in again at 1.42, page-48

re the question: 12mths-5 years out.

GBG have no issue or problems as far as debt for the Karara project- thanks to Ansteel.
But from FY08, hematite exports will help manage future debt and when the magnetite exports begin in 2010, debt repayments will be a non issue.

Ansteel is desperate for the ore in order to meet the expected rising demand, hence their JV and recent stake in GBG. I'd expect Ansteel could possibly increase their stake if given an opportunity by GBG when/if further funding is needed.

Resources will be continually upgraded in the near to medium term future. GBG has over a dozen new prospects that show high probability of increasing their resource. Virtually every time they stick a drill in the ground over the next year or two, they will be confirming or upgrading their resource.

If that sounds like bull, read the comments from GBG themselves. They already know they are sitting on potentially 2bt of magnetite from Karara alone and well over 100mt of hematite.
GBG envisage Lodestone may have the potential to double that.

Finally, in Ansteel, they have the worlds foremost magnetite miner/steel producer who has built their business on magnetite.

The volatility of the shareprice is one thing, the possibility that GBG won't make a success out of their tenements is virtually zero.
So much so that the Aust. Fed Gov't awarded Karara a major project facilitation status, which offers assistance from the Gov't to speed up the projects startup and its ongoing existence and resultant benefit to the nation.