Iron Road Limited - Announces Stage IV Exploratory Drilling Programme Update At Central Eyre Iron Project

09:48 AEST June 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.

Perth, Australia (ABN Newswire) - Iron Road Limited (ASX: IRD) is pleased to advise that the Stage IV exploratory drilling programme at the Central Eyre Iron Project (CEIP) is progressing well and to plan. Iron Road's corporate objectives include increasing the mineral resource estimate across the Central Eyre Iron Project from 110Mt to 500Mt in 2010.


CEIP Summary

- Drilling programme underway utilising one RC drill rig and two diamond drill rigs.

- Diamond drilling currently in progress at Murphy South and Ben's Hill.

- RC pre-collars in progress at Hambidge and Hambidge North.

- Significant down hole intercepts of >120m magnetite gneiss at Murphy South.


Progress to Date

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Hole Type        Metres Completed (m)     Holes Completed (No.)
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RC (pre-collar)         864                      15
Diamond                 784                       2
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Total planned         9,845                      42
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The current drilling programme is the second of several planned for 2010 and will test several high potential targets that have been selected based on geophysical and historical data. The Company expects that the current programme will lead to at least two further mineral resource expansion programmes this year. Additional drilling capacity has therefore been secured.


Murphy South

At Murphy South diamond drilling is currently in progress with the third and deepest diamond drill hole approaching its target depth of 300 metres. The two completed diamond drill holes indicate continuous down hole intercepts of coarse-grained magnetite gneiss exceeding 120 metres in length.


Ben's Hill

All nine RC pre-collars are complete at Ben's Hill. The second diamond drill rig is currently drilling its first hole and has intersected magnetite gneiss.

For the complete Iron Road Limited announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/63146-ASX-IRD-495142.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
www.ironroadlimited.com.au