Ann: Wilcherry Hill Iron Ore Drilling Update , page-8

Buying in now is basically gambling on two things:

- Gaining approvals for the infrastructure at Lucky Bay Harbour

- Obtaining funding for the remainder of the project

They've basically got the plans in place it seems to be able to mine the ore with at least a small margin of profits. But getting the approvals at lucky bay is not as easy as you'd think, yeh the government are onboard but the locals aren't as impressed. I'd expect IFE will eventually get approval though, because without it the mine is unlikely to go ahead ($21 mill on containers anyone?)

Next is funding, and is the major hurdle ahead. Raising funds at this price will dilute the existing loyal shareholders by a huge amount and they are already offside with how things have been handled. They've already talked one asian company into chucking money at the project at over 3 times today's price, can Ian pull off that trickery again, i think not. Debt finance has been mentioned close to 20 times i'd guess and never even looked like coming to fruition.

So essentially if you buy now your gambling on the finance. In today's climate thats something I wouldn't be so confident in, but if it turns out they can secure enough and obtain the approvals, it could be blue sky. But they are some big IF's, are you willing to lay your money on the line and back Ian to pull a rabbit out of the hat? Can't say I am, don't trust him or the rest of management at all.