Magnetic Resources NL (ASX:MAU) Announce Significant Fe Intersections From Initial Jubuk Drilling Programme

Perth, Mar 3, 2010 AEST (ABN Newswire) - Magnetic Resources NL (ASX:MAU) has received the first analytical results from its initial reverse circulation (RC) drilling programme testing the Jubuk Target 1 magnetite prospect near Corrigin in WA.

The 1600m programme consisted of 11 RC drill holes and one diamond drill hole.

The drilling has shown the presence of significant widths of near surface coarse grained magnetite in metamorphosed and re-crystallized banded iron formation with iron grades around 25%Fe. If the iron is present as magnetite, this suggests a magnetite grade of approximately 35%. Upon receipt of all the analytical results, Magnetic will undertake Davis tube and grind test work on selected drill samples to assess the likely magnetite grades and recoveries.

Drill holes JRC01-7 returned the best results, located over an 800m strike length in the northern prospect area. The results include intersections of 16m @ 33.4%Fe from 44m in hole JRC01 and 32m @ 28.0%Fe from 63m in hole JRC06. Drill holes JRC08-9 reported weaker than expected results, as a result this area is being investigated by examining the geophysical models to determine if the magnetic target under alluvial cover has been effectively tested. Analytical results from drill holes JRC10-11 and JDH01 are pending.

The results are similar in nature to other recently announced drilling results by other explorers on magnetite prospects in the south west region of WA and warrant follow up testing. Jubuk Target 1 is the first prospect to be tested out of three accessible targets identified by Magnetic to date at Jubuk (ASX release 5 January 2010). Geophysical modelling of downhole magnetic susceptibility results and ground magnetic data from Jubuk Target 1 is underway. The geophysical models will be used to plan the next phase of drilling to test more of this 12km-long magnetic target zone.

In addition, a ground magnetic survey is being finalised over the central portion of the adjacent 10km-long Jubuk Target 2, where it is anticipated that drilling targets will be identified.

As recently announced (ASX release 26 February 2010), Jubuk forms one of numerous iron ore targets (totalling more than 150km in length) identified by Magnetic in the south west region, where an extensive programme of sampling and evaluation is now underway.

For the complete Magnetic Resources ASX Announcement including Tables and Figures, please click the link below:

http://www.abnnewswire.net/media/en/docs/62380-ASX-MAU-482523.pdf

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