Since announcing on 20 August 2010 that discussions related to...

Since announcing on 20 August 2010 that discussions related to the possible sale of the Magnetite Range Project has commenced, ACS has undertaken a placement to Xingang Resources which raised $4.5 million.

Magnetite Range project is strategically located adjacent to Asia Iron Holdings? Extension Hill Project - a 1.78Bt magnetite venture - and other major regional developments such as Gindalbie Metals / AnSteel?s 2.5Bt ($2B) Karara Project. Both these projects are being developed with significant Chinese investment.
We believe that strong Asian, particularly Chinese demand for quality magnetite will continue to fuel competition to secure access to Magnetite Range?s potential production.
Comparable transactions provide an indicative value for the Magnetite Range project in the range 71 cents to $1.41per share with an average of 90 cents per share.


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Michael Gordon
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