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couple of questions for followme

  1. 24 Posts.
    Hi Followme,

    I am not trying to be rude but I have noticed that your target resource for the extension hill project seems to be increasing by the day.

    27/02/08 you were saying they would firm up a JORC resource of 150mt and sell it to the Chinese for $60mil. Couple of days later and there is another 50mt added to the resource and the "value" in your opinion is up to $100mil plus. This seems to be a bit ambitious given the company's own website gives a target of 100mt...

    Also your figures relating to the value per share of any potential sale do not seem to include any of the options. There are 136mil shares and options on issue and I think that you need to take this into account.

    Based on the company's own target of 100mt I think a sale price of $45mil may be more in line with what to possibly expect which is equal to what MGX got for 200mt. This gives a value per share of 33cents per share, which is coincidentally what the shares last traded at. Not a whole lot of upside when you look at it this way. Of course they do have other projects.

    With regards to the Kattaning Iron project, from what I can make out you have described this as a Hematite play where I believe it is actually another Magnetite play plus Vanadium??? I think you have also referred to Iron grades of 60% plus whereas in reality what I think you are referring to is post beneficiation results - I.e. they got a 60%+ concentrate after beneficiation. This is completely different to having grades of 60% in the ground. In reality I don't think we have any idea of the grades here and based on a post beneficiation concentrate of 62% which is pretty typical of a magnetite concentrate the actual grades are probably pretty typical too - I.e. 25% to 35%. I am really not sure on this project but I think you may be barking up the wrong tree describing it as a Hematite project with indicative grades of 60% when it seems to me like it is another magnetite project with nothing to indicate anything other than your typical magnetite grades of 25-35%. Would definitely be keen to hear your thoughts on this as there is obviously a HUGE difference between a hematite resource at 60%+ and a magentite resource at 25-35%.

    Not trying to have a go as your postings have actually got me interested in this company. Just trying to clear a few things up in my own mind and make sure we are on the same page.
 
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