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This item is a little frustrating to me. While the materials required are fair, GETTING to it is not. I had a much easier time getting my Alchemy to 70, my Tailoring to 70, my Leatherworking to 70, and my Inscription to 70 than I hope to aspire for Blacksmithing. At the current rate at time of this post, my 40 skill Blacksmith needs 30 skill points to get to 70. I have the materials for the dagger itself 6 times over again, but not the skill. So if I were to go to the auction house, the current price for a stack of 200 Monelite Ore is 7500g. For 200 ore. With about 20/ore a skill point that's 5 skill points per hundred, 10 skill points per stack, times three stacks.... that comes out to about 22,500 gold for me to cover this gap.
I can go out and try to farm 600 Monelite Ore by hand, in which time I can probably just replace this in a dungeon.