jlm,Just think about the market cap at current price of 11...

jlm,

Just think about the market cap at current price of 11 cents. Then think to yourself, how much the company has spent on the project.

Let's say they had already spent $10 million before spinning the licences into EIO/KFE. How much more was spent from the time TGP entered to now? This company could be one of a very few iron ore explorers that is capped at a premium to exploration spend and the iron ore it has found is very poor quality. I just don't get it.

I just don't understand how this company could be valued by the market at in excess of $30 million with only $1 million in the bank and has probably spent less than $15 million on exploration yet you have a company like Bandanna Energy that is capped at $63 million and has over $120 million in cash with zero debt and has spent between $50 million to $75 million in exploration/infrastructure costs.

Goes to show how stupid the market is.

So who would be more likely to be taken over at 100% premium?

Anyway, back to KFE. Does anyone know what the capex is likely to be? This will be the most interesting piece to this puzzle given the iron ore at Agbaja is not your standard low phosphorus, low impurity iron ore and the capital markets are weak to say the least.

Now did someone from KFE say that they would be producing 20Mtpa of iron ore next year? LOL!!!!!!!!!!