That report looks good to me. * Rights issue still on, given the...

That report looks good to me.

* Rights issue still on, given the report was signed off yesterday and the underwritten plan was discussed in this report. 9 for 11 @ 6c plus long-dated (2015) options exerciseable @ 10c
* PFS to be completed
* Resource:
- Cerro Papagayo – 28.6Mt yielding 10.1Mt concentrate containing 66.26% Fe;
- and Cerro Iman – 17.3Mt yielding 5.7Mt concentrate containing 65.81% Fe.
- containing very low levels of contaminants such as sulphur and phosphorous from the Papagayo Ridge line.
- Resource likely to be increased: "The Company is encouraged by these initial figures because they are based on a very constrained mineral resource estimated from drilling and assay results available as at 28 February 2011, comprising 4,930 metres of drilling from 76 drill holes and 1640 samples. Since this mineral resource estimate was carried out, a considerable amount of additional drilling and sampling has been undertaken at Cerro Papagayo, Cerro Iman, Papagayo Ridge and Buena
Orden Ridge and most holes have intersected significant intersections of magnetite mineralisation. As at the end of December 2011, 296 holes have been drilled for 26,212 metres
and 6,674 samples submitted for analysis. Consequently taking into consideration the more recent drilling results, the Company considers the current resource estimate to be conservative."
- $1.3m + $6.1m to be raised; current market cap = $7.5m. On an EV basis, and if the rights issue works, the resource seems to be free?
- Accountants signed off on a healthy report. No "going concern" for this one, unlike many others
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Leonard Dean I like- specialist iron man. Many more samples in the lab. Looks good to me, orionwoo. Just you and I here. :D Hope you got in @ 6c. The next bid is @ 6.2c now- my buy in price! Woohoo! Rights issue paperwork to come out in March. The question now is at what price people would feel encouraged to take up rights to inject circa $6m into this company!