Iron Road Limited (ASX:IRD) Commences Stage II Drilling Programme at Gawler Iron Project

Perth, Nov 8, 2011 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) is pleased to announce that the Stage II diamond drilling programme at the Gawler Iron Project has commenced. This programme is designed to gather geological and metallurgical data from several iron ore prospects discovered during the Stage I drilling programme.

Highlights

- Stage II drilling programme comprises 26 diamond drill holes for 3,000m with individual holes up to 200m depth.

- Drilling programme will test six iron ore prospects identified from geophysical studies and previous Stage I RC drilling; including a new target at George Hill Extended.

- Stage I RC drilling programme completed during 2010 demonstrated significant intersections of magnetite gneiss / banded iron formation (BIF) within the Achaean Mulgathing Complex, northwest Gawler Craton.

- The Boomer prospect contains significant high-grade magnetite zones, including 17m @ 40.6% Fe, 20m @ 39.0% Fe, 42m @ 40.8% Fe and 31m @ 42.6% Fe.

- The results of a pilot metallurgical study completed during September 2010 indicates excellent beneficiation characteristics with average iron content of magnetite concentrates in the range 69-70% iron with 1.1-2.0% SiO2, 0.6-1.4% Al2O3 and 0.00% P (P100 @ 75µm).

Iron Road is seeking to develop the Gawler Iron Project, utilising an exploration model similar to the style of mineralisation found at the Archaen K Deposit at Koolyanobbing in Western Australia. The Gawler Iron Project is at an earlier stage than the flagship Central Eyre Iron Project and represents potential for the second stage of production for Iron Road, after the initial development of the CEIP.

Drilling Programme

The project area is located approximately 25km north of the standard gauge Trans Australian Railway that connects to the Central Australia Railway at Tarcoola and ultimately a number of ports. The drilling programme is situated within the southern block of EL4014 Mulgathing, centred around Mt Christie and to the south of Dominion's Challenger Mine.

Six priority prospects have been identified from Stage I RC drilling as targets, supplemented by the analysis of high resolution magnetic and gravity data.

For the complete Iron Road announcement including figures, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-IRD-565787.pdf

Contact

Andrew Stocks Managing Director Iron Road Limited Tel: +61-8-9200-6020 Mob: +61-403-226-748 Email: astocks@ironroadlimited.com.au http://www.ironroadlimited.com.au