FerrAus Limited (ASX:FRS) Announce Additional Drilling Results At Mirrin Mirrin Prospect

Perth, Sep 23, 2010 AEST (ABN Newswire) - FerrAus Limited (ASX:FRS) (PINK:FRRAF) today announced new drilling results obtained from ongoing RC drilling conducted at the Mirrin Mirrin Prospect. The current program of 200 metre x 50 metre spaced RC drilling is scheduled to be completed by the end of September. The Prospect is part of the Davidson Creek Area within the FerrAus Pilbara Project.

These results from exploration holes drilled during July and August are outside the defined resource area and indicate that Fe mineralisation is continuous along strike to the east and west, as well as to the north.

Drill hole results from lines 237,800E to 238,200E indicate that mineralisation is shallowing to the north while still maintaining broad thicknesses. Results from 240,000E, the last line of drilling at the eastern end of Mirrin Mirrin, highlight the along strike potential.

The current Mirrin Mirrin inferred resource of 30.8 Mt at 58.3% Fe JORC (2004) (ASX release 5 August 2010) is expected to increase with an updated resource estimate planned for November 2010. Following the current RC program, infill RC drilling to 100 metre line spacing and twin core drilling is planned to commence in October 2010.

A number of the results, at a greater than 55% Fe content cut-off, have excellent "ore" grade intercepts with the best drill hole result identified as a 52 metre intersection at 60.59% Fe (from DCRC 0994). Contaminant levels for the highlighted drill intersections remain well within the acceptable range for a marketable product.

"These recent results from the Mirrin Mirrin Prospect show that it is a significant ore body, with the potential to be even larger as drilling has not been closed off, with the mineralisation still open along strike and down dip to the north," the Executive Director, Bryan Oliver, said.

"At this stage it is very pleasing to see that these new results at Mirrin Mirrin continue to build the strength and viability of the FerrAus Pilbara Project.

"With a draft report of the Pre Feasibility Study due by the end of October, it is intended that these results will be included in an addendum to be provided at a later date," he said.

Following the completion of the current drilling program at Mirrin Mirrin, these results along with pending assays will enable a new resource assessment to be finalised early in November.

The current total resource (JORC) for the FerrAus Pilbara Project is 316.4 million tonnes (ASX release 5 August 2010) and FerrAus Limited has a corporate objective of achieving a resource total of 400 million tonnes which, depending on future drilling and development, may or may not be achieved.

For the complete FerrAus Limited announcement including figures and tables, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63776-ASX-FRS-506366.pdf

Contact

Gareth Widger Investor / Media Contact FerrAus Limited Mob: +61-419-918-272 Email: info@ferraus.com http://www.ferraus.com