de grey wins ballot results, page-3

ATLAS ACQUIRES OPTION OVER IRON ORE RIGHTS TO MT DOVE PROJECT
FROM DE GREY MINING
Atlas Iron Limited (ASX: AGO) is pleased to announce that it has entered into an option
agreement to acquire the iron ore rights over the Mt Dove Project in the Pilbara, Western Australia
(E47/891 as outlined on the attached Tenement Location Plan) from De Grey Mining Limited
(ASX: DEG).
Summary of the Agreement
1. Payment of $350,000 to DEG in Atlas shares valued on the VWAP for the 5 days prior to
10 April 2008 and payable upon execution of the formal agreement.
2. Payment of $650,000 in cash or 325,000 Atlas shares (at DEG election) which shall occur
no later than 12 months from the date of the formal agreement.
3. The tenement includes only E47/891.
4. DEG retains a 1% gross sales royalty.
The tenement is 70km from Port Hedland, less than 15km from the FMG and BHPB railways and
less than 15km from the Great Northern highway. Reconnaissance rock chip sampling by De
Grey Mining returned values of up to 62.5%Fe (See De Grey Mining announcement of 24th
January 2008).
“Like our other tenement and mineral rights acquisitions recently, this tenement is close to good
infrastructure and is prospective for iron ore” commented Atlas Managing Director, David
Flanagan. “Atlas continues to be an active explorer in this area and we intend to get on the
ground as quickly as possible, drill some holes and build on our recent success at our nearby
Abydos tenements” he added.
For further information please contact
David Flanagan,
Managing Director
Tel: (08) 9476 7900