This is a possible merger we could go in with ITT has a bigger...

This is a possible merger we could go in with ITT has a bigger backer Hillgrove that owns over 80% of its stock, a merger by Hilgorove with KML would give Hilgrowve access to Mt Ruby and also increase its potential interest in ITT through its backdoor interest in Ruby that adjoins ML 20428 (ITT holds the middle section of Mt Ruby KML presently holds the outer section of Mt Ruby
Any thoughts?


From 30 sept 08 quarterly from ASX listing ITT


"2. Mt Ruby
ML 20428 – Option Agreement
The Mt Ruby Lease was advertised and no objections were received. The Native Title
process has begun to move the mining lease towards the grant stage.
Close spaced geophysical data over KML
tenement EPM14880 was collected and
processed by KML Geoscience and has
been fully processed (Figure 4). This was
followed up by field investigations of the
significant features directly around Mt
Ruby.
Samples of magnetite float (black crosses
on image) were identified overlying the
magnetic highs that appear to be
extensions of the intense Mt Ruby
magnetic signature.
Results from previous float sample
analyses (ASX Release 4 July 2008)
tested through ALS in Townsville show
that iron content is in excess of 68%.
The combination of geophysical and
surface samples suggests the magnetite
body centered on Mt Ruby may extend
over 1km north and south.