Alderon Iron Ore (IRON-T)

A fantastic deposit in Newfoundland and then the iron price dropped so now he thinks it is dead money. He got out and lost money.

Likes what they are doing. Deposit is very good. Probably the best iron ore deposit in Canada. Best located. Infrastructure is there. They can handle the CapX. Their partner was supposed to come in and spend a bunch more money if the feasibility met certain criteria. Feasibility met the criteria but the Chinese said they needed a month to look at it. Now waiting for the Chinese to come back and say they are in, which is expected about the middle of March. He would wait for certainty on this before buying.

(A Top Pick Sept 15/11. Down 44.44%.) Iron prices have collapsed and taken everything down with it. Despite that they have progressed and executed their business plan, which was to bring in a partner. Have a Chinese partner which came in and put in a bunch of money. The next hurdle is a bankable feasibility study. If that comes in and meets certain requirements, the Chinese partner is required to fund the development of this.