12:35 AEST Apr 5, 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 announce the expansion of the scope of the prefeasibility study (PFS) currently underway at the 100% owned Central Eyre Iron Project (CEIP) in South Australia.
The PFS is investigating the viability of a 10Mtpa mining and beneficiation operation, producing a high grade iron concentrate at -106µm. Following a review of positive ongoing study information, it has been determined that the PFS should be expanded to include both the Boo-Loo and Murphy South areas as a single report, in order to provide a more comprehensive study result. Previously, the company was considering releasing the result of the PFS studies over these two deposits separately.
The revised scope will provide shareholders and the market with a more conclusive and complete overview of the outstanding potential at the Central Eyre Iron Project.
Final beneficiation characteristics of the Murphy South deposit, mine optimisation and financial modelling are currently being conducted. The combined PFS is expected for delivery in approximately six weeks.
Iron Road Managing Director, Mr Andrew Stocks said that the expansion of the PFS scope was about maximising potential value of the project.
'The results received to date confirm the Central Eyre Iron Project is shaping up as a potential large scale and long life mining operation. Any future mine and project development would incorporate both deposits, so it is natural to incorporate both areas in the same study. This will also allow us to give shareholders a more comprehensive view of the overall potential returns at all areas of the CEIP, albeit at a slight delay to a portion of the study,' said Mr Stocks.
For the complete Iron Road announcement including maps and tables, please view the following link:
http://www.abnnewswire.net/media/en/docs/536164.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
