smells like fmg, page-4

NEWS RELEASE
18 May 2006
Sherlock Bay Nickel Corporation Limited
ABN 46 008 942 809
Level 4, 5 Mill St Phone: (+61 8) 9322 2288
Perth WA 6000 Fax: (+61 8) 9324 2164
SHERLOCK BUOYANT ON IRON ORE PRICE HIKE
Managing Director of Sherlock Bay Nickel Corporation Limited, Mr Darren Hedley, welcomed the news that iron ore prices are on the rise again following CVRD’s reported settlement of a 19% increase with a leading German steel mill.
He stated “This clearly justifies the board’s position last year to focus on the iron ore and energy sectors” and he foreshadows similar rises across the board.
Sherlock is currently completing due diligence on part of the massive Balmoral iron ore tenements in the Pilbara and expects to release a first stage resource shortly. Mr Hedley remains confident in concluding successful negotiations with Mineralogy by early July and is clearly enthused by the opportunity to create one of the next major mining houses to emerge from WA’s buoyant economy.
Mr Hedley closed with reference to the Mineralogy’s assets as “world class” and hinting that there may well be “another new force in iron ore emerging”.
Any queries can be directed to Darren Hedley on +61 8 9322 2288.
www.sbnc.com.au