I think that its clear no progress on development has been made or at least nothing has been communicated to shareholders. most of the money in the bank will now be used to pay the the directors fees until just prior to the next run up in Iron prices.
no production until 2012 more by which time the world economy will have been in recession 3-4 years and Iron will be back at $22 per tonne.
proposal to wind up the company, page-3
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