I'm not sure whether investors really understand the strength...

I'm not sure whether investors really understand the strength and foresight of this deal. IRM have sold an asset which at this stage only has around 5 Million tonnes of ore @ plus 60% iron content ... Whitehouse has said constantly that in order for this to be economic you'd need around 20 Million tonnes. I guess on this basis you'd look at Mt Richardson being a bit of a gamble in as much as IRM could spend more money drilling something that might come up with 15 Million tonne of ore and therefore not be economically viable ... or IRM could sell the prospect and crystalise some value (I think that spending less than $1 Million on this prospect and then selling for a minimum of $10 Million is not a bad little outcome).

What is particularly good about this transaction is that it gives IRM cash flow (which most small speccy plays don't have) which guarantees the future operations of IRM - the fact is that a lot of speccy plays will go under over the next 12 months as they run out of working capital and cannot raise any more in a fairly difficult equity market.

Another good aspect of this transaction is that this cash flow will be adequate to put some serious effort into drilling Blythe and Miaree (which have far more potential to be company makers) without having to dilute the share register with deep in the money capital raisings to get the cash together to drill.

All in all, I think this is all positive however upward traction in the shareprice is unlikely until we start getting some assays back from Blythe (hopefully before the end of August) and we get confirmation that drilling at Miaree has commenced. I continue to hold.