Westcotthere are some facts for you and anybody else who want to...

Westcott

here are some facts for you and anybody else who want to give a damm.

Fact - they have contracts on 2 mine sites in India.

Fact - they have contracted a mine operator for an initial 12 month contract rersposible for all facets of the mining operation.

Fact - they have an offtake agreement for the first 200k tonnes of ore paid for in full with a letter of credit which is unconditional. Based on discussions here that is a line of credit of up to $12 million dollars that the company can draw down at any time.

Fact - they are negotiating for a third mine site.

Fact - they have commenced mining and are looking to ship their first ore in January 2010, that means any day now.

Fact - they have announced that they expect mining to cost $33/tonne. Even if the cost goes up to $38/tonne they will still be making money and based on current spot prices we could be looking at anything up to $us100/tonne profit. On the projected balance of 280k tonnes that is a profit of $US28 million after taking into account your pesimism regarding the cost of mining. Who knows the actual cost to mine might be $us28/tonne. As previously stated they have contracted a mine operator responsible for all facets of the mining. Has it occurred to you that maybe the contract is signed and costed at $us33/tonne fixed!

Fact - the 2 mine site will be settled and they will mine the 2 sites wether they have a JORC or not.

Fact - the cost ot the 2 mine was approx $US10 million when first contracted at a AUD rate of aapprox 80 cents that equates to $12.5 miilion. The exchange rate is now lets say 90 cents, that means they are effectively paying $11.1 million, a saving of $1.4 million.

Fact - Pose all of those questions to BHP or RIO and see how much information you get out of them.

You are clutching at straws and whenever we answer of refute your questions you come on and find something else to nitpick about.

Sorry for the lenght of the post but there are too many facts too ignore!!!!!!!!