Yep, and the loyalty option issue (4 monthsa fter listing) was a...

Yep, and the loyalty option issue (4 monthsa fter listing) was a nice surprise! I assume PTS will be able to participate which means that on the basis of 1 option for every 2 shares their effective holding in EI will, afte the loyalty issue, be:

10 million shares, 15 million options.

Here are the key comments from the independent geologist report (the most important part of any mining prospectus though unfortunately also the difficult to understand!):

"If the development exploration and economic factors are as cost effective as purported then a mining operation based on low grade channel iron deposits in NSW would appear to be a commercial proposition."

"A very positive aspect of the Eastern Iron exploration program is likely to be the low cost of exploration per tonne of proven ore. Drilling costs for this project are relatively inexpensive as the drill holes are shallow, in unconsolidated material making drilling quick and easy."

"Separation of maghemite from the drill samples proved successful and increased the average grades from around 14% to just over 50%. At grades in excess of 50% the maghemite concentrate becomes a marketable product for blend feed or to further beneficiation options."

"These are low grade iron deposits but with many positive attributes that would make them economical to mine."

"Furthermore, beneficiation processing for the channel fill material would appear to require only a simple magnetic separation plant. There are obvious cost advantages in using a mobile beneficiation plant running alongside the mining operation which can upgrade ‘the run of mine’ material to over 50% contained iron."

"The proposal by Eastern Iron to mine low grade iron ore in New South Wales, appears to be an attractive proposition in light of anticipated lower costs than many Australian mining operations, for extraction, treatment and transportation of ore; the beneficiated iron ore being suitable either for direct blast furnace feed, shipment overseas or further beneficiation."

PRETTY PROMISING COMMENTS!

Cdchi1