shipping included in fob costs, page-20

Kermit, exactually what i communicated to Ian- although he said difficult due to not knowing future Ore pricing. BUT he can offer ranges like he did... DFS wise they are a month away.

Stagman- seriously are you downramping to pick up more... Shipping is included in FOB Total Cost. Basically Ian thought we were a bit silly... yet I said he needs to make it look as simplistic as possible. He may rerelease this due to my input- I will try make sure he does clarify this SHIPPING ISSUE.

As he included it as a TOTALLY seperate section. My wording was VERY Direct---is the supposed $35 SHIPPING cost on top of FOB Costs- he laughs then saids- what gave you that idea. Then we went over the WORST CASE senario... being 35Mil (80% to IFE) = 28Mil Yr 1 PROFIT IN FULL before TAX. Worst case- he stated he will be VERY disappointed if it is actually that LOW. He believes he was very conservative and worst case Yr 1 is very poor.

Ian targets over 50Mil Yr 1 before TAX (80% to IFE) PROFIT.

Then over double for Yr 2 in 2012. in fact his average target is 120Mil in 2012. By then we are looking at a billion dollar company.

In terms of valuation and comparisions to FMG- Lol come on. Yet the Q asked is something i would have asked maybe 15 years ago as a new investor. But anyway FMG obviously has many many many more shares on issue. They are in a different hemiphere. I advise you look at MC as opposed to SP. Very tight register for IFE- that is the way Ian wishes to keep it until a large producer.

2011 is our year for IFE\TRF I beleive. If stays around 90c, then we could be looking at a 10 bagger over the course of the year. IMO- DYOR.

Call Ian for more clarification- as you do not need to believe my conversation with him.

Stagman- Call. He does not like to type out pages of email questions as I have asked him too. I have my notes scanned if you want a copy. jayiinoz at gmail com

I would love to get a phone recorder for conversations- has anyone got one. As my recorder on my mobile does not record converts, only external audio. Something to check out I guess...

Cheers Jay