Ann: General Update , page-13

29/6/2007
FIRST RESOURCE ESTIMATE ? YALGOO IRON PROJECT
? 112.5 million tonnes at 25.3% total Fe estimated mineral resource
? Resource underpins iron requirements for 20+ project life
? Resource estimate completed for 10km of 27km strike at Yogi deposit

http://www.ferrowest.com.au/Announcements/2007/ASX%20Announcement%20-%20Resource%20Estimate%2029Jun07.pdf

The SP spiked to 93.5c in June 2007 following just the first Resource estimate 112.5mt, shares on offer at the time 54mil. The JORC is now 572mt (target between 800-1200mt) , while shares & options are approx 125mil.
Since the spike in 2007 the share price suffered due to both uncertainty of project funding & the GFC. Hopefully the announement will remove the uncertainty around funding & given the spike in 2007, the JORC increasy by 4.5 times and still only 125mil shares on issue (that is including options) we should see >$1 sp IMO, so my initial guestimate of 40c just went out the door :)