I must point you to the fact that Ironclad have a market cap of...

I must point you to the fact that Ironclad have a market cap of around $50 million at the moment.

But this is undervalued. Hearing Mr. Ken Hellsten at the AGM meeting in Perth was highly encouraging. I must admit that my interest was starting to wane until I heard this presentation available on Board Room Radio. One again... it all comes down to patience. IFE has encountered time-slippage with the current drilling program however another drill has been acquired from Boart Longyear with another to arrive shortly. This is thanks in full to the excellent contacts of the IFE management.

The whole thing smacks of success. Utima Dam and Weednanna are currently being explored further with the view of attaining 100 million tonne magenetite bearing reserve of around 36% iron. What really excited me was the prospect of Ironclad's Ironstone and Olympic Hill projects within the tenement that have yet to be tested. Mr Hellesten notes that these anomalies are very similar to those of the Pilbara that produce hematite ore. Ironclad is encouraged by the fact that they have encountered very solid grades of hemeatite ore over a good strike lenght at their current projects. This mean that there is a possibility of DS hematite ore - the team are currently looking at this. (The hematite sits above the megnetite).

I was also very excited by the fact that IFE could have signed an off-take agreement while Mr. Hellesten was in China. However IFE are preparing a short-list for further negotiations - such is the interst in IFE's ore.

I found it funny in the presentation when some dude in the audience asked why FGM shares were so expensive while they haven't shipped a tonne of ore. And Mr Hellsten replies that shareholders can expect similar performance in IFE shares as we near production.

This reminds me, he stresses the fact that IFE sharehoders will really benefit as IFE nears production.

And then there's the 300mt to 600mt target. It all looks great.

A prime takeover target IMHO in a time of rapid consolidation in the sector.