$$$$$$$ iron ore royalties $$$$$$$

PEL is already making about $500,000p/a from iron ore royalties and when production steps up on cockatoo island it could be making well in excess of $1 million per year. market cap only $4 million. this is hot!!!

COCKATOO ISLAND PROJECT (M04/235) Interest: 100%


Operator: HWE Cockatoo Pty Ltd
Portman Iron Ore Limited, as representative for the Cockatoo Island Project reported that for the December 2004 Quarter 197,737 wet metric tonnes of ore was produced and 233,220 wet metric tonnes of iron ore were shipped. Pelican receives royalties of $0.50 per metric tonne shipped.