There was a very interesting article in Wednesdays paper. It is about the Mary River project on Baffin Island. 365 million tons of Iron Ore. Estimated to cost 4.1 billion to open it. They are currently signing on with 16 potential partners but none of the majors are involved because an agreement prohibits them from bidding for the company.

The biggest challenge is raising the money. "This is not the kind of asset that is normally in the hands of a junior" "Constricted credit markets have made raising capital exceedingly difficult for junior miners." Kudos to Nemis for getting his dollars lined up. Since 2004 170 million has been spent on the project.

Puppin