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Mount Gibson Iron Ltd.

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Summary

Project:

Shrine

Deposit:Shrine
Location:Australia
Commodities:Iron-Silica-Aluminium-Phosphorus
Date:10/11/2018
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:11-10-2018: Mount Gibson Iron Ltd. announces a Resource Estimation report for its Shrine deposit at the Shrine project. Annuals statement of mineral resources, unchanged since previous year. This statement details the Mineral Resource and Ore Reserve esti
Resources:(Resource, Total): 15.89Mt @ 58.1% Fe, 9.57% SiO2, 1.48% Al2O3, 0.071% P
CP/QP:[Resources]: Elizabeth Haren (Internal)
ABSTRACT:This statement details the Mineral Resource and Ore Reserve estimates of Mount Gibson Iron Limited (Mount Gibson) as at 30 June 2018. Total Mineral Resources are estimated at 76.4 million tonnes of iron ore at an average grade of 61.8% Fe (30 June 2017: 87.9Mt @ 61.4% Fe). Ore Reserves have increased to 21.0Mt at 65.5% Fe (30 June 2017: 12.8Mt at 66.0% Fe), as shown in Tables A and B. Mount Gibson Chief Executive Officer Peter Kerr said: “In a market increasingly favouring higher grade products, Mount Gibson’s Mineral Resources and Ore Reserves statement underlines the quality of our mining assets, particularly our flagship Koolan Island Restart Project, which is on track to commence high grade ore sales in the March quarter of 2019. “It was especially satisfying to increase Ore Reserves at Koolan Island by 64% in April, adding both significant value and mine life to what was already an unrivalled premium quality iron ore production opportunity. When sales commence, it will be the highest grade direct ship hematite iron ore mine in Australia and provide a unique platform to create long term value for our shareholders. “In the interim, we will continue to focus on extracting maximum benefit from our Iron Hill operation in the Mid West as it reaches the end of its life. Mining is scheduled to be completed by the end of 2018 and sales will conclude in the first quarter of 2019, as Mount Gibson ends its successful 15 year operating history in the Mid West region of Western Australia.”

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