Drilling has now started in hammersley area. Regardless of how much Wills credibility was affected by the diamond announcement he was working in an area which has not been proven to contain diamonds yet. This is extremely different to drilling for iron ore in the pilbara. The pilbara has been proven by others stocks such as fmg and rio to contain huge amounts of iron ore, and flinders are right next door to fortescues(fmg) tenaments. They even sold fortescue tenaments to drill when fortescue first started. The pilbara is all pegged out now. This means there is no more available land to buy because it is such a proven ground. http://www.news.com.au/perthnow/story/0,21598,23932301-2761,00.html Comparing trying to find diamonds in South Australia to finding iron ore in the pilbara is like comparing finding needles in a haystack to finding needles in a needle store. Iron ore is everywhere in the pilbara. Richard Russell surveyed the area and identified the iron ore, not Kevin Wills so don't worry he wasn't looking for diamonds! Richard Russell is a highly experienced very professional geologist who has worked for other companys not just flinders. They will find iron ore so keep reminding yourself of this. Be patient and wait, you will not be dissapointed.
FMS Price at posting:
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