This can really only mean one thing:CMIC must have completed...

This can really only mean one thing:

CMIC must have completed their 3 months due diligence and know enough about what is at Beyondie to want to go ahead with the 50:50 DJV with Emergent. Before this can happen, Emergent need to tidy up their ownership by purchasing De Grey's 20% free carried interest in Beyondie.

De Grey confirm this in the final paragraph of their announcement when they say: "The directors of De Grey Mining regard the transaction as enabling Emergent to complete its transaction with CMIC ..."

Some quick maths:

EMG have a target resource of 1 Billion Tonnes over 14km alone (pg 41 of 62, Announcement: 23/09/2009 12:19PM)

Of course, they are only part-way to proving this target at the moment... but looking very good to achieve or even beat it on recent results. Assuming they do achieve this... and extrapolating out to the rest of the 60km strike length, the target resource may soon develop into more like 4 - 5 Billion tonnes.

Considering Cape Lambert sold their 1.56 Billion tonne magnetite resource to the Chinese for AUD 400 million dollars, 18 months ago... if EMG can prove up such a resource, would it not be worth in excess of AUD 1 billion dollars?

A resource in the ground is one thing... having the means to get it out is another.... if / when CMIC go ahead with the DJV... are they not providing that means?

EMG's current market cap is about $25 million at a share price of 70 cents. Of course, if EMG could prove up a 4-5 Bt resource at Beyondie, I wouldn't expect her share price to increase 40 times current price to $28... but you can certainly imagine the sp going to $5 - $10 over the course of time. There is the 10-bagger some of you have been calling for. Yes, there are numerous assumptions made here... but if they can continue to roll out the results as they have done so far, it provides some food for thought.

EMG has largely been flying under the radar of investors to date. I think that may be about to change.

Shot.