BC Iron (BCI)

Shares / Stock Code

BCI

Stock Exchange / Sharemarket

ax

BC Iron (BCI) is an emergent iron ore exploration and development Company centered on iron ore deposits near Nullagine in Pilbara region in Western Australia. Nullagine Project is the BCI’s completely owned core asset which is a widespread tenement portfolio situated 140km north of Newman in Pilbara region and proximal to Fortescue Metals’ Chichester operation. BCI listed on the ASX on December 15, 2006.

The world class Nullagine Project has a current Direct Shipping Ore (DSO) resource of 50.7Mt at 57% Fe (64.8% CaFe) within an overall Channel Iron Deposit (CID) of 89.1Mt @ 54.1%Fe. The Nullagine resource is very low in contaminants and is located near the accessible transport infrastructure, thus providing BCI with an opportunity to generate quick revenue. In June 2009, BCI entered into a joint venture agreement with Fortescue Metals Group (FMG) for the development of its Nullagine Iron Ore Project. BC Iron will be responsible for managing the Nullagine Joint Venture in addition to managing all operations, road haulage, marketing and ore sales while all rail and port operations and product shipping to Port Hedland from the project stockpile at FMG’s Chichester will be managed by FMG’s subsidiary company, The Pilbara Infrastructure (TPI). BCI is expecting commissioning of mine in early 2010 at an initial annual production rate of 1.5Mt.

BC Iron has assembled a well balanced Board of Directors with wide range of technical and corporate skills and a successful track record of exploration success, economic assessment, and iron ore development and mining as well as having experience in exploration and evaluation of CID mineralisation.

BC Iron History

Established in July 2006 the Company was listed on the Australian Stock Exchange on 15 December 2006. BCI was created through amalgamation of iron ore interests of Alkane Resources Ltd and Consolidated Minerals Ltd – both of which now have major shareholding in BC Iron. In November 2007 BCI raised $9.18M funds after placing 5.4M shares at $1.70 to sophisticated and professional investors to explore and develop the Nullagine Project. The Company also sees potential to upgrade CID and detrital deposits located at Shaw River and Nullagine River as the ore is low in contaminants and offers low infrastructure costs.