currently $117/ton., page-3

Hi guennadi & Yacheng.

Phase one is High Grade DSO, first ten years will be selling 63.1%Fe, still more High Grade after 10 years of 62.2%Fe. High Grade Hematite Reserve just been increased to 517 Million tonnes.
Itabirite just increased to 5.6 Billion tonnes, with an Exploration Target of Approximately another 9.3 to 13.2 Billion tonnes of Itabirite.
Stage Two is Itabirite that Infrastructure for Benification to be paid for out of Phase One DSO profit. Concentrate of 66%Fe and Pellet Feed of just over 68%Fe.
A Steel Mill is probably going to be built near Port. Cameroon Government asked SDL to join them and POSCO in building the Pellet Plant. Should be cheap to run as a Gas Plant is going to be built close to the Port Site, as Gas is not far off-shore.


Regards
Westcott.