Slapstick,The Euroz report was published 10 October 2007. and...

Slapstick,

The Euroz report was published 10 October 2007. and had a price target for IFE of $2.50 when the share price was $1.75. Eurox rate IFE a speculative buy.

The reason for their update on IFE was the Initial drill results Wilcherry Hill. IFE drilled 9 holes wit assy results received for 4 of them and this was testing beneath and along strike from the previous drilling.

The results have confirmed the original drilling results and have extended the known mineralisation.

Previous drilling intersected 30m of 49.9% Iron within an inferred resource of 12mt at 40% Iron and the initial confirmatory drilling in holes inteersected 30m of 47% Iron as heamatite and 5m of 53.2% Iron.

Also a sixth hole tested a separate magnetic anomaly 200, east of previous drilling and intersected magnetite but assays were still pending.

IFE believes it is on target to increase the current inferred resource from 44mt to around 100mt which should support production of upto 4mt per day. Euroz also say that the potential to diect ship heamatite ore i a bonus that will be further investigated.

Euroz expect a steady steam of results over the next 3 to 4 months that should have updated resources estrimates by early 2008 and a prefeasilility study id due Mar 2008.