The market was expecting high FE readings and has over reacted...

The market was expecting high FE readings and has over reacted as usual.

Lincoln Minerals first results from drilling at Gum Flat
17:49, Monday, 15 October 2007

Sydney - Monday - October 15: (RWE Aust Business News) - Lincoln
Minerals Ltd (ASX:LML) has completed the first aircore and slimline RC
drilling program on its Gum Flat iron ore project, EL 3422, near Port
Lincoln in South Australia.
Highlights include:
* Hematite-rich banded iron formation containing intersections up
to 52.6pc Fe;
* Large exploration target with at least 5km strike length of
high-amplitude magnetic anomalies and associated folded iron formation;
and
* Relatively shallow cover within 20km of existing
infrastructure.
Eight zones of significant iron (Fe) mineralisation have been
defined within a sequence of folded Banded Iron Formation (BIF) and
overlying locally pisolitic ferruginous sediments.
These occur along a series of aeromagnetic anomalies with a
cumulative strike length of around 30km but including 5-6km of
high-amplitude magnetic anomalies.
At the Rifle Range prospect, there were several drill
intersections averaging better than 30pc Fe.
GFAC033 intersected 33m of hematite BIF averaging 42.1pc Fe from
18-51m including 18m @ 47.8pc Fe from 24-42m. This was an angled hole so
the true depth to the top of mineralisation, and hence thickness of cover
sediments, is only 15-16m.
GFAC060, 1.2 km along strike to the south, intersected similar
hematite mineralisation including 6m @ 52.6pc Fe from 30-36m. The average
depth of drilling was 50-60m.