Ann: 2010 AGM Managing Director's Address , page-8

Nearby Jupiter Mines has been doing very well lately, with the share price hitting 60c recently. This is on the back of major structural changes including the Tshipi manganese project acquisition but also on the back of Mt Ida drilling and anticipation of initial JORC results. A recent valuation report on the Jupiter website has valued Mt Ida at 25c/ton.

Mindax currently trading at 38.5c giving it a market cap of $56million. With $9million cash at the last quarterly, this leaves a asset value of $47 million. Even with valuing all their other non-Mt Forrest projects at $0, this gives a valuation of less than 5c per ton of iron ore. This leaves us a lot of room to move, hopefully when results and resource upgrade are released from the current round of drilling, we can see some movement and more interest.