Hi all,Ok, the latest news is out (the quarterly) and although...

Hi all,
Ok, the latest news is out (the quarterly) and although it wasn?t full of new information, it highlighted again that everything is on track for mining in the 4th quarter 2011 and the first shipment in December 2011.

So as far as I am concerned, there is only one question remaining as to why there is such a gap between the share price and the company stated value of Wilcherry Hill or profit ? and that is do you believe management and that they will deliver on what they are saying.

Personally, if I had serious concerns on management then I would not be a shareholder at all. However, although some targets have not been met (sometime?s managements fault and other times not), I genuinely believe they are close enough now that they will deliver or if not, deliver within minimal delays.

If you agree, then IFE or IFEO are clear and ridiculous buy?s. The Quarterly stated AGAIN that year 1 profit is expected and ~$55m and year 2 is ~$110m. Also, the funny part is that these profit numbers are not even the majority of the project, the DSO is simply a bit of cream on the cake and the Iron to come after stage 1 is currently looking at ~5 to 10 million tonnes per annum.
Unless people are playing games, I cannot understand how IFE?s market cap is now ~$50m. It comes back to the original question, do you believe management or not?

I say with directors having so much on the line in stock (or Trafford), and that they have built this over years, they are likely to make this happen as planned and if not, maybe ship in Jan or Feb?

Clearly risk involved, and the Iron prices are volatile however, the reward is massive ? I am happy to buy at 70 cents and have a large holding unless something changes ? the quarterly just stated that they will be mining in ~ 6 months.

$55m profit in year 1!

Regards,
W