options, page-5

1. yes that is correct

2. yes that is correct

3. you will have until Oct'13 to exercise the "new" options @ 12c that issue once the current options (ROYO) are exercised by payment @ 10c by end of May'10.

If you don't have the exercise form to do this call Royal and they will send it out to you.

The "new" options excercisable in Oct'13 are more than 3 years away and represent very good value for upside IMO.

Ongoing drilling during the next 3 to 6 months in South Australia will confirm whether the iron ore project there can support a JORC resource of 250m tonnes or more; if this is proven its location to road / rail / port facilities enhances its viability and the major end user of the ore is required to stump up $50m towards mine development - all of this is positive.