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Roper River Iron Ore Project
Scoping Study Concludes Project to Deliver Strong Returns

Feasibility Study well progressed

First production set for 2012

• Scoping Study demonstrates the Project's technical and financial strength to move quickly into production based on Hodgson Downs Deposits alone
• Initial production on track to start in 2012 at a rate of 2Mt pa increasing to 4-5Mt pa
• Preliminary metallurgical testing indicates final product of above 57% Fe with low levels of impurities to make it a highly saleable product
• Access to substantial existing infrastructure means capex required to reach production is $95 to $180 million depending on haulage solution adopted
• Cash operating costs estimated in the range of $52 to $57 per tonne depending on haulage solution
• Current JORC resource of 100Mt, which is all located at the W Deposit within Hodgson Downs, has the potential to support a 20+ year mine life
• Other deposits within Hodgson Downs provide the opportunity to grow the Hodgson Downs resource substantially
• Feasibility Study well progressed, aiming to release by end of 1Qtr 2011
• Future exploration across the remainder of the 3,500 sq km Roper River Iron Ore Project expected to support much larger production

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