250k for 100% ownership with no claw backs, royalties or contingent payments? Thats seems ridiculously low - makes you wonder how prospective it can be for Magnetite or Hematite. That said, even as a potential port site for development of the 'western hub', its a bargain. I hope that they don't sink too much initially into drilling/imaging (1-2m max) until/unless they demonstrate some good hits.
