Atlas Iron (AGO)

Shares / Stock Code

AGO

Stock Exchange / Sharemarket

ax

Atlas Iron (AGO) is an exploration company primarily focused on the acquisition of iron ore projects. The Company has four projects in Western Australia that are in different phases of exploration, situated at Farrel Well, Pardoo, Mt Minnie and Pearana. These projects are deemed as having potential for gold, nickel and base metal mineralisation. Atlas listed on the Australian Stock Exchange on 17th December, 2004 and it is headquartered in West Perth. The Company conducted exploration activities on its landholdings and applied for or took over further tenements with the purpose of discovering iron ore.

Atlas is expected to begin exporting in December 2008. The Company holds one of the largest tenements in the Pilbara region of about 9,600km2, situated near the infrastructure. Together with an increasing number of high grade iron ore projects, Atlas is effectively identifying resources and reserves that can be mined with a comparatively low overhead. Atlas intends to become the Pilbara's fourth largest iron ore producer during 2008, with initial production from its Pardoo project, situated 75km east of Port Hedland. The Company has aggressive exploration programs in progress across its tenement portfolio, targeting production of 160-220 million tonnes grading 57-60% Fe, which will fund the growing long-term business operations. Atlas is expecting production from its iron ore exports at an initial rate of 1 million tonnes per annum from its Pardoo project, during the first year of operations. This production combined with the exports tonnages from its Abydos project, is expected to produce 6 million tonnes by 2010 and 12 million tonnes by 2012.