all assays to date compare favourably to portm

announcement 21/9

All assays to date compare favourably to Portman
Mining’s published resource grades for the Koolyanobbing Project of 61.9% Fe, 2.4% Si02, 1.0% Al203, 0.11% P and 6.9% LOI.

About Transit
Transit is focusing on the Marda-Diemals greenstone
belt, north of Southern Cross in Western Australia.
The Company’s mineral exploration projects are
prospective for iron ore, gold and base metal
mineralisation. Seven separate project areas form the
focus of Transit's exploration in the Marda-Diemals
area, namely Copper Bore, Johnston Range, Evanston,
Athlone, Die Hardy, Jackson South and Muddarning
Hill.
The Marda-Diemals area is located 100 kilometres
north of Southern Cross. Transit holds rights to 45
tenements totaling over 1,000 square kilometres.
Most of the tenements are wholly owned by Transit
with no encumbrances. The area displays
considerable gold mineralisation as evidenced by the
widespread and numerous historic workings, and
former gold mining centres at Mt Jackson, Evanston,
Diemals, Die Hardy and Marda. The area also contains
a number of iron ore mines owned and operated by
Portman Limited which is currently exporting 8 million
tones per annum of direct shipping haematite ore
from the area.
The information in this report that relates to exploration results, mineral resources
or ore reserves is based on information compiled by Mr Richard Monti who is a
Director of the company and is a member of the Australasian Institute of Mining
and Metallurgy. Mr Monti has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Monti consents to the inclusion in the report of
the matters based on his information in the form and context in which it appears.
ASSAYS COMPARE
FAVOURABLY