ATLAS IRON LTD (ASX: AGO)
ASX/MEDIA RELEASE 27 OCTOBER 2008
ABYDOS INFRASTRUCTURE MOU WITH TALISON
Atlas Iron Limited (ASX Code: AGO) is pleased to announce that it has entered into a Memorandum of Understanding (MOU) with Talison Minerals Pty Limited (Talison) which contemplates Atlas utilising infrastructure at the Wodgina tantalum mine in support of future iron ore mining operations at Abydos. Talison owns 100% of the Wodgina tantalum mine, which is located 100 kilometres by road south of Port Hedland, in the Pilbara of Western Australia.
?This is an opportunity to bring the Abydos project online at lower capital cost, with lower operating costs, while minimising impact on the environment?, commented Atlas Managing Director, David Flanagan. ?On top of that it should deliver significant savings and opportunities to Talison.?
?Clearly it warrants thorough investigation as another example of where shared infrastructure in the Pilbara can deliver win-win outcomes.?
Background Atlas Iron Limited
The Company is fully funded with approximately $100 million in cash at hand as it completes commissioning of stage one of the Pardoo Project. Atlas is planning to export 1 million tonnes during its first 12 months of operations of the Pardoo Project growing to 3 Mtpa within 12 months. Together with additional export tonnages from its Abydos DSO Project, the Company is targeting exports of 6 Mtpa by 2010, growing to 12 Mtpa by 2012.
For further information please contact
David Flanagan, Managing Director, Tel: (08) 9476 7900
Tony Walsh, Company Secretary, Tel (08) 9476 7900
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