MGX gave full details of their inground reserves on the 16/9/04....

MGX gave full details of their inground reserves on the 16/9/04. Go to their announcement on that date to confirm.

They have 32 million tons of measured and inferred direct grade ore, or if you like 10 years supply or $800 million profit (IE @ todays $25 per ton profit). They say parts of Mt Gibson have not been explored.

They also have 250 million tons of high grade magnitite which will be used to make pellets as their second project.

Little wonder they say operating costs exceed $25 per ton, the iron ore price rise of 1st April increased payment per ton by $28. They had been paid $38 prior to 1st April and that incresed by the 71.5%.