Cape Lambert Iron Ore (CFE)

Shares / Stock Code

CFE

Stock Exchange / Sharemarket

ax

Cape Lambert Iron Ore (CFE) is a mineral explorer and producer with a core focus on iron ore exploration. The Company’s operations are held in Australia and Romania. Cape Lambert South project is the 100% owned key project of the Company in the Pilbara region of Western Australia situated on the exploration license application ("ELA") 47/1493. The Company completed the takeover of the Cape Lambert project in 2005. Cape Lambert listed on the Australian Stock Exchange on 7th June, 2001. ELA 47/1493 contains a 3km long, untested magnetic anomaly located within the highly prospective Cleaverville geological formation. This anomaly is the southern strike extension of the 1.56 billion tonne magnetite iron ore resource held by MCC. The Company has completed its geophysical modelling of this magnetic anomaly for drill planning. It has developed a first pass program of 5,000 to 8,000 metres of reverse circulation and diamond drilling, with estimated outlay of AUD$3-5M. Field mapping will be commenced in September 2008 ahead of drilling. During fiscal 2008, the Company sold its namesake magnetite iron ore project to MCC Mining Limited, a 100%-owned subsidiary of China Metallurgical Group Corporation. On September 1, 2008, CFE entered into a conditional agreement to make a 30% investment in Marampa Iron Ore Limited. Marampa Iron Ore Limited is a 100%-owned subsidiary of African Minerals Limited and it owns the Marampa iron ore project.