Atlas Iron Limited [ASX: AGO]
ASX
RELEASE
06 AUGUST 2008
ABYDOS MAGNETITE JOINT VENTURE WITH FMG
Atlas Iron Limited [ASX Code: AGO] is pleased to announce that it
has today signed a Joint Venture Heads of Agreement with Fortescue Metals Group
Limited (ASX Code: FMG) for a joint venture over ELA45/2310, a tenement over
which Atlas owns the iron ore rights. The primary focus of the joint venture is
to define and develop extensions to the FMG
Glacial Valley
magnetite deposit. Atlas does not consider this tenement as prospective for
direct shipping grade iron ore.
The material terms of the joint venture heads of agreement are as
follows:
1. FMG may earn a 60% joint venture interest in the Iron Ore Rights by
delineating Inferred Resources of iron ore within the Tenement.
2. FMG may earn a further 15% joint venture interest in the Iron Ore
Rights by completing a pre-feasibility study on the mining of iron ore within
the Tenement.
3. FMG may earn a further 12.5% joint venture interest in the Iron Ore
Rights by completing a definitive feasibility study on the mining of iron ore
within the Tenement.
Background
Atlas is on track to commence mining in October 2008 at its Pardoo DSO
Project and to commence DSO exports from Port Hedland in the 4th Quarter of 2008. Together with additional DSO export
tonnages from Abydos,
Atlas is targeting exports of 6 million DSO tonnes per annum by 2010 and 12 million
DSO tonnes per annum by 2012 through Port Hedland.
For further information please contact
David Flanagan, Managing Director
Tel: (08) 9476 7900
READ CORPORATE
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