Chelkn,Great work in getting the questions put together.As you...

Chelkn,

Great work in getting the questions put together.

As you requested I did a bit of editing - changed a couple of words - anything I changed is between the *-*, otherwise I think it's good to go.


cheers
BM


BC Iron has quoted an LOI figure of 12.3% at Outcamp well. My understanding is the benchmark for fines material is a minimum of 62% CaFe for Asian mills. By that measure, BCI's 55% Fe ore at Outcamp will meet Asian mills requirements and as such can be sold *as* DSO and doesn't necessarily require benefication. Is this statement true? If *it* isn't, could a brief explanation be *given* as to why the statement is incorrect please.

-The last statement made by BC Iron was that BC Iron is exporting from Outcamp well at 57.5% Fe. Considering Outcamp has a LOI figure of 12.3%. This would work out to be a Calcined Iron figure of 65.6%. By any measure, this is extremely high, even by the fines benchmark being Yandi fines at 64% CaFe. What is the benefit in BCI having such a high CaFe level when 62% CaFe would suffice? Could BCI slightly lower it's CaFe figure by blending some lower grade ore into the mix and still keep it's CFR62 receipt for Bonnie fines? I'm assuming the benefit in lowering the CaFe figure would be an even better strip ratio for BC Iron, lower opex cost, and a higher total DSO resource. If my last assumptions are incorrect, could a brief explanation be given as to why my assumptions are incorrect please.

- BCI has to my knowledge only publicly announced a strip ratio for the 'life of the mine', being 1 ore to 1 waste. Considering that only Outcamp well is being mined at present by BC Iron. Can the present strip ratio (being Outcamp well) be disclosed please. Also, the strip ratio is currently set at 57% Fe. In other words, BC Iron deems any ore below 57% Fe as waste. Could some guidance be made on the strip ratio at Outcamp well if BCI was to sell ore down to a mark of 55% Fe please.

- During November 2011 at the Asian ASX small/mid cap presentation, Mike Young said that there *may be* a 'sprint capacity' available for the NJV if FMG had spare infrastructure capacity. This would allow the NJV to export 6Mtpa instead of the offical 5Mtpa for FY13. Considering FY13 is now only 3 months away, BC Iron's contractors Watpac and Toll would have been informed one way or the other on whether they can or cannot increase their production rates to meet the extra 1Mtpa. If this issue isn't deemed 'price sensitive' can BC Iron give guidance on this subject please.

- In numerous BC Iron slides, BC Iron has quoted a fleet capacity of 13Mtpa. In the same slides, it shows Coongan well and Outcamp well collectively have a strip ratio of 1:1 at 57% Fe for 2014. Meaning that the fleet capacity is restricted by the amount of waste BC Iron would need to shift from Coongan well. Considering that Coongan well could be delayed in production for Bonnie East -- meaning that Bonnie East could come into production with Outcamp well instead. It poses the question of what will be the strip ratio if Outcamp well and Bonnie East come into production collectively? Since Bonnie East possesses a lower strip ratio than Coongan well, will that also mean that BC Iron will be able to shift more DSO and BBSO and less waste than previously stated with the Outcamp well and Coongan well scenario? Could some guidance be give on what of the 13Mtpa fleet capacity will be DSO/BBSO and the amount being waste with a Bonnie East and Outcamp well scenario please

.- BC Iron management has had the Bungaroo drilling results pending for a long period now, could an estimate be given on the time these results will be released please. If the results are already known, why hasn't the company released the results under the continuous disclosure listing rules?

- When brokers value BCI using a NAV, are brokers using BC Iron's Reserve figure, DSO figure or a combination of both? In the last Austock report on BC Iron dated 31/01/12. The analyst graded BC Iron as 'high risk'. Does BC Iron support the analyst's opinion?

- BC Iron has stated it has dry screened the lower grade ore. Could some guidance please be given as to the increase in Fe grade by dry screening the lower grade ore? Could some guidance please be give to the cost per tonne of having to dry screen the lower grade ore? Is BC Iron able to receive CFR62 for the lower grade ore post dry screening?

- Could some guidance please be given on the current infrastructure capacity of FMG. Does *FMG* currently have an infrastructure bottleneck at Port Hedland with a lack of port space? Has FMG's stage 1 of Berth 3 been commissioned? When does FMG believe stage 2 of berth 3 will be commissioned? Will the commissioning of FMG's berth 3 at Port Hedland mean the NJV has extra infrastructure capacity available?

- Could some guidance please be given on a possible future dividend. Does BC Iron believe the best result for shareholders would be placing any spare revenue into M&As and/or further exploration at the Nullagine mine rather than a dividend?

- Could some guidance please be give as to where BC Iron is planning it's future drilling program at the Nullagine mine. Could some guidance please be give to the current drilling program and the recent drilling program undertaken by BC Iron.

- Alkane Resources (ASX:ALK) made a statement that they believed that the Bonnie Creek deposit could hold between 200Mt to 600Mt of CID depending on the average thickness ~ 5mt to 15mt. With that in mind, what has been the average thickness found at Bonnie Creek so far bearing in mind drilling has been limited so far?