gir interesting comparison , page-10

Cheers Pennynut.

I think that the most relevant tonnage which I have read to-date is the 20Mt quote from Ocean Equities report.

"While we believe a DSO resource of 20Mt at Railway would
be sufficient to warrant development into production,
100mt of high grade, low impurity Marra Mamba would result
in the largest attributable resource amongst the iron ore
juniors and, potentially more importantly, highlight the
prospectively of UMC’s remaining unexplored tenements."

All we need is to prove-up a sufficient tonnage which will trigger a mining operation, and Ocean Equities have clearly identified that, as 20Mt DSO. Never mind about 100, 200 or even 300Mt DSO for the moment - UMC will find that tonnage in due course.

Those of us who have been following UMC (formerly UKD) since the acquisition of the Pilbara tenements, announced on 4/10/2006, have always been confident that UMC will eventually prove-up some serious tonnage. We did not come to that conclusion based on insto/broker reports, company announcements, nor colourful aeromagnetic images. We hunted down and studied every possible documentation we could get our hands on, and over time we came to a probability verus risk assessment.

Some may call us lucky, I say opportunistic!

Still early days where we could comfortably put our feet up, however the risk factor is clearly diminishing.