Hi @2008wack I' m not sure which posts or thread 267 is...

Hi @2008wack

I' m not sure which posts or thread 267 is referencing but the best one I can remember was posted by a member called @choco

I believe he was or still is a substantial holder. Think he has been here longer than most so should know his stuff.

Anyway here is his post from the 8/2/17. Hope this helps and sorry to pee on your bonfire


"A lot of posts talk about the huge value of the hammersely iron ore deposit in WA and the huge sale potential of it.
I would like to point out that this resource of 343m tonnes of iron ore is only feasible to be mined when the spot price is $100-110 per tonne, as what many of you don't know or failed to point out is that to get to the deposit at least 80m of dirt must be stripped before the ore exposed.
That means 1000's of load of dump trucks carting soil and rock over a year before the payload is hit. This is it a easy open cut mine where you just get a few large excavators and go for it.
In 2012 there was strong interest by a Chinese group to buy the lease for $25m when the spot price was around $150 per ton. But this sadly failed at the last moment just before it was signed and made public and the company share price dropped from 0.4 to the sad amount of 0.002 due to the downturn in ore prices.
This iron ore deposit is good but not the greatest as it's expensive to extract and don't get excited about the lease sale until the price of iron ore gets to $85-$90 and then you might get a player knocking at the door for a $10m+purchase. Until then it's like many other thousands of leases across Australia, just a patch of dirt with minerals lying underneath waiting for right time in commodity prices to be extracted by a group with deep pockets and courage.
So don't get too excited about a windfall sale until ore prices improve dramatically towards the $100 per ton zone.
In the meantime let's "hope" that the wishful outcome of the Lomero drill hits the 1m oz + mark to make the $30m capex required and a few rounds of dilution due to capital raising and then you will see some blue skies with share price in late 2017-2018"