Magnetic Resources (ASX:MAU) Announce 70Km Of Potential Iron Targets Shown Up By New Aeromagnetics And Drilling Commences At Jubuk

Perth, Jan 5, 2010 AEST (ABN Newswire) - Magnetic Resources (ASX:MAU) announce a large 4628km detailed aeromagnetic survey employing 100m and 200m line spacings covering 650sq km has been recently completed and a preliminary interpretation has shown up five main Target Areas covering 70km of potential iron formations.

Target 1 encompasses the Jubuk outcropping BIF which covers a strike length of 1.4km and forms a prominent hill. The prospective iron targets after interpretation of this new aeromagnetic data have now been extended to 12km in length. Previous ASX Release of 8 October 2009, outlined significant widths of magnetite up to 108m at 39.9% Fe. A seven hole, 850m programme of RC/diamond drilling to test the prospective Jubuk area is scheduled to commence next week.

Target 2 starts only 2km west of the Jubuk Target 1 and contains 17km of potential iron targets. One iron target is 9.5km long and up to 350m wide. Preliminary sampling is planned here, prior to drilling in the near future.

Target 3 starts 5kms south east of Target 2 and contains 5.6km of potential iron targets. Preliminary sampling of outcropping units is also envisaged. The tenement and access agreements encompassing Target 1, Target 2 and Target 3 have been granted and signed respectively, paving the way for follow up activities in the short term.

Target 4 is approximated 8kms west of Target 2 and contains 11.2km of potential iron targets one of which is 5.5km long and 200m wide.

Target 5 is 5km north of Target 1 and contains 10.3km of prospective iron targets, one of which is 3.7km long and contains two separate zones 200m in width.

The eastern end of Target 3 is approximately 15 km from the Corrigin railway line and Target 5 is approximately 15 km south of the Quairading-Bruce Rock railway line; highlighting the proximity of this Project area to infrastructure.

Contact

George Sakalidis Managing Director Tel: +61-8-9226-1777 Mob: +61-411-640-337 Email: george@magres.com.au Roger Thomson Technical Director Tel: +61-8-9226-1777 Mob: +61-419-969-183 Email roger@magres.com.au