JAPONESITA TENEMENT RESOURCE UPGRADE47.0 MILLION TONNES AT 21.6%...

JAPONESITA TENEMENT RESOURCE UPGRADE
47.0 MILLION TONNES AT 21.6% Fe
Headline Summary
• Japonesita Indicated and Inferred Resource Estimation increased by 5.0 million
tonnes to 47.0 million tonnes at 21.6% Fe;
• The mine is beneficiating ore as low as 9%, providing a potential indicated and
inferred resource of 66.2 million tonnes at 18.8% Fe.
• Environmental permitting for Japonesita/Japonesa/Mirador will enable expansion
of production to 3.9 million tonnes p.a.
• At a seven to one ratio using 18.8% iron ore, the mine is capable of producing
9.45 million tonnes of final product, giving this area at 2.0m tonnes per annum
nearly five years mine life and US$434m at 2007 benchmark prices.
The board of directors are pleased to advise that we have received the attached letter from
SRK, our Geological consultants in Chile, indicating a reserve upgrade at the JORC inferred
and indicated level for the tenement adjacent to our existing mine pit, Japonesita as follows: