Hi (joeborgo)I think you guys are getting a bit carried away by...

Hi (joeborgo)

I think you guys are getting a bit carried away by what has been said.No one seems to be allowing any risk in the announcements and figures.

One announcement said 5 million tonnes in total in 5 years.
Another announcement said 3 million tonnes per Annam in 3 years and 5 million tonnes per Annam in 5 years.
Which is it?

Risk exposure managed through legal due diligence,technical pre-feasibility study-geological assessment and surface sampling.In other words iron ore resource is based on surface samples,not past drilling and sales.

The above was all done by Natural Resources Consultancy.
Natural Resources Consultancy was set up less then 12 months ago.From what I can see that was the first foray into mining for the Podar Group.

The first two tenements are costing between A$10.5 to A$11 million.

I have never seen a company get a JORC Resource with drilling 29 holes and 2595mts,average 89.48mts per hole.

They say they have a contract for 200,000 tonnes over 5 months.At this stage they can only count on revenue from 200,000 tonnes,not 480,000.

Going by the figures they have given the cost of mining and selling 480,000 tonnes per year is $15,840,000.
If the cost of mining is what they are hoping/guessing it is.With out doing proper studies and drilling,that is what they are doing.You can not go by surface sampling to get a figure for grade,cost of mining and tonnage available.

I thought the tenements were more then likely in the West of India.By what they have announced it is on the East coast of India.

Regards
Westcott.