re: cape lambert - can you find better If you, and the editor of...

re: cape lambert - can you find better If you, and the editor of the website, had read the recent ASX announcement issued by IGL you will have noticed that the interest in this project has intensified in recent months because:

* The resource of 2.5 billion tonnes @ 30% fe is now JORC compliant - this study was only completed in the last few months and was the first time the resource within the project, even at the time of the FXR evaluation, had JORC Compliant status.

* This value of the project was determined by two independent consultants who have reviewed the Robe River data, but with today's market conditions - they have both given a technical value of between A$200 million and A$300 million.

* Interestingly, their is a precedent for investment in the WA magnetite iron ore industry. You will not doubt be aware that Mt Gibson (a 250million tonne magnetite project and approx 300kms from a port) recently announced a deal with China's 4th largest steel producer who will invest A$120 million to earn 50% of the project.

* Cape Lambert is ten times Mt Gibson and approx 390km's closer to the nearest port - I will leave to you and the market to determine a suitable value??

* A cash payment was made, as this is what the owners wanted, and IGL did not want to give them a holding in the company without making them having to make a financial contribution - hence the issuing of options.

* Leading international broking firm Cannacord Limited liked the project and the terms of the agreement so much that they have already signed a letter of intent to be the lead broker in a A$33 million capital raising.

* At the completion of the proposed capital raising over 40% of the shareholders in IGL will be institutional - which shows the level of confidence astute minds have in the projects of the company and the way it is run.

* You are right that the Cape Lambert port is at capacity, but you may not be aware that it has recently been given approval for a significant upgrade. One of the clauses inserted by the government was that third party access should be given if capacity exisited - also being only 10km from the coast a new port could potentially be built.

By misrepresenting the facts of this agreement it is detrimental to the currect and future shareholders of IGL who have already expressed their interest in this project under the terms announced. These shareholders will have an opportunity to vote on various resolutions relating to the project at the upcoming EGM. That alone will determine the direction the company takes in the future.