,000 tonnes of high-grade lump and fines ore were
completed to Chinese customers, with a fourth shipment of 72,000 tonnes
completed on 2 July 2008.
• Territory exported its 500,000th tonne of high-grade ore during the Quarter
through the Port of Darwin. 687,000 tonnes of ore has been shipped to date.
• Procurement activities continued on schedule and on budget for the A$8 million
expansion of the Company’s stockpile capacity at the East Arm Point.
Exploration
• Continued drilling success at the Jasmine Central, Jasmine West and Thelma 1
targets, with numerous intersections of high-grade hematite grading 58-65% Fe.
• Revised resource of 1.2Mt @ 59.8% Fe completed for the Ochre Hill deposit (see
Table 6).


Buy time is while they are dirt cheap.

Cash for the quarter enhanced by 7.5 million for a late sale.

2nd July another 72 k tons sent, so another 7.5 million dollars in the bank.

500,000 tons for this quarter, so hopefully the xtra cash coming in will negate the need for fund raising to ramp production up to 2.5 million tons a year.

Monarch, just move on and forget about it, it's gone, period.

Rome was not built in a day and it will take more than a day or two, to undo the damage "Mike the Snake Kiernan did"