Columbia,1 BT of Fe will not be JORCed by UMC in the near future...

Columbia,

1 BT of Fe will not be JORCed by UMC in the near future and certainly not by July/August. I am suggesting that initial JORC may well be less than 100MT (not saying that total JORC resource at railway is less than 100MT). Just that the amount of drilling they are doing in this April 20,000m campaign may not be sufficient to JORC up the whole 100MT (if it indeed exists). I am not a geologist and I don't know how closely spaced the drilling grid must be so I'm not sure whether it will be sufficient or not but I have a gut feeling it won't be enough to JORC up 100MT, especially when some of the 20,000m is to be used at prospects other than Railway.

In summary I am just warning against high expectations of:

1. Initial JORC definitely hitting 100MT

2. $5 prices upon announcement of initial JORC.

Still bullish on this stock and a definite buy at $1.43. Just cautioning against expecting the above points.

Joel, 1MT pa at spot would be great but I am still concerned about how they are going to get the ore to market, especially on a 50MT resource (not suggesting they only have 50MT). How will they fund the rail spur? If they can indeed get funding for the spur will 1MTpa be that profitable after building the rail and paying FMG to use their rail line? Then there are port issues as well.

No doubt there are a lot of options available to them as discussed by the regulars but it is still all very uncertain at the moment. I would be hoping for the full 100MT to make the project economical on no uncertain terms.