getting more serious - big buys, page-10

re: ***getting more serious - big buys From their quarterly:

"Iron analyses of core recovered from Hole BHD 4 has confirmed wide zones of continuous magnetite ore of at least 150 metres with very little internal waste. Preliminary test work on core recovered from BHD 4 again confirms that a blast furnace grade concentrate should be achievable.
A full suite of test work is now being undertaken on the core. Aeromagnetics indicate that Mt Karara could have a strike length greater than 4 kilometres. Of the scoping study work completed to date, a key feature has been the lack of internal waste within the ore body and the wide zones of continuous mineralisation which in a mining situation will lend itself to low strip ratios and low mining costs. The Company plans to complete the scoping study in the March 2005 Quarter...

Magnetite Exploration
The Company also plans to investigate the MMA magnetite target, located some 14 kilometres north-east of Mt Karara, where a large magnetic anomaly suggests the potential to host a similar sized magnetite deposit to Mt Karara."
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Now you know what that means - when resources get significantly upgraded