more tens

June 13, 2008


Atlas Iron to acquire Haddington\'s iron ore rights
Australia's Atlas Iron announced that it has entered into an option agreement to acquire the iron ore rights in the Pilbara region of Western Australia from Haddington Resources.

The tenements are between 75 and 160 kilometers from Port Hedland, less than 60 kilometers from the FMG and BHPB railways and less than 60 kilometers from the Great Northern highway. Some of these tenements adjoin the company's Abydos project.

Under the option agreement, Atlas will make an initial payment of AUD 500,000 in cash or in shares and then another AUD 1 million at the time of exercising its option to purchase the iron ore rights. The entire deal is expected to be completed no later than 12 months.

Haddington will retain the right to explore for other minerals on the Pilbara tenements and it plans to continue investigating the tenements for tantalum, tin, base metals and gold. Haddington will retain a 2% gross sales royalty on any iron ore sold from the tenements.

Mr David Flanagan MD of Atlas said that "These tenements are proximal to good infrastructure and prospective for iron ore. We are an active explorer we look forward to getting on the ground, drilling some holes and building on our recent success on adjacent tenements at Abydos.”