Lets make this a little clearer for the folks new to small Fe...

Lets make this a little clearer for the folks new to small Fe plays in the Pilbara.

Now I 'm talking only of the Fe side of things at this time so first a bit of history on HEM (Hemispehere Resources) had approx 34m fully paid shares on issue and 17m Options prior to the granting of its 1st Pilbara tenment. Source: ASX HEM Investor Presentation 12 Feb 2008.

All Market caps are undiluted..

1 Jun 2009: [Price 5.8c/ Mcap $19m] No Speculation of Ballot being awarded

18 Jun 2009: Wins Ballot for Pilbara Fe tenement 6km South of Yandicoogina mine(one of Highest grade Fe mines in Pilbara). They name it Yandicoogina South [Price 10c/ Mcap $34m]

8 Jul 2009: Id's possible high grade Channel fe Deposits [Price 15.5c/ Mcap $52.7m]

2 Sept 2009: Fe confirmed at Yandicoogina South solid uptrend starts 2 weeks later

21 Oct 2009: Asx Ann Advises success granted another 30km2 sq 1.8km south of Yandicoogina south Project.

28 Oct 2009: Qtrly report released [Price: 50c /Mcap $170m]

3 Nov 2009: Price peaks at 78c [Price 78c/ Mcap $265m]


So Yandicoogina South was approx was 16km2 in size. 2nd Tenement granted 1.8km away was 30km2


Now Back to SPX---

SPX have been awarded tenements 25km north of Township of Newman. There look to be surrounded by the high grade Hope downs deposits, it looks to be about 10km long by 2-4km wide... My guess is 30km2 approx. They already have found H.grade Fe rock chips on the land to 60%+ Fe with low contaminants.

The Mcap of SFX is 13.3m @ 34.5c (undiluted) today

We also have management ex Warrick Mining which I think was taken over by Atlas (AGO)?? So these guys know their stuff.

They have severeal other applications in for approval in the Pilbara area..


So does not take a rocket scientist to see what is likely to happen here ...


Don't rely on me for the above info ...Please confirm the facts above for yourself and do you own research thoroughly.