Ann: Change in substantial holding from TRF , page-20

BBB from the IFE website. Mining Conference in Brisbane October 2011, page 23. Stage 1 is made up of 1a and 1b. So from my point of view the option funds are going to be used for DMS and Processing to produce DSO generating $50 million gross for Stage 1a.

Whereas everyone here thinks the figure of ~$47 million is needed, this amount is needed for both Stage 1a and 1b. And hence Stage 1b requires finance

Stage 1a is tracking to timelines as the requirement is just to stock pile ore first and then get DMS and processing plants up and running to produce DSO. This is the precursor to finance when we have DSO ready to ship.

So Ian knows what hes doing and its all looking rosy from my point of view.

And the current selling is due to cygnet SI putting short term sell pressure. Give this a little time and all should be good. Technically 85c is the new support level.

http://www.ironcladmining.com/images/stories/presentation-research-reports/2011/mining-2011-brisbane-october-2011.pdf