Ann: Summary of Chairmans Address to Shareholders, page-2

re: Ann: Summary of Chairmans Address to Shar... I guess all AGMs are very positive but I was excited by the description of an emerging iron ore (magnetite) province in South Aust.

The magnetite stretches over several hundred kilometers and over leases held by about five separate companies.

Because the magnetite has a very small cover it would be cheap to mine. The infrastucture to pelletise it would be very expensive but a joint infrastructure project by all the companies would make it very profitable for a minnow like Minotaur.