ann. is out

Sydney - Monday - October 19: (RWE Aust Business News) -
Phosphate Australia Ltd (ASX:POZ) today announced an increase in the
Inferred Resource to 14 Mt grading 20pc P2O5 at the flagship Western
Mine Target Zone (WMTZ) within its Highland Plains phosphate project in
the Northern Territory.
The project is located within EL 25068, 500km east of Tennant
Creek and abutting the NT border with Queensland, 300km from the Gulf of
Carpentaria.
The enhanced WMTZ estimate, prepared at a cut-off of 15pc P2O5,
compares with the zone's previous estimate of 7 Mt at 23pc P2O5.
The Highland Plains' total Inferred Resource comprises 56 Mt
grading 16pc P2O5.
Directors say the latest Inferred Resource is a significant
improvement on the previous WMTZ resource and has given them further
confidence in the robustness of the total project.

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The resource was calculated by independent resource consultancy
Cube Consulting, which will further update the resource model once
metallurgical data is available.
This is expected to allow part of the resource to be upgraded to
an Indicated Resource status, precipitating the start of pit design and
initial mine planning.
The WMTZ has emerged as the principal focus of the company.
This zone is planned to support an initial startup mine with the
production of 500,000 to 1m tonnes a year of beneficiated rock phosphate
with trucking to the Gulf of Carpentaria coast.
With ongoing exploration drilling, there is further potential
for Phosphate Australia to increase the global resource base at Highland
Plains.