when is the pfs due?, page-2

The PFS should be out this week or next week, if BRM holds true to its public statements. BRM will have to release some information about beneficiation, or at least the PFS will have some of these results implicit in the numbers. It has been a long delay from the promise in March about beneficiation - but we should know one way or the other soon.

I expect BRM to put a positive spin on whatever level of blending is needed; however the market will be the final arbiter on that once the analysts have crunched some more numbers. If the PFS shows that Marillana is a marketable play then it should be easier for BRM to secure an offtake deal, so the effect on the shareprice may not be immediate.

We are also left with the rail issue - the PFS will outline haulage scenarios under both options BHP and TPI, however the PFS may not be the key driver here. If the PFS does its job we hope, it will reinforce to the market that Marillana is a viable play - at 43% base FE, and a detrital (non DSO) orebody, the market will only be convinced when we sign someone up....but a good PFS should keep us in the game a bit longer...hopefully WR will be able to convert at least one of his 'confidentiality agreements' into something of substance, rather than bits of paper in his office.