Ann: Company Presentation - RIU Melbourne Resources Round Up, page-26

NOV Iron ore contract $83.25 + $20 67.2% premium = $103.25 USD per tonne
$103.25 USD / 0.87338 AUD = AUD$118.21 per tonne.

http://www.barchart.com/futures/commodities/ITI

Theres money to be made in them there hills!

Furthermore, inground value of that MOUNTAIN of iron ore is 4c per tonne. Research it and you will see this is the benchmark, leave it in the ground and don't drill it value
418M tonnes 67.2% FE x 4c per ton / shares on issue = 4.8c per share.

Factor in high likelihood of resource upgrade from EST 418M tonnes to and that takes care of any share dilution due to cap raising.

Move to production and the value is anywhere between 20 and 40 times the inground value. Research it and my figures are confirmed.

There is a reason why they have chosen a raising at 4c per share.... its the INGROUND value stupid!

DOYR / IMHO / HOLD YOUR SHARES!!! Buy up to and including inground value!!

DONT LISTEN TO THE DOWN RAMPERS! THEY WANT TO FOOL YOU INTO SELLING