one dollar discount to peers sublimily underva

Counting options and ordinary shares, YML has a fully diluted market cap of $55 million.

They have provided details of drilling of up to 30 holes which..... pre-JORC suggests about 40 MT of direct shipping iron ore. (thats $2.5 to $3 billion in ground value #price rise 2008).YML think they can prove up to 100MT (from this one particular section of their tenement.)

The company suggests much, much more iron ore can be discovered from 6 other adjoining locations in their lease,which show up as high electro-magnetic spikes from aerial survey.

As it happens....away to the east, about 8 kms from their current drill programme, is BHP's Marilana Brockman proven deposit of 240MT. It is two kms from YML's property boundary.
_______________________________________________

So just to have a quick at a comparision of other iron ore exploration companies.....

In view of their already large deposit and likely major upside......it is hard to resist the temptation not to throw YML up against billion dollar company SDL, MMX & MIS. Why not, when ($55 million) YML can at least leverage off existing port and rail....when these other companies have to find billions to built insfracture.

Looking to the future...... is YML deposit size that inferior to these others mentioned.

Anyway its probably not really that necessary to "go there" at this stage. Companies like Western Plains, Territory Resources, BC Iron and Atlas Iron (even UMC -now 2 and a half times the size of YML).....may make for more acceptable comparision.

Western Plains out yesterday with results of their study for mining of their lease in South Australia. Their cap is $120 million and have up to 30MT at Peculiar Knob, and nearby Buzzard deposit. Will commence late next year at 2.7MTPA. 600kms from port and 85 km roadfreight involved.....many port issues. High cost production.

Atlas Iron.....10 MTPA of provide DSO.(they say their is more...but already AGO has undertaken alot of drilling.) Heap of magnitite. $280 million market cap and will commence a 75 km roadfreight operation to port next year.

BC Iron.....market cap of $85 million. They are to the north of FMG, so must deal with Andrew Forrest. MD Mike Young in a 17th Sept interview advised:
Outcamp and Bonnie Creek could potentially yield a combned resource of 30MT of 56% to 58% FE....and an exploration target of 20 and 40 MT at Shaw River...grading between 55 and 58%.

Michael Kiernans Territory Resources is capped at 4170 million. They are in production from theri Francis Creek operation in the NT. Francis Creek has 10MT oFE with at this stage a five year mine life. Recent drilling has come up with disappointing results.