impacts of unexpected delays in the tender., page-18

Hi guys,

Let compare apple with apples,
Affero resource: 1.6Bt at 33.3% Fe Indicated, 0.9Bt at 30.8% Fe Inferred.
Distance to port: 330Km( plus 30Km of spur)
Take over:$200m


Sundance resources: 4,047 Mt Itabirite Resource, 1,431Mt is at a grading of 38.0% and classified as Indicated.The remaining is Inferred.

Add Resource of 775.4Mt at 57.2% Fe
and Ore Reserves of 436.3 Mt at 62.6% Fe
Distance to port: 510KM
Exploration Target of additional 9.3 to 13.2 Bt Itabirite at 30% - 40% Fe on existing tenements

Market cap:$233m


According to this calculation: assuming the grades equality all at 33%Fe and because Affero rail is only 0.7 of SDL.

Then the calculation is as follow:((775+4047)x 0.7)/1600=2.1 of Affero offer=$421m

This figure equates to having Sundance at the same position/state as Affero and not having spent all the money to get us where we are now( Ore reserve, rail corridor, port study,environment studies, definitive feasibility study) . I mean the project is ready..

So far Affero spent approx $42m on the project and Sundance spent approx $300m. you can just tell how much more money they still need to pump out before they can finally reach our level or status.

Good luck to all and i hope the US doesn't cause another hurdle for us long term sufferers.

bouhr