western pilbara license applications, page-3

pzip..not sure mate.

Im guessing it would be first in first serve. I am not 100% sure how long ago the licenses were applied for. They are currently uncontested. These licenses are only an added bonus to what BCIron already have.

Im looking forward to further drilling results from Warrigal well. Below from the latest resource announcement there is plenty of targets that will add to the current resource.

"Drilling at several other targets, including Bonnie Creek East, Warrigal Well, and Dandy Well is expected to increase the Company’s inventory of iron ore resources in the coming year."

On January 23 we had the following results from Warrigal Well.

"– 11m @ 57.6% Fe (64.9% CaFe) from surface;
– 27m @ 55.2% Fe (62.7% CaFe) from surface, including
– 8m @ 57.4% Fe (64.6% CaFe) from 9m."

There is plenty to get excited about. Carmichael have long been supporters of BCIron. The below information is from poster davidec from another forum.

Carmichael report

BC Iron Limited (BCI) $0.99 Buy

Company Update - Maiden Resource Announced

BC Iron Ltd (BCI) have released their maiden resource estimate at their Nullagine Iron Ore Project in WA. A total Channel Iron Deposit (CID) mineral inventory of
47.2 Mt at 53.6% Fe contains a high grade, direct shipping ore (DSO) grade resource of 28Mt at 57.4% Fe with low contaminants. This will form the basis of the Scoping Study, which on-track for completion 2QCY08.

Key Points
I will concentrate on expanding DSO resources during the remainder of 2008. The company have stated that they expect subsequent drilling campaigns to add additional DSO resources from Warrigal Well and Outcamp East, where reconnaissance drilling has confirmed DSO exploration targets of between 15 and 25Mt. Our target for DSO resources was in the region of 35Mt (see DJC Research Note RCAN0630, 4th July 2007). We consider that an additional 15Mt could be added to DSO resources over time, taking the total to 43Mt. A resource of this size could extend the mine life up to 15 years, but we would anticipate a more likely outcome being an increase in production from 3Mtpa to 5Mtpa over an 8 year period.

A Scoping study is underway and is due for completion this quarter. BCI have a number of strategic advantages over its peers with respect to proximity to rail infrastructure, likely very low strip ratios, ease of mining and relatively low CAPEX and OPEX costs. BCI were one of the first companies to enter into a non-binding MOU with FMG to utilise FMG s rail and port infrastructure. The MOU as it stands provides for rail haulage, port handling and ship loading services, for an agreed rate up to 5 Mtpa, with no blending required at the port. Other opportunities lie in negotiating a JV or a mine gate sale direct to FMG.

BCI currently have cash reserves of $10m, after a capital rasing in November 2007. Funds will be used to advance the Bonnie Creek prospect through continued drilling and completion of the Scoping Study.

On a peer comparison basis, BCI remains undervalued. Average EV s / resource tonne for a basket of junior DSO explorers listed on the ASX are about $2.80/t. BCI is currently trading at $1.84 per tonne. We see considerable upside risk to the BCI iron share price over the medium term, as the scoping study, resource drilling and feasibility studies get ticked off throughout the remainder of 2008.