Nanoo Nanoo EIOliansI have recently become the owner of some EIO...

Nanoo Nanoo EIOlians

I have recently become the owner of some EIO shares.

During my research on this stock and the Nigerian mining opportunity, I came across this interesting Article, published in the Journal of Minerals & Materials Characterization & Engineering, Vol. 4, No. 1, pp 21-30, 2005, jmmce.org - Printed in the USA:

"Effectiveness Of Gravity Concentration For The Beneficiation Of Itakpe (Nigeria) Iron Ore Achieved Through Jigging Operation."

Great midnight reading!!!

http://www.imp.mtu.edu/jmmce/issue4-1/3_Olubambi_Jigging_Iron_Ore_REV.pdf

I don't know if this has been mentioned previously, but the report seems to indicate the potential for a significant enhancement to the value of the ore with boosted grades of 71%.

My questions are for the geochems and process engineers out there:

1) What does this mean, in terms of producing a more valuable product (Bigger $ profits), if this process can be co-opted to the mine operations? Can anyone here put $ values to this?

From what I can tell, this is a scientific and independent report and the figure mentioned are very positive.

2) Same question about the co-opting of the Steel Mill just down the railway line and the potential to produce and ship pig-iron and other more refined products instead of iron ore to Mills in China/Europe? Can anyone here put $ values to this also?

Allied with this is is the fact that the cost of Energy/Diesel, for secondary/tertiary refining purposes, should be relatively cheap, given that Nigeria is a major producer of Oil.

That is before we get into potentially concessionary fuel rates granted by the Government of Nigeria that wants to promote this development.

Any thoughts?

TekTek