Iron Road 1 billion tonne mineral resource at Murphy South

Tuesday, 05 Jul 2011

Iron Road Limited announced a resource upgrade at the Central Eyre Iron Project with the Mineral Resources increasing in size from 1.23Bt to 1.33Bt. The upgrade comes as part of an ongoing mineral resource expansion program at Murphy South.

Highlights

1. Iron Road delivers cumulative upgrade to South Australia’s largest iron ore Mineral Resource, following drilling to widen resource model for further mining study purposes.

2. Stage V extension drilling ads 99 million tonnes to existing 907 million tonnes Mineral Resource estimate report for Murphy South for a total of 1.01 billion tonnes tonnes.

3. Increase in the global Mineral Resources at Central Eyre Iron Project from 1.23 billion tonnes to 1.33 billion tonnes.

4. Upgrade delivered as part of ongoing mineral resource extension and expansion drilling at Murphy South.

5. Current Stage VI drilling at Murphy South is approximately 65% complete with an exploration target across the 10 traverses of 500 million tonnes to 800 million tonnes magnetite gneiss

6. Coffey Mining has previously established an exploration target of 2.80 billion tonnes to 5.70 billion tonnes of magnetite gneiss at the project