John,Thank you for your work on CXM. Apart from the share...

John,

Thank you for your work on CXM. Apart from the share issue/mcap, we seem to agree.

In regard to the Wilgerup JORC, it is slightly ambiguous. The last upgrade was in the release to the market on 17/7/2008. The indicated resources are 13.2mt (10.4t of which is massive hematite). The Inferred is 0.75mt, 0.5mt of which is massive. No doubt this will increase with more drilling.

In regard to the proposed deeper water Sheep Hill port, it would be used by other parties, including other IO juniors, and also potentially grain exporters, adding to the income. The extra infrastructure is essential, as none of the small players can justify the expense by themselves. This also increases the likelihood of approval, and the land is owned outright by CXM. It is not contentious, unlike Port Lincoln... but your investment timing here is almost perfect, I think, as the Pt Lincoln issue is just about to be resolved (in the affirmative).

One last point - WISCO have also invested in neighbouring WPG, so they are VERY serious about IO in this region. I doubt they would have done so without being very confident of FIRB approval. There may be regional consolidation of IO juniors in this region also, (much like AGO and WRK announced today).

Y