Ann: Peak Hill Iron JV - Magnetite Exploration Ta, page-15

re: Ann: Peak Hill Iron JV - Magnetite Explor... It is my understanding from the current announcement (magnetite resource target) is it only relates to magnetite ore, this target estimate is from the magnetics from the geophysical studies conducted by the company.

In the announcement when they released the iron ore drill hole results from Telecom Hill (22/09/2009) is states the results as being DSO iron ore (over 57%) with Hematite iron ore.

So what I take from these announcements is they have a massive amount of magnetite iron ore along with DSO Hematite iron ore. They are unable to estimate the quanity for this type of iron at this stage. More field work may be required to obtain this Hematite.

At the end of the day, great announcement with more to come over time.

Well done guys........