UPDATE ON THE GLADSTONE STEEL PROJECT Boulder Steel Limited...

UPDATE ON THE GLADSTONE STEEL PROJECT

Boulder Steel Limited ("Boulder"), the proponent of the Gladstone Steel Project ("Project") undertook and completed a Pre-Feasibility Study ("PFS") on the viability of the Project leading up to 2010. In December 2010 representatives of the MCC International Incorporation Limited (MCCI) visited Boulder to assess the Project and entered into a MOU with Boulder on 9 December, 2010. As part of the MOU with MCCI a review of the PFS was to be undertaken with emphasis on the Market Analysis. Boulder has now concluded its part of the Pre-feasibility Study Review and submitted it to MCC-WISDRI for final completion.

The updated Market Analysis, which included face-to-face meetings between representatives of the Company and 16 potential customers in the SE Asia region, clearly indicated that market demand would exceed production for both Stage 1 and Stage 2 of the project.

Representatives of Boulder, MCCI and MCC-WISDRI intend to meet in April 2010 in Wuhan/China to outline the next phase in development of the Project.


This cryptically worded part is the stand-out of the ann IMO

"clearly indicated that market demand would exceed production for both Stage 1 and Stage 2 of the project."