going to run again, page-6

Nice pick up by atlas today...this ground is adjacent to and surrounding their magnetite project and almost quadruaples the amount of land in the area...they are now just about completely surrounded by BHP iron ore ground
I would think this will be another area where AGO can significantly increase their iron ore reserves...this also right beside the old goldsworthy ground which GMl then BHP ran for 25 years
This will prove to be a significant announcement down the track in my opinion...take a look at the announcement then take a look at who owns the surrounding tenements and whats on them
This story is just getting better and better!

26 July 2007
ATLAS ACQUIRES ROYALTIES and NON Fe RIGHTS
Atlas Iron Limited [ASX Code: AGO] wishes to advise that it has reached agreement with
Independence Group NL [ASX Code: IGO] and Western Australian Resources Ltd [WAR]
to acquire ownership and full mineral rights of tenements E45/2285, E45/2286, E45/2380 and
E45/2381 (refer to map attached).
Atlas exercised an option to acquire Iron Ore rights over these tenements in June 2006 and
has since discovered the South Limb iron ore deposit. South Limb forms part of Atlas¡¦ Pardoo
Direct Shipping Ore Project, development of which was recently endorsed by the Atlas Board.
The key terms of the acquisition are:
„h Allotment to IGO & WAR of a total of 1,460,000 Atlas shares
„h Atlas acquires tenement ownership and all mineral rights
„h IGO and WAR relinquish right to claw-back tenement equity and gross sales royalty
Atlas Managing Director David Flanagan said: ¡§We are pleased to acquire the clawback rights
and non-Fe rights over these tenements. It will help simplify the ownership structure of these
tenements. This will allow us to focus on development of Pardoo in the optimal manner,
without the complication of mining tenements held in Independence Group / Western
Australian Resources¡¦ name and meeting obligations imposed by the claw-back provisions.
The acquisition of rights to all other minerals in this prospective area and the removal of a
future iron ore royalty liability are added bonuses.¡¨
Background Atlas Iron Limited
Atlas owns 100% of the iron ore rights to the Pardoo Project, located 75 kilometres from the
Public access port of Port Hedland. The company is on target for the commencement of
exporting iron ore by October 2008, shipping at a rate of 1 million tonnes per annum in its
first year. Atlas is working to increase the underlying resource base sufficient to achieve a
production rate of 3 million tonnes per annum by 2010.
On 24 July 2007 Atlas announced an 853 million tonnes at 37.2% Fe inferred resource on its
Pardoo Magnetite Project. Atlas is now moving to complete a Pre-feasibility Study on its Pardoo
Magnetite Project by August 2008.
For further enquiries, please contact:
David Flanagan
Managing Director
08 9476 7900