Hi Bradly,Good to have different points of view but i didnt read...

Hi Bradly,

Good to have different points of view but i didnt read this as being at the low end of expectations at all.

The initial JORC was 197 Mt at 28% FE, for 20% of the strike area (Implying a 100% pro rata resource circa 1 Bt)

The new JORC is 680 Mt at much higher rate of FE for 60% of the strike area (Implying a resource size of circa 1.1Bt), with further upside.

From everything i've read and been told the target was for Marampa to be a 900Mt to 1Bt+ project which i believe this JORC infers categorically at the 60% rate.

Refer to http://www.businessspectator.com.au/bs.nsf/Article/Cape-Lambert-reviews-Marampa-iron-ore-options-F57ZX?OpenDocument
and in particular:-

"Five rigs are working at Marampa with the first resource update scheduled for the June 2011 quarter. The project hard rock exploration target size remains at 700Mt to 1Bt at 25% to 40% Fe."


So with the upgrade today any suitor now has more certainty of a) the actual size of the resource and b) will know there is likely to be further upside north of 1Bt.

I'm happy with today's JORC, but think it will take a little while for the market to wake up and clearly we won't get full share price appreciation until the sale completes.

Happy for anyone else's perspective on this.

Kasper