In response to Roysolders question a while back I have been...

In response to Roysolders question a while back I have been doing comparisons with other iron ore plays and come up with some very pleasing numbers for energio shareholders. I am assuming as 29/10 has suggested that we will have a JORC of 600m/t and an inferred resource of 3.5 billion tonnes for a total of 4.1 billion tonnes based on the results received thus far.This should all be proved by around the end of this year. At this point let me share a comment Ian Burston made to me about the Agbaja Plateau some time ago. " Think of the plateau as a big ham sandwich with the ham hanging out of the sides. I have gone right around the plateau and the ham (iron ore) is visible all the way around under a cover of about 10 metres of overburden. A reasonable person would therefore assume that the whole plateau is going to contain iron ore."
Some 300 or so drill holes later, every hole has intersected significant levels of iron ore. Looks like somebody knows their stuff.
On with the comparisons....
African Iron.
A $338m. takeover for AKIs 92% stake at Mt Lekouma which in turn had an indicated resource of 121m/t after the lease had been 28% drilled. AKIs 92% equals 111.32 m/t. Assuming that the remaining 72% of the lease is the same we have AKI with 397.57 m/t as their total resource (indicated and inferred). This equates to a succesful takeover at 85 cents per tonne.
Sundance Resources.
A $1.4 billion tonne takeover for Sundances 2.8467 billion tonnes (488.5 m/t indicated and balance inferred) for a price per tonne of 49.18 cents per tonne.
And one just to send everyone into a frenzy!!
Roy Hill (Gina R)
An indicated resource of 485m/t and inferred resource of 1.935m/t for a total of 2.42 billion tonnes. $1.5 billion was recently paid for an 11.25% stake (or equal to 272.25 m/t )in this resource which equates to $5.51 per tonne.

So assuming eio issues another 100 million shares to complete its drilling program and feasability study to raise around $20m this would give eio about 345 million shares on issue.
Based on AKIs t/o price of 85 cents per tonne, our 4.1 billion tonnes would equate to $10.10 per eio share as the takeover price. AKI with its infrastucture is the best comparison IMO.
Based on SDLs t/o price per tonne of 49.18 cents this would equate to a takeover price for our expected tonnes of $5.84 per share.
Roy Hill at $5.51 per tonne is where we all start dreaming of our new fly bridge cruiser and sports car with eio being worth $65.48 a share!
So, inside the next 4 months we should have our tonnes in place and if the metallurgy comes up trumps (looking promising according to todays quarterly)ladies and gentlemen hang on to your hats!
FYI I am fully loaded and sitting comfortably in the top 20 shareholders.
Cheers
Immmelman