Western Creek Project (iron ore) - Giralia 100%

Giralia's 100% owned Western Creek tenements are located around 15 kilometres west of Newman in the Pilbara Region of Western Australia, adjoining BHP Billiton Limited's Mt Newman iron-ore mining leases in the Western Ridge area and directly adjoining BHP Billiton’s Marra Mamba Formation hosted Silver Knight iron ore deposit.

The Mineral Resource estimate to 27 February 2009 at Giralia’s Western Creek project is 52.4 million tonnes @ 56.7% Fe (estimated at a lower cut-off grade of 50%Fe).  This global resource includes higher grade zones of 32.6 million tonnes @ 58.3%Fe (at a 56%Fe lower cut-off grade), or 16.5 million tonnes @ 59.6%Fe (at a 58%Fe lower cut-off grade).

The Mineral Resource comprises thick zones of flat lying or shallow dipping iron ore mineralisation, and occurs to a maximum depth of only around 50 metres from the natural land surface, likely to result in very low waste to ore ratios.  Average thickness of the shallow dipping sheet of mineralisation in the higher grade South Marra Mamba zone is approximately 30 metres, with better intersections of near surface iron ore including; 50m @ 60.4% Fe, 50m @ 58.2% Fe and 42m @ 59.1% Fe.

Delineation of this updated Mineral Resource is based on 156 reverse circulation ("RC") drill holes completed to date at Western Creek, including results from a 71 hole (4062 metres) RC drilling program completed at Western Creek in December 2008.

At the “Homestead” prospect around 10 kilometres north of the Western Creek Mineral Resource, better intersections from Giralia’s initial 22 hole December 2008 drilling program include 20 metres @ 55.2% Fe, 14 metres @ 55.5% Fe and 8 metres (EOH) @ 56.1% Fe in the Marra Mamba Formation.

The information in the report that relates to in-situ Mineral Resources is based on information compiled by Mr Grant Louw of CSA Global. Grant Louw takes overall responsibility for the Report. He is a Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Grant Louw consents to the inclusion of such information in this Report in the form and context in which it appears.