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

Location
In the western portion of the Braemar, South Australia.

Project Owner/s
ASX-listed 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
Magnetite Mines plans to raise A$7-million in a share placement to sophisticated and institutional investors to advance studies at the Razorback iron-ore project.

The company will issue more than 120.8-million shares at 5.8c each under its existing placement capacity. The share price represents a 2% premium to Magnetite’s five-day volume weighted average share price.

Key Contracts, Suppliers and Consultants
None stated.

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