The Lake Giles Iron Project Mineral Resources, include the...

The Lake Giles Iron Project Mineral Resources, include the "Ularring Hematite Resource" (approved for development) comprising (Indicated) resources of 54.5 million tonnes at 47.2% Fe and (Inferred) resources of 26 million tonnes at 45.4% Fe;

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The Lake Giles Magnetite Resource, of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred).

Measured = The part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence.

Indicated = The part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence.

Inferred = The part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity.

At best, MacArthur has about 53.9 Million tonnes, in the ground. The rest is open to interpretation and wait and see. The only thing they have going is the content is around 62.3% Fe. Then again Rio, Fortescue, Hancock and MinRes have 62% Fe and above as well. Rio and Co have the advantage, their Ore is out of the ground.