dfs is out

Definitive Feasibility Study for the Marillana Iron Ore Project confirms the financial and technical viability of a world-scale Pilbara iron ore operation

Forecast average production rate of 17 million dry tonnes per annum of a high-quality final product averaging 60.5% ? 61.5% Fe grade

Reserves support a 25 year mine life, with the potential to increase production output or mine life

Estimated Net Present Value range of A$2.3 - A$2.6 billion calculated on a post-tax (existing Tax regime) real basis at a Discount Cash Flow (DCF) rate of 10%

An Internal Rate of Return range of 27.7% - 37.9% estimated on an un-geared basis

Pre-production mine and rail capital expenditure range of A$1.3 - A$1.9 billion dependent upon the final rail solution adopted

Payback projected to be achieved in less than four years
Forecast A$35.3 billion life-of-mine revenue, using
independent iron ore price and foreign exchange forecasts

Free On Board Port Hedland average life-of-mine cash operating cost (pre-royalties) range estimated at A$35.6 - A$36.9 / tonne

Subject to the finalisation of a rail access agreement and the NWIOA Port Definitive Feasibility Study, a Final Investment Decision for the Marillana Project is forecast for Q3 of CY (calendar year) 2011

Construction at the Marillana site is targeted to commence in November 2011 with first ore on ship anticipated in early CY 2014

Results reinforce Brockman?s potential to become a substantial Pilbara iron ore producer