Dear Investor, It is with pleasure that we attach another update from Ferrowest.

The Companys activities are picking up pace quickly this year and once the Chinese Government approval of the Taifeng Investment Agreement is received and the major funds start to flow, Ferrowest will be well positioned to deliver solid results for 2012 on its excellent projects.

I thank you for your ongoing interest in Ferrowest. For further details please refer to the Companys Website at http://www.ferrowest.com.au/
Yours sincerely,
Brett Manning Managing Director 28 Feb 2012
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