all this for 10 million bucks

Exploration efforts in the belt commenced in the early 1960s with evaluation of BIF horizons for their iron ore potential by Western Mining Corporation Ltd ("WMC"). WMC outlined haematite iron ore resources at Mt Windarling and Mt Jackson which were deemed sub-economic at the time. These inferred or resources now host 104.2Mt at 62.2%Fe and form an important source of ore for Portman Ltd's Koolyanobbing Iron Ore project that produces 8Mtpa of direct shipping haematite ore.

The Johnston Range (Transit 100%) project is located within the centre of the project area and contains extensive areas of banded iron formation marked by strong aeromagnetic anomalism, along the eastern flank of the Watch Bore syncline and including the structurally complex fold nose closure of the Horse Well anticline. These iron-rich geological units also extend into Transit’s adjoining Copper Bore project and total over 35 kilometres strike length. Small former gold workings at Diemals Find (excised) occur in a mafic/ultramafic sequence close to Horse Well anticlinal axis.

The Evanston Project (Transit 100%) has approximately 20km of Banded Iron Formation yet to be evaluated for direct shipping iron ore.

With over 55km of Banded Iron Formation to explore within these tenements, the company will commence a major field programme during 2Q07 with the aim of delineating direct shipping hematite targets for drilling later in 2007.

The Marda-Diemals greenstone belt is currently subjected to mining operations and increased exploration activity spurred on by buoyant prices for direct shipping iron ore. Portman has recently commenced operations at Mount Jackson and Windarling, while Polaris Metals have delineated reserves at Bungalbin.

Initial fieldwork recently completed by Transit has already unveiled three separate areas of hematite-goethite mineralisation within the Johnston Range (100%) and Copper Bore (earning 57%) project areas, grading up to 62.8% Fe. Results are outlined below:

The majority of the samples are of economic iron grade, with acceptable levels of impurities. These assays compare favourably to Portman Mining's published resource grades for the Koolyanobbing Project of 61.9% Fe, 2.4% SiO2, 1.0% Al203, 0.11% P and 6.9% LOI.