Magnetic Resources Nl

Magnetic Resources (ASX:MAU) has applied for a further 940km2 of exploration licences, increasing its total tenement holding over iron ore targets in the south west of WA to 6,240km2. The new applications are a result of further detailed analyses of both regional and detailed aeromagnetic surveys flown throughout this region.

Magnetic Resources (ASX:MAU) is pleased to advise that Singapore-based private investor, Mr Choon Kong Lim, has further increased his shareholding in the Company following a placement of 1,111,111 fully paid ordinary shares at 45 cents per share. The placement brings Mr Lim's shareholding in Magnetic to 4.9 million shares representing a 7.6% stake in the Company.

Magnetic Resources (ASX:MAU) has completed first pass rock chip sampling of target areas within the Wubin and Dalwallinu projects.

Magnetic Resources (ASX:MAU) continues to advance its iron ore exploration across its tenement holdings.

Magnetic Resources (ASX:MAU) Quarterly Activities Report to 31 March 2010, including the following summary. The full report is available from the link at the end of the release.

Magnetic Resources (ASX:MAU) has carried out Davis Tube recovery (DTR) test work on a master composite sample from the recent RC drilling at Jubuk near Corrigin (ASX release 3 March 2010). The composite sample was compiled from four RC drill intersections over a 600m strike length of the Target 1 magnetite BIF, to determine the DTR sizing for future analyses.

Sampling on Magnetic's (ASX:MAU) extensive iron ore tenements in the Mid West and South West regions of Western Australia has commenced. The tenements, which now total some 5,300sq km in area, cover numerous iron ore targets identified from interpretation of regional aeromagnetics followed by detailed aeromagnetic surveys to refine and prioritise targets. Magnetic is targeting both magnetite and direct shipping ore (DSO) types in areas of good infrastructure close to railway lines and ports.

ABN Newswire stocks to watch today include: Marion Energy Limited (ASX:MAE), Texon Petroleum Limited (ASX:TXN), Magnetic Resources (ASX:MAU), Image Resources NL (ASX:IMA) (PINK:IMREF), Pacific Enviromin Limited (ASX:PEV), Krucible Metals Limited (ASX:KRB), and Havilah Resources NL (ASX:HAV).

ABN Newswire stocks to watch include: Atlas Iron Limited (ASX:AGO), Marion Energy Limited (ASX:MAE) (PINK:MAEJF), Exco Resources Limited (ASX:EXS) (PINK:EXRSF), WestSide Corporation Limited (ASX:WCL), AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF), Magnetic Resources Limited (ASX:MAU), iSOFT Group Limited (ASX:ISF), Victory West Moly Limited (ASX:VWM), Adelaide Energy Limited (ASX:ADE) (PINK:ADEZF) and Pan Asia Corporation Limited (ASX:PZC).

Magnetic Resources (ASX:MAU) has applied for an exploration licence covering a substantial magnetic anomaly north of the Tallering Peak iron ore operation. The new tenement (called the Malara project) is situated 50km north of Tallering Peak some 210km by road from the port of Geraldton and forms part of Magnetic's search for iron ore close to existing infrastructure. The railhead at Mullewa is situated about 115km south of Malara.