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Now is the time to move on the Whispering Ridge and Sunday Creek magnetite projects, as the economy needs starting; in fact, a perfect time to assist the recovery of the Queensland economy.

Subject to economic viability and funding, all of these plans and works are subject to the approval of the DNRM, DEHP and all associated Government Departments and legal requirements.

It is critical to take the Holders current Sunday Creek mineral tiles to higher forms of tennure and complete the initial MLA to start staged mining at Whispering Ridge whilst under 1.8 mtpa has some benefits with earlier economics for viability in the present Global Financial down-turn. In the meantime, the wider Sunday creek area is vital too as Mine 298 Pty Ltd files MLA to start mining at MDL298 areas.

Reports under separate cover to the Mines Office (DNRM / QDEX), provide a detailed project overview of information/data on the mineral titles and also updated programmes over the next 5 years on projects at Whispering Ridge / Sunday Creek; however, this summary is to also let you know that a signed off-take agreement with Boulder Steel Ltd (A Public Coy) to supply to Gladstone 3-8Mtpa of high-grade magnetite lump ore, that the company has since gone into liquidation. There are alternative off-takers; however, we are still working to put a steel mill in Queensland.

They were proposing to make Slabs/billets in Gladstone, Queensland, to sell direct to the Steel Mills in China, India or Global.

In this respect, we continue working on the final stages of farm-in/funding agreements in order to accelerate my plans to drill over 200,000,000t to JORC and in parallel commence applications for higher forms of tenure for early stage quarrying and mining and dove-tail all operations; whereas, the data we hold already is available in putting together full JORC style submission at certain levels and it is the matter of separate evaluations, as may be required for future developing & funding.

The Holders priority is to commence to get the first stages for up to 1/1.5 mtpa delivered as DSO; however, with the fully executed off-take agreement for 3-8Mtpa in this difficult market it shows the potential for longer term opportunities for off-take which are directly here in Queensland, Korea & India so that delays of the decisions by China, will no longer harm the works to start mining.

Finally, as such, we have also commenced on the bigger plan to be done in stages (over time) and as the full extent of the "non-ferrous" metals are identified by volume, we can dove-tail that in too. The Steel Mill at Gladstone requirements for magnetite lump ore supply by road/conveyor/rail/barges, may run as separate feed to the production of iron ore as fines, to be transported by slurry pipeline at <3mtpa, opening up five (5) product line streams to market (these do not include all IOCG, i.e. the Mo, Au, Zn and other metals, etc.).

The various product streams are being evaluated as below:-

1. To start the quarry surface magnetite lump to 1Mtpa by road for DSO, capacity may be lifted to <3Mtpa. Sell to spot market any early product, as we now also see a longer term market too, due to the off-take potential by a local Gladstone Steel market.
2. Dovetail DSO sales prior to meeting the 3Mtpa to 8Mtpa magnetite lump under offtake agreement, alternative transport by conveyor and/or rail to ship or barge in 25,000- 45,000 DWT to Gladstone Harbour for "Gladstone Steel Plant" or overseas.
3. Supply HMS magnetite to Queensland Coal Washing Plant markets, now growing to <500,000 tpa at a premium price for such fines. This HMS will also grow rapidly in other countries as Japan, Korea & India are also now washing out the "coal impurities" with magnetite HMS; whereas, there are limited supplies of HMS globally and China has been trialling such plants since 2006, as the holder has inspected one in Tangshan and spoke in detail with the designing engineer who did "Sino-steel" too.
4. The alternative larger Ferrous market is then iron ore, as fines, and the most economical transport is by slurry and/or rail.
5. Global leaders in the "iron-nugget" market have approached the holder & opened negotiations for a nugget plant at Mourilyan, the process plant also provides Au, Zn & Cu etc as separate stream value-added by-products.

As advised, there are apparently at least four (4) styles on minerals deposits now discovered:-

1. “IOCG”style “Iron Oxide Copper Gold” ore deposits.
2. Porphyry molybdenum deposits.
3. Poly-metallic skarn deposits.
4. Magnetic deposits with skarn affinities.
5. Continued evaluation is "Work-in-progress" and the alternative paths forward are under review.

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