contracts valued over 7 billion

For those who missed the announcement today

"ANNUAL SALES INCREASE TO 10 MILLION TONNES -
MAGNETITE CONTRACTS VALUED OVER $7.0 BILLION"

Aurox Resources Limited announces the signing of a revised long term Sales Agreement with RockCheck Steel Group Co. Ltd (“RockCheck Steel”).
The enhanced agreement calls for increased iron ore deliveries to RockCheck Steel rising from 3 to 7 million tonnes per annum within 5 years of commissioning the Balla Balla operation.

The new RockCheck contract complements the current 3 million tonne per annum sales agreement with Chengde Iron & Steel Group which will uplift total annual production and sales of Balla Balla iron concentrate to 10 million tonnes by 2014. Aurox will immediately commence ‘ramp up scheduling’ of its 100% owned West Pilbara Balla Balla iron ore project.

Commenting, the Managing Director of Aurox Resources, Mr Charles Schaus, said:
“The fact that Aurox will supply the feed that underpins growth and longevity at
RockCheck’s Tianjin based steel operations, is undeniable evidence of the developing cooperation and synergies between our two companies”

“The phenomenal success of our marketing efforts demonstrates the confidence our
customers have in the Company’s ability to independently develop the low cost Balla
Balla project into one of the regions most profitable and sustainable operations.”
Based on the 2007 Hamersley fines benchmark price of US80.42 cents per dry metric tonne unit, revenue from sales of Balla Balla concentrate are expected to exceed AUD7.0 billion over the life of the two contracts. However with iron ore prices expected to increase by 20 to 30 percent next year, the value of the sales contracts could be as high as AUD9.0 billion.