potential, page-2

The market was expecting high FE readings and has over reacted as usual.

Lincoln Minerals first results from drilling at Gum Flat
17:49, Monday, 15 October 2007

Sydney - Monday - October 15: (RWE Aust Business News) - Lincoln
Minerals Ltd (ASX:LML) has completed the first aircore and slimline RC
drilling program on its Gum Flat iron ore project, EL 3422, near Port
Lincoln in South Australia.
Highlights include:
* Hematite-rich banded iron formation containing intersections up
to 52.6pc Fe;
* Large exploration target with at least 5km strike length of
high-amplitude magnetic anomalies and associated folded iron formation;
and
* Relatively shallow cover within 20km of existing
infrastructure.
Eight zones of significant iron (Fe) mineralisation have been
defined within a sequence of folded Banded Iron Formation (BIF) and
overlying locally pisolitic ferruginous sediments.
These occur along a series of aeromagnetic anomalies with a
cumulative strike length of around 30km but including 5-6km of
high-amplitude magnetic anomalies.
At the Rifle Range prospect, there were several drill
intersections averaging better than 30pc Fe.
GFAC033 intersected 33m of hematite BIF averaging 42.1pc Fe from
18-51m including 18m @ 47.8pc Fe from 24-42m. This was an angled hole so
the true depth to the top of mineralisation, and hence thickness of cover
sediments, is only 15-16m.
GFAC060, 1.2 km along strike to the south, intersected similar
hematite mineralisation including 6m @ 52.6pc Fe from 30-36m. The average
depth of drilling was 50-60m.