zinc-lead JV with FMG, page-2

FMG joint venture:

Fortescue can earn 80% of RIE's 131km2 Charteris project by spending $1,000,000 on exploration.

Only limited exploration has been previously carried out within the tenement, despite strong similarities to adjacent zinc-lead, gold and iron systems.

A granodiorite intrusion has been identified in the south-east part of the exploration licence which forms part of a larger cluster of base metal occurrences.

The Lennons Find deposit of 1.85 million tonnes at 5.1% zinc and 1.4% lead is just 1km to the north.

The McPhee Creek Iron Ore deposit of 251 million tonnes at 56.1% iron is within 8km.

Also targeted is copper-moly porphyry - Fortescue geologists were assisted by a copper porphyry expert during their first field trip.

53 Rock chip samples have been collected - results are pending. A stream sediment sampling is underway also with assays pending.


Doolgunna

The Marymia Project lies 30km from the 4.7 million ounce Plutonic gold mine, along strike and on the same Jenkins Fault as Sandfire Resources' DeGrussa copper-gold mine, and 12km from Ventnor Resources' Green Dragon and Thaduna copper deposits.