09:20 AEST June 2, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Iron Road Limited (ASX: IRD) is pleased to provide an update on continuing progress towards completion of the Prefeasibility Study (PFS) for the Central Eyre Iron Project (CEIP). Iron Road has previously advised an intention to expand the PFS to include both the Boo-Loo and Murphy South areas as a single report, in order to deliver a more comprehensive view of the overall potential returns at all areas of the CEIP and maximising potential value of the project.
Progress since the decision to expand the study has been significant, however some closing details required to complete discrete sections of the study are still being finalised by project consultants. Iron Road is working with these suppliers to fast track completion of the results. Based on feedback from the project consultants, Iron Road expects to release the final Prefeasibility Study by mid-June.
Iron Road Managing Director, Mr Andrew Stocks said whilst any hold up to the finalisation of the study was frustrating, a significant quantity of final test work needed to be worked through in order to develop a complete report.
'All of the results to date continue to confirm that the Central Eyre Iron Project is shaping up as a robust, long life, large scale mining operation. We are diligently working with our suppliers and consultant partners to fast track these results and present the final study to shareholders and the wider market,' said Mr Stocks
'The PFS will go on to form the back bone of our future finance and partnership discussions, so we of course need to ensure we complete the necessary fine detail. We very much look forward to delivering the results of this study to shareholders in the coming weeks.'
Please refer to the following link for the Central Eyre Iron Project Global Mineral Resource Estimate including Murphy South Mineral Resource Estimate and Boo-Loo Mineral Resource Estimate:
http://www.abnnewswire.net/media/en/docs/544017.pdf
About Iron Road Limited:
Iron Road Limited (ASX: IRD) is an Australia-based company. The Company is engaged in exploration and evaluation of its iron ore ground holdings. Its projects include the Central Eyre Iron project, Gawler Iron project and Windarling Iron project. The Central Eyre Iron Project consists of three distinct prospects: Warramboo, Kopi and Hambidge. The Company focuses on establishing a resource inventory that underpins a 5 to 10 metric tons per annum (Mtpa) magnetite export operation. It contains magnetite-bearing gneiss units with a cumulative strike length. Gawler Iron project includes over ten areas of known iron occurrences, including the Mt Christie deposit. A total of 252 in-situ rock chip and grab samples from 10 localities at the West Gawler project returned an average grade of 53.4% Fe. The Company developed a stage plan of ground work on Windarling project.
Contact:
Andrew Stocks
Managing Director
Iron Road Limited
Tel: +61-8-9200-6020
Mob: +61-403-226-748
Email: astocks@ironroadlimited.com.au
http://www.ironroadlimited.com.au
