Can anyone shed some light on the potential upside of MGX's iron...

Can anyone shed some light on the potential upside of MGX's iron ore resources? A long-awaited announcement today but only a modest increase in the amount of proven or inferred ore from those stated some 12 months ago. Granted, Tallering Peak continues to be a work in progress with the new drilling program currently underway. However, I'm a little mystified with the Koolan Island state of affairs. This company is not renowned for making brash predictions or statements-they are very conservative and don't hype themselves up-but just revisit a release made on on 27 June 2008 regarding an update on the main pit extensinal drill program. Here, they confirmed that the Main Pit mineralization extends at least 300 m below the ultimate designed pit depth of Main Pit, and that the Acacia mineralised surface extends a hefty 1.4 km down dip to form a continuous surface with the Main Pit mineralised surface. Subsequently, they go on to say that a "10 000 metre drill program was planned which will target 100 million tonnes of additional high quality resources at Koolan Island over the next 18 months". According to the last Quarterly report, about 11000 metres of infill and extensinal drilling was attibuted towards Koolan Island this year. Hence, I did expect a more pronounced upgrade at Koolan Island than what was announced today. Hopefully, MGX will start to prove up substantial deposits in the largely Western end of the island where haematite ridges occur over a length of at least 3.5 kms. Would someone with a far better understanding of drilling and Geology than me care to comment on MGX's total resource potential-that includes EXtension Hill which has also remained somewhat stagnant in terms of it's total resouce inspite of a substantial drilling program this year. Maybe I've missed the point and the aim of the drilling has been to better understand the complexities of their iro ore deposits. Could there still be data they hav'nt released.


Cheers