Magnetic Resources Nl

Based on the encouraging results described below, Magnetic Resources (ASX:MAU) has applied for three additional exploration licences covering prospective lake areas and interpreted extensions of the associated palaeochannels at Seabrook, increasing the Magnetic tenement holdings in the area to about 247sq km.

The directors of Magnetic Resources (ASX:MAU) are pleased to announce that a placement of 5,894,511 fully paid ordinary shares has been facilitated by Indian Ocean Capital at an issue price of A$0.055 per fully paid share.

Magnetic Resources (ASX:MAU) is continuing to test gold, iron, nickel and uranium targets on its extensive holdings in the wheatbelt (southern Yilgarn Craton) region of WA. Magnetic has substantially reduced these holdings as it focuses on the best targets and further tenement rationalisation is expected. Efforts are being made to farm out a number of projects as this process continues.

Soil and auger sampling over a radiometric anomaly at Magnetic Resources (ASX:MAU) Lake Seabrook uranium project has identified a 2km-long uranium anomaly with values up to 293ppm (0.03%) U3O8 in shallow salt lake sediments.

Soil and auger sampling over a radiometric anomaly at Magnetic Resources (ASX:MAU) Lake Seabrook uranium project has identified a 2km-long uranium anomaly with values up to 293ppm (0.03%) U3O8 in shallow salt lake sediments.

As recently reported (MAU ASX Release 9 March 2009), Magnetic Resources (ASX:MAU)has identified a 35km-long aeromagnetic trend near Corrigin, WA, considered to be prospective for iron ore. By way of clarification, the recent sampling of banded iron formation (BIF) over an 800m strike length returned iron values up to 53.2%Fe ranging from 34.3%Fe to 53.2%Fe, averaging 39.6%Fe

Magnetic Resources (ASX:MAU) has continued to pursue its strategy of identifying and acquiring iron ore targets close to rail infrastructure in the south west region of Western Australia and has acquired eight target areas for further investigation. The Jubuk prospect in particular is showing early promise.

Magnetic Resources (ASX:MAU) A follow-up survey has confirmed a strong uranium anomaly at the Boydells prospect situated 50km northwest of Esperance in WA. The Boydells tenement covers a pronounced and isolated radiometric anomaly some 400m in diameter evident from a government airborne survey. Magnetic Resources has earned an 80% interest in the tenement with rights to earn up to a 100% interest.

Magnetic Resources (ASX:MAU) Quarterly Activities Report to Dec 31, 2008

Magnetic Resources (ASX:MAU) is continuing to test gold, iron, nickel and uranium targets on its extensive holdings in the wheatbelt (southern Yilgarn Craton) region of WA. Magnetic has substantially reduced these holdings as it focuses on the best targets and further tenement rationalisation is expected. Efforts are being made to farm out a number of projects as this process continues.