2007 Annual Report – Chairman’s Report
It gives me great pleasure in presenting this report of your Company’s activities during the past financial year.
Significant progress has been achieved with the exploration program and a concentrated effort of Reverse Circulation
drilling and Davis Tube Recovery testing has led to a JORC Resource of 977 million tonnes of insitu mineral, grading
32% Fe and 39.6% Silica (SiO2).
Additional Reverse Circulation drilling is ongoing to further extend the resource and a diamond core drilling program
has been commenced to provide core for metallurgical testing.
These samples will serve to validate the mineral processing flowsheet which has been designed to concentrate the ore
to +65% Fe and < 5% SiO2.
It is envisaged that together with engineering and infrastructure studies now well advanced, that a bankable feasibility
study could be completed by the third calendar quarter of 2008.
Some interest in purchasing the project has been expressed by various Chinese interests, but after some commercial
discussion these fell away and the Company will continue to develop the project in its own right.
To this end we have acquired additional acreage adjacent to the Cape Lambert tenement which offers potential for ore
body extensions. Exploration of these areas will be undertaken in early 2008.
Together with the ongoing development of the Cape Lambert tenement we are also investigating offshore iron ore
projects and we feel that considerable upside exists to broaden and greater develop the Company.
Finally, I would like to thank the staff for their efforts in positively progressing the project and our shareholders for
offering their continued support.
Ian Burston
Executive Chairman
Cape Lambert Iron Ore and Controlled Entities
Chairman’s Report
It gives me great pleasure in presenting this report of your Company’s activities during the past financial year.
Significant progress has been achieved with the exploration program and a concentrated effort of Reverse Circulation
drilling and Davis Tube Recovery testing has led to a JORC Resource of 977 million tonnes of insitu mineral, grading
32% Fe and 39.6% Silica (SiO2).
Additional Reverse Circulation drilling is ongoing to further extend the resource and a diamond core drilling program
has been commenced to provide core for metallurgical testing.
These samples will serve to validate the mineral processing flowsheet which has been designed to concentrate the ore
to +65% Fe and < 5% SiO2.
It is envisaged that together with engineering and infrastructure studies now well advanced, that a bankable feasibility
study could be completed by the third calendar quarter of 2008.
Some interest in purchasing the project has been expressed by various Chinese interests, but after some commercial
discussion these fell away and the Company will continue to develop the project in its own right.
To this end we have acquired additional acreage adjacent to the Cape Lambert tenement which offers potential for ore
body extensions. Exploration of these areas will be undertaken in early 2008.
Together with the ongoing development of the Cape Lambert tenement we are also investigating offshore iron ore
projects and we feel that considerable upside exists to broaden and greater develop the Company.
Finally, I would like to thank the staff for their efforts in positively progressing the project and our shareholders for
offering their continued support.
Ian Burston
Executive Chairman
Cape Lambert Iron Ore and Controlled Entities
Chairman’s Report