look out below big seller at 8c, page-10

12 months of drilling will do nothing except burn all the cash they have

despite the good economics, no one is going to go near these assets in this environment and the outlook for iron ore isnt going to get any better IMO. Hence why it is trading a huge discount to cash backing, the market expects this. If there was any interest they would have signed up a JV partner already.

even if they were drilling for copper/gold on their existing tenements they would be trading at 10c+. The market just doesnt agree with ploughing more money into the AF assets