My guess is that they will drill the new iron play asap. They are likely to prove up a reasonable resource as soon as possible by redirecting drilling crews so that they can then flog off the lease for a significant bonus after value adding. They are short of cash despite the gains with the Atlas sale and they know if they go to a placement now they will cause so much dilution the share price will really suffer. By flogging off this lease after value adding they may get upwards of $5 mill, enough to continue gold exploration for two years, enough to see some action on the VMS JV, and hopefully enough to develop a sufficient gold resource to mine economically.
iron assets, page-5
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