Ok so after todays price rape lolz (upwards) finally i have...

Ok so after todays price rape lolz (upwards) finally i have managed to read the full announcement. Combining with some points from my early post, here are few highlights;

1. Extra resource 1.5BT

2. Free tenement with 100% interest.

3. Fe grade 69.8%

4. No consideration is payable atm.

5. Total cost of project evaluation is $3.4M over 2 years. (Can be provided by SA Govt in my view).

6. Some existing synergies at razorback can be applied straightaway for initial assessment. (Peter Schubert).

7. Endorsement of the management by department of energy and mine through (competetive application process).

8. Shows Razorback must have progressed in a very positive way, leaving department with no other option but to grant MD project to our management.

9. Recognition of our high experienced and skillful team by the department so they have decided to use the skills and experience if the team at MD while developing RB.

10. Quote" Based on limited data provided to date, Magnetite Mines Limited believes the reliability of the estimate to conform to the JORC 2004 code with appropriate experienced Competent Persons Mr Simon Tear (external consultant with Hellman and Schofield Pty Ltd (H&S)) and Dr Antonio Belperio (director and geological consultant of Minotaur Exploration Ltd.) originally taking responsibility for the Mineral Resources and Exploration Results respectively".

11. Dr Antonio Belperio represents an accurate representation of the available data. Dr Belperio is a Fellow of the Australian Institute of Mining and Metallurgy and a director and geological consultant of Minotaur Exploration Ltd.

12. The information in this report that relates to Mineral Resources is based on information evaluated by Mr Simon Tear, who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM).

13. Magnetite Mines has assembled an extremely talented team of experts to deliver the Razorback Pre-Feasibility Study, and there are many overlapping synergies that can be immediately and advantageously applied to the Muster Dam Iron Project. (Peter Schubert).

Huge news IMO. Simply unbelievable. Look at the profile of these people. As i said before we must have already done some great work at Razorbacks PFS forcing them to grant this idle tenement to MGT. Great great effort by Peter Schubert and his team.

i have talked to the management today. Assuring you they are working extremely hard atm. Just my few cents but make sure you do your own research.