With a 20% cut-off grade level they have come up with 488Mt at a...

With a 20% cut-off grade level they have come up with 488Mt at a 43% grade (which is about 15% of this one prospective lease area).

Section B alone has 347Mt at 46%. To put that in perspective, AKI (another Ian Burston success) had a total of 121Mt at 46% and was taken-over by Exxaro for $338m (for its 92% stake) earlier this year.

AKI had access to a 10Mt p/a rail line, EIO have an under-utilized heavy duty line with 20Mt+ p/a capacity, requiring a 60km spur line to the deposit.

The ore will need a simple benefication process to get to a 58% minimum. I believe it is the same WHIMS circuit process (Wet High Intensity Magnetic Separation) that Joe Ariti is overseeing with CFE's Marampa project (but who's grade is low 30%'s).

Once the prelim metallurgy is proven next month we should be on our way to a $200m market cap very quickly in my opinion.