fail grade in shareholder communication, page-15

I emailed a huge list of Q & A to Ian and he rang me back in literally 5 minutes. As he stated he prefers to respond to investor enquiries on the phone. As I find some Directors do not wish to respond to questions in writing...

Anyway I took notes over the whole 1.5hr phone call then he was running late for a meeting. So sorry guys i sucked up all his time. I always take notes in outlook notes- I can attach a copy for you if you wish. jayinoz at gmail com . If you cannot open outlook notes attachments, tell me and I will copy paste the notes straight into an email.

It is fairly detailed note taking and stating he was buying online at the time we talked proved to be correct- not bs. Ian was open and honest as far as I know... he understands that the market seems to not understand that they WILL be selling Ore to China by April. Many great progress steps have been complete and we approaching End Game now. He is out there trying to communicate the worth of the project- many maybe thinking it too good to be true. Yet it appears to be fact and no issues.

He undrgoing a 2 week roadshow and many meets over the next 2 weeks to convince investors. No issue with raising the funds via bank deals to get to end game. As he does not wish to dilute the registry- it a very tight registry. When buyers finally believe in the story we will shoot up very high very fast IMO. Do not miss this ride when it happens- as frustrating as waiting has been whilst others have been outperforming the market.

HUGE quality Iron Ore being shipped out in 6 months- 1st year 1MT...35-70Mil pa then Yr2 double it...and so on. Seems like a dream to be aboard at these levels.

Why we are not at a forward earning of 10 on worst case being 350Mil who knows why not... Maybe Fund managers need to see Ore actually in the trucks to be convinced.

We very undervalued compared to direct assets and only 6 months from Ore being in China. Looks and sounds ideal to me direct from the horses mouth... Directors life savings on the line makes me feel safer also.

We both thought that TRF should be valued at between 200-300Mil MC now (Not in 12 months), yet we 45M... risk reward wise what a bargain in my eyes.

But yes agree that it very frustrating to stay at around 50c for sooooo long- when we should be many multiples this figure. Native title, sales arrangements and other boxes are all being ticked. Plus the fact that it was noted before April 2011 ship out is very possible.

More importantly investors thought FOB Costs did not include large shipping costs. In fact shipping cost where included in FOB Costs... Fact. He has presented the facts of forward earnings in Yr 1 of 35-70mil then double it Yr 2, 3 and so on... yet the market does not respond. Ian was at a loss as to how to communicate better (He no Twiggy) and asked what I recommend. I requested he make the shipping costs very clear that they apart of total FOB costs in his FE Study. He told me he will make it clear but he thought it was clear.

I have always found it very easy to chat to Ian- maybe I been lucky or it because he knows me by name. Sometimes this helps... I hope my notes help those who are disillusioned ATM.

Cheers Jay.