mongol iron ore, page-15

Gday FRB,
seems to be holding at just above the 20 mark. Maybe another dip will signal an exhaustion of the downside?

The recent quarterly indicated that they have already started drilling at Selenge some weeks back..and the words the used to describe it thus far is ...SIGNIFICANT.

Already considering drilling program expansion.

I checked out a listing for Iron Ore mines around the world.

How many in China? Heaps.

How many in Mongolia? 1 - Our neighbour Eruu Gol. And how much did the chinese pay to enter into that dragon? $700m?

The current drilling program could be significant for HAR. I know I am loading up at these levels. This looks like a fair shot at being a multi with so much energy being lost in the past few months with the delay to drilling. We are now at a 50% cash to E/V mark. Considering we are hitting virgin territory in a prime target, its pretty reasonable to expect that we should be at least double this MC at the moment.

Anyway, lets see how it plays out. We have about 16-20 weeks of drilling left in us before the big freeze sets in. I would imagine that we are going to be drip fed results with a strategy to raise capital from this initial 4000m drilling plan if the results are prospective. There is no point in waiting on cash when you are affected so much seasonaly. Maybe a 1H12 raising would be on the cards following the initial resource definition coming out?

Cheers,

SF