Ann: Wilcherry Hill Iron Ore Project Update , page-4

BBB not sure where you got $21 mill from? My understanding from reading the finance section is that they estimate around $15m is required and thats excluding the sale proceeds of current tug/barge. They've always talked about getting debt finance and never got it, but sounds like they are talking to potential buyers for a loan (i.e. New Hope again?)

Agreed that its frustrating regarding the government approvals again etc etc and its a load of crap but at least they have finally came out of the dark to say something factual and meaningful. As you've suggested its still disapointing that they can't actually provide an estimate of the margin's we will be making or an etimated timeframe of when mining will actually start.

Based on what they've said, new government approvals etc, wouldn't surprise me if mining starts in Q1 next year - and even that is providing they find that capital to complete everything they've outlined for Stage 1.

What worries me about this DSO option for stage 1 is that if any geology is even slightly wrong and its not as easy as they thought to just directly ship high quality ore, then we could be in big trouble.

I'm frustrated with how things have played out, but i'll continue to hold. My holding is relatively small anyhow and I believe the upside is still there. It's quite annoying none of this was worked out in the original study...