JORC announced. Maiden JORC compliant Inferred Resource of 617 Mt at 32.1% Fe, substantially exceeding the initial exploration target. ?h Resource covers only 40% of strike of first iron ore target. ?h Modelling confirms magnetite body as thick shallow dipping slab. ?h Preliminary DTR tests show excellent weight recoveries averaging 45.6%, and a concentrate grade of 71.4% Fe, with low silica and negligible phosphorus and sulphur. ?h Overall Exploration Target for magnetite revised to 1.5 ?V 2.0 Bt grading 30% - 40% Fe* ?V for southern part of Western BIF target alone. ?h Next phase drilling planned for August 2011 to extend resource on north and south of area drilled and test area bordering Jupiter??s Mt Mason for DSO hematite.
