China Armco Metals Inc. (CNAM)

[derek2000]

Apollo project

I admire your diligence on the mining issue. However, i am not sure it is worth your effort - after all, CNAM is NOT an mine exploration company. It made a deal with a mining exploration company. So the focus should be on the deal itself: the deal structure, and the potential upside (huge) as well as the FINANCIAL risks (-USD$3m).

As for the resource estimate: I am no expert and know nothing specific about it. But I do have an engineering degree, so my guess: iron ore deposit is large in size (than gold) and continuous , one can determine the reserve by mapping the geologic formation below the surface using sonar like equipment, supplemented by some drilling at the center and at the periphery to confirm the size and depth, you will get the resource estimate.