Take the cash and put the sale sign up I say.$35mill cash +...

Take the cash and put the sale sign up I say.

$35mill cash + parker ranger = $80mill+?? (80+cents a share or thereabouts?)

Too me, the Winmar resource isn't that attractive. Notice the depth of the resource?....it starts 100m below surface..thats a lot of overburden and a monster pit to even get to the ore (expensive!). The ore is not high grade DSO either.

Remember there is billions of tonnes of the same stuff Winmar have in the same region (FMG, FMS, MIN) etc. It aint all going to get developed in a hurry (Rail/Port issues again). Therefore, I say take $35million and run. It could be a long time, if ever that we see any return on the Winmar JV.

This change to the agreement is just an option at this stage also, who says Winmar will take it up? How will they fund it?

My opinion is take the $35mill(if its offered) and put the sale sign up....MIN and Cliffs the bidders.

MIN could use the product, its ultra low phos which would blend perfectly with Carina ore which is a little on the higher side. Carina is around the 25-30mt so if they can effectively double this resource base by buying Parker range, they'll win. They'll be carting Carina ore past the parker range door step just about anyway!

Cliffs are chewing away at their resources and would surely be keen to add to producution and make hay while the sun shines.

Its about to heat up IMO and the forementioned parties will surely show their hands soon.

cheers.