Ann: Mt Webber Deposit Scoping Study Outcomes , page-12

re: Ann: HAO: Mt Webber Deposit Scoping Study... Vayama, don't forget that GIR have around $65m in the bank and $10m in listed investments. Now a lot of the cash will go on future exploration, but some could potentially be set aside for capital expenditure purposes.

I'm also starting to think that 2010 might be a good year for GIR to sell one or two iron ore projects. The ones that aren't earmarked for early development could be converted into cash, at, who knows, maybe $1 per resource tonne. So maybe they could pick up $50m for Western Creek, or $40m for Anthiby Well....certaily would go a long way to getting both MW and MC set up, without dilluting shareholders through capital raisings.

Reading HAOs presentation, it seems that the Mt Webber JV isn't too worried about getting rail access (which they reckon could push the JVs NPV up from $170m to around $400m!). Port access would appear to be the challenge, but would imagine could also be the source of a significant re-rating if and when they sort an access arrangement out.