Name of the Project
Razorback high-grade iron-ore concentrate project.

Location
The project is in the western portion of the Braemar, in South Australia.

Project Owner/s
Magnetite Mines.

Project Description
The project comprises three main orebodies. Razorback is the primary deposit followed by Iron Peak and Ironback Hill.

Together, these deposits constitute 3.92-billion tonnes of Joint Ore Reserves Committee 2012 inferred to indicated resources.

A scoping study on Razorback has determined that a small-scale, staged operation producing high-grade concentrate from a lower capital operation is preferable, retaining potential for future expansion.

The study shows that a significant portion of the resource would potentially be economic to mine at shallow depths of 0 m to 100 m using drill-and-blast, and truck-and-shovel openpit mining methods.

The processing plant includes primary and secondary crushing, grinding by high-pressure grinding rolls, air separation, rougher magnetic separation, ball milling, low-intensity magnetic separation and hydroseparation to produce final concentrate.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
Based on the results of the scoping study and strong market fundamentals, Magnetite Mines has concluded that there is a sufficient degree of confidence to progress the project to the prefeasibility study stage.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Magnetite Mines, tel +61 8 8427 0516.