nigeria - not rated fraser institute report

I am curious as to how a small ASX listed company such as Brain Toys Limited (Now Energio Limited) could possibly have gained the rights to an iron ore project with such potential.

Why hasn't another global resources company jumped on this opportunity long before now? Seems to good to be true?

Why has this so-called iron ore deposit with such massive potential sat idle for so long since the last lot of exploration undertaken in the 1960's was it? Seems perculiar doesn't it?

Well it seems there a very good reason that EIO have managed to secured this project and it's worth considering an old saying; "If something seems to good to be true, it's likely that is precisely the case"!

When one looks at the influential annual Fraser Institute Mining Report(which ranks countries and provinces in terms of their attraction as mining desitinations) it becomes glaringly obvious.

Nigeria doesn't even rate a mention in the report/survey. Zimbabwe, South Africa, DRC but not Nigeria? Hmmm

I wonder if EIO have perhaps gotten a little ahead of the process here and underestimated the road ahead in terms of sovereign risk?

Time will tell I suppose.

WC8