Export studies on Wilcherry Hill Iron Ore Project

IRONCLAD Mining Limited is conducting preliminary studies into export options for iron products from the proposed Wilcherry Hill Iron Ore Project on the Eyre Peninsula of South Australia.

IRONCLAD Mining Limited is conducting preliminary studies into export options for iron products from the proposed Wilcherry Hill Iron Ore Project on the Eyre Peninsula of South Australia.

The scope of these studies includes reviewing a range of product transport and shipping options including existing infrastructure at Port Bonython, Port Pirie and Port Lincoln and the facilities operated by OneSteel at the port of Whyalla.

IronClad notes Western Plains Resources Limited (WPG) announcement of 20 December 2007, which states that WPG has been advised by OneSteel Limited that WPG may not now be allowed to use the transshipment barges at the Port of Whyalla for export of its direct shipping ore or approval for capital works at the port.

While IronClad has no formal agreements in place with OneSteel, early discussions have been held and IronClad is now seeking clarification from OneSteel of its position with respect to sharing of existing infrastructure. IronClad will continue its discussions with all infrastructure users, operators and government with the objective of identifying the optimum commercial outcome for the establishment and sharing of export infrastructure for the export of iron products from the Wilcherry Hill Iron Project.

These include discussions with Flinders Ports which are expected to commence evaluation studies on the development of multi-user infrastructure facilities at Port Bonython from early 2008.

At this time it is too early to determine which of the facilities under consideration would provide the best outcome for the project, according to IronClad.

IronClad is continuing with its resource extension drilling program at Wilcherry Hill and will commence testing additional, exciting exploration targets for Middleback Range style iron mineralisation early in 2008 as per the announcement of 19 December.

Ken Hellsten

Managing Director

IronClad Mining Limited

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