mmx vs fmg, page-12

Fair point CPG...

But Merrills latest valuation was released before the latest drilling results.

I would guess that most people who are close to the MMX story fully believe that not only is 380mt reserve going to be proved up, but there is a strong likelihood that a much bigger reserve will be defined.

I am no geologist, but the grades, width and depth of intersection in the latest results look very, very impressive. And this is before we even take into account MMX's other deposits such as Weld Range.

The wording of MMX's announcement gives lots of hints about the management's confidence in the size of the resource e.g. the following quotes:

"results of this drilling indicate that mineralisation extends to a greater depth than previously understood"

"the latest drilling results demonstrated further proof of the potential of the Jack Hills Project to host a large tonnage, high grade iron ore deposit"

"the latest set of results confirm the huge potential"

"Murchison looks forward to being in a position to report further exploration results and an upgraded resource estimate during the 2nd half of 2007"

The Merrill report is great for MMX but it massively understates the value. If you read between the lines of the report, they are basically allowing room for this huge upside, but obviously they can't say it as its not JORCed yet.

Smash through $10 by end of 2007 - and maybe much sooner.....thats my take on MMX.