scoping study results, page-7

cmonaussie, regarding Qtn 4 - "Where does the $37M come from? (and the $22M to upgrade). Assume with robust BFS a 70/30 Debt/Equity split - so a CR raising for say $15M early next year??".

Shaw River MD Vincent Algar was quoted in the March Edition of Resourcestocks.net as saying - "Shaw River would head back to the market later this year, most likely via a rights issue, for a further $10 million (AUD ?)for work at Otjo. Initial capital cost estimates for development for Otjo are a modest $30 million" he said.

"The low start-up cost is mainly due to the existing crushing unit and plant, which will require replacement of the main units, namely the dense media separation and jig units".

See earlier post for a link to the article.

Major shareholders Atlas Iron and OM Holdings have previously shown strong support for SRR and are also potential sources of finance for capital expansion.