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Magnetite Mines - First Quarter Activities & Cashflow Reports


-- Pre-Feasibility Study (PFS) completed and Definitive Feasibility Study (DFS) underway
-- GHD appointed to deliver critical Power Supply and Non Process Infrastructure elements of the DFS
-- Key Company Personnel appointed for the management of the DFS work programs
-- Environmental Baseline Studies – Ongoing data collection supporting permitting and approvals
-- Data Collection – Drilling commences for groundwater and metallurgical sample acquisition

Magnetite Mines’ Executive Chairman and CEO, Peter Schubert, commented:

“During the quarter, the Magnetite Mines team continued our process of steady, meticulous attention to detail, with the delivery of a successful PFS and now the DFS work currently underway on the Razorback Iron Ore Project.

The PFS was a significant milestone for the Company which demonstrated the robustness of our highgrade iron ore project across a range of iron ore pricing scenarios and validated our staged, low capital development pathway.

We have continued our practice of securing best-in-class contractors to support our expanded team with the appointment of Hatch and GHD. We will work to industry best practice to ensure the study phases accurately estimate the parameters of the project we will build and meet the standards of potential financial partners.

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