5H,For the sake of fairness, I would point out a few overlooked...

5H,

For the sake of fairness, I would point out a few overlooked points in your statement that "IRD have nothing qualitative that stands out compared to CAP". According to IRD's latest presentation:

http://www.ironroadlimited.com.au/Presentation/20110614%20Iron%20Road%20-%20CEIP%20Prefeasibility%20.pdf

PEOPLE
Jerry Ellis, former Chairman of BHP and former Head of Port Kembla Steelworks.

SHAREHOLDERS
The Sentient Group (+$2.75bn under management). Resource focussed private equity fund credited with building Queensland Gas Corp. ($5bn) and Andean Resources ($3.5bn).

Columbia University ($6.5bn), an Ivy League, U.S. institution based in NYC.

JV's
IRD has the flexibility to enter into an appropriate J.V. once value is realised. The fact it owns 100% of its flagship program is a positive.

INSTOS (sic)
See "shareholders" above