200,000 tonne bulk sample, page-7

VonTrapp good question.

You would expect an update on that in the annual report.
I would assume management would be trying to sign an offtake agreement/agreements with some upfront draw down funds to help with moving into production.

On todays iron ore price and exchange rate the benchmark iron-ore price is trading close to US$131 a metric ton currently,
according to The Steel Index, which compiles regular data.
"With today's exchange rate, it is A$143 a ton," compared with around A$127 a ton three months ago, said Mount Gibson's Mr. Beyer. "The drop in the Aussie dollar is effectively giving us a A$16-a-ton free-kick. That's very good news for us."

So providing the AUD and iron ore price stays around here the 200,000 tonne bulk sample should provide a good profit...

The convertable note with Nobel group dated (31/01/2013) that hasn't been signed off on is another way to fund production.

I suppose the quarterly will be a good update and if we are lucky may outline how much profit the company will make off the bulk sample.

I feel SHD is moving in the right direction