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IRON MOUNTAIN MINING LIMITED

ASX: IRM

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Description

Iron Mountain Mining Ltd (“Iron Mountain”) continued to explore and evaluate a number of highly prospective bauxite, iron ore and gold projects in Australia. During the June 2010 Quarter, Iron Mountain focussed primarily on the recently acquired Wandoo Bauxite Project where work completed included a maiden AC drilling program as well as the completion of historical data validation in preparation for the estimation of a total project resource. A detailed pisolitic soil sampling program to test for mineralising controls was planned for the Miaree Gold Project in preparation for execution in early July and the sale of the Mt Richardson Project to Cliffs Asia Pacific Iron Ore Pty Ltd was finalised on 13 July 2010.

Wandoo Bauxite Project

The Wandoo Bauxite Project is comprised of 12 granted exploration licences (E70/2444, E70/2692-93, E70/3124, E70/3146-47, E70/3712-15 & E70/3508-09) covering 850km2 and 1 exploration licence application (E70/2943) covering 217km2 in the Darling Ranges, approximately 100km north of Perth, Western Australia.

Project Highlights Mid 2010

MT RICHARDSON (Iron Ore)

* The sale of the Mt Richardson Project to Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”) was finalised on 13 July 2010 following the handover of mining titles and the receipt of A$6,000,000.
* Iron Mountain Mining Ltd retains a production royalty as well as a one-off payment based on potential future Indicated Resources. Future updates will be announced as provided by Cliffs.

WANDOO (Alumina)

* Maiden Air Core drilling program completed within E70/2693. A total of 287 holes drilled for 1937m in June 2010. A total of 1066 samples submitted to laboratory for analysis. Approx 250 holes yet to be drilled following crop harvesting in December.
* Assay results expected in August 2010. Resource estimation to follow.
* Wandoo historical data validation completed. Independent systematic resource estimation to commence in September 2010 quarter.

MIAREE (Iron Ore, Gold)

* Review of Napier Prospect noted presence of abundant quartz float and gossanous pisolitic material at surface. Area has indicative requirements for the existence of a major mineralised system.
* Detailed pisolitic soil sampling program undertaken in July 2010. Assay results due for evalutation in the September 2010 quarter.

BLYTHE (Iron Ore)

* Company currently assessing expressions of interest for possible farm-in, joint venture or sale.

WONGAN HILLS (Gold, Base Metals)

* Iron Mountain Mining Ltd diluted to 5% after Dominion Mining Ltd earns 80% of E70/2728
* Follow up drilling by Dominion scheduled for March 2011 quarter as land is currently under crop

Mine For

iron ore, bauxite, gold, alumina

Location of operation(s)

Western Australia, Northern Territory, Tasmania

Address

Level 7, 231 Adelaide Tce
PERTH, WA, AUSTRALIA

Phone

(61 8) 9225 6475

Email

Website


Last Updated

1/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.