Ann: Wilcherry Hill Project Feasibility Update , page-2

re: Ann: Wilcherry Hill Project Feasibility U... "Wilcherry Hill Project Feasibility Update.
Robust Project Indicated.

Highlights


Stage One (DSO) Capital - AUD $12 - $19 Million.*


Initial 3 - 4 years of Direct Shipping Ore (DSO).


1 Mt targeted for first year - then 2 M/t/p/a


Start up FoB Costs = AUD $55/t - $75/t.*


Likely FoB Sales = AUD $110 - $125*


2011 -2012 Prices Forecast to Hold at US $140 - $150.


Marketing Contract in Place.

Initial Site Works Underway

* Depending on selected port option. Assumes US$ = AU$"

... In addition to the above capital requirement, a further Au$6 - $9 Million of working capital will be required during the start up period making the total project (Stage 1)requirement between AU$18 and AU$28...

Finance

IronClad believes that the modest start up capital requirements can be sourced through a simple balance of debt and equity funding. The Company is discussing
these matters with a range of finance houses, institutions and brokers both in Australia and overseas.

The robust nature of the project means that debt financing entered into by the Company has the potential to be retired early."

----

Part of what has been released to the ASX. How will the market react?