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The proposed Koolanooka Magnetite project forms the possible second stage in the development of the Koolanooka resource, and is based on the export of concentrates / iron pellets manufactured from magnetite iron ore.

This project area is based at the historical Koolanooka mine site approximately 160 km south east of Geraldton and 20km east of the Morawa town site.

The Koolanooka magnetite project has a significant Indicated and Inferred Mineral Resource and is open at depth and along strike. While of lower grade than hematite ore, a Scoping Study completed in March 2006 concluded that the magnetite resource could be substantial enough to justify the construction of a beneficiation plant to supply blast furnace grade product to the export market.

Preliminary analysis shows the magnetite to be of the type favoured by mills in China and bench scale testing of magnetite ore has been undertaken. Additional exploration and assessment is required before the size of the opportunity can be fully assessed and evaluated. Metallurgical test work to optimise recovery is underway.

The proposed Koolanooka magnetite project is not covered by the existing environmental approval for DSO mining at Koolanooka but will be the subject of an independent application if feasibility work confirms the robustness of the project.

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