just after the jorc performance shares were allotted some...

just after the jorc performance shares were allotted some reasonable sized offer appeared. the performance shares weren't just held by directors and I suspect some want off.

if Brazilian domestic Fe still goes for $60-65/t then SFZ is trading at near 45-50% basic present value cashflows, implying value up to 35-40c or so, along way from the 70c Patto's were pushing (can't remember how they got all the way to 70c pre phase 2? hope it wasn't just dcf + some pie-in-the-sky pre-the-euro-is-kaput "exploration value")

the forward program from here includes drilling to increase jorc confidence levels, testing regional targets, and then ready for 2013 and the phase 2 production sell - $130m funding to get an international Fe product up and running. But it would be much better if SFZ could approach the 30s and 40s before they start sounding the market out for $130m funding.