in the news

Wow I got sent this great email by my broker.
Should light up the sky ..fingers crossed.

January 16, 2012 00:51 ET (05:51 GMT)
DJ Rico Resources Tapped For Australia Iron Ore Asset-Sources

SYDNEY (Dow Jones)--Rico Resources Ltd. (RRI.AU) is poised to name U.S. investment bank
Evercore Partners Inc. (EVR) as adviser on several expressions of interest in its in
Wonmunna iron ore project in Western Australia state, two people familiar with the matter
said Monday.
Rico Resources, which has a market value of 60 million Australian dollars (US$62
million), has been approached by steel mills in China and India as well as an Asian
commodity trader interested in buying part or all of the Wonmunna project, the people
said.
A statement on Evercore's appointment could come as soon as this week, they added.

The Wonmunna project, located near Rio Tinto PLC's (RIO) operating West Angelas
and BHP Billiton Ltd.'s (BHP) Mt Whaleback mines in the Pilbara region, has an
inferred resource of 78.3 million metric tons of iron ore and is forecast to cost less
than A$40 million to develop.
Rico Resources aims to start production from an open pit mine at an initial rate of 2
million tons of iron ore per annum in the first quarter of next year, before ramping up
to 5 million tons annually around two years' later.

-By David Winning, Dow Jones Newswires; +61-2-82724688; [email protected]