Have read the annoucement - what a great result. I mean great...

Have read the annoucement - what a great result. I mean great result.

I would say definitely a bigger resource in August. The fact that they dont have the assays (but is obviously logged by the geologist as iron ore) is very positive. Secondly, this resource only covers 2.3km of a total 7km strike. So their new exploration target 250 to 350Mt should also be seen as conservative as well as demonstrated in Figure 2). A key point about the Chairmans comment is that some of those thick intersections lie to the north outside the current resource calculation is extremely positive. So by all accounts, one could expect a major upgrade in August. Although initially I wouldnt expect it to exceed the above target range (250-350Mt), it now appears that from an areial view (which is not that useful) this project could be eventually in excess of 550Mt !!!!!!!

I do have to gripe though, The Chairman stating this could be a trucking operation. I dont know his background, but I dont think its in bulk mining or logistics. Even simple mathematics would suggest otherwise. Assuming 300Mt resource a 20 year mining operation would suggest a 15Mt trucking operation. Your average road train (using the MMX model) is around 70t of material per road train, suggesting 214,286 trucks pa; or 587 trucks per day; or 24 trucks per hour (one way).

Dont know about you, cant see Port Headland residents putting up with 48 trucks per hour back and forth for long. Dangerous too.

This is a rail job. And looking for development using road options is ridiculous naive.

I wonder what the Macbank analysts will make of this result?? These are the guys who suggest Ferrus is a roaring buy!!!!! Do they still claim this is a relatively marginal deposit?