Gindalbie Metals (GBG)

Shares / Stock Code

GBG

Stock Exchange / Sharemarket

ax

Gindalbie Metals (GBG) is an independent iron ore explorer principally focused on the exploration and appraisal of iron ore projects and forming joint ventures with other mining companies for mineral exploration. The Company is developing projects in the Mid West region of the State. Gindalbie Metals listed on the ASX on April 12, 1994 and it is headquartered in Perth, Western Australia. The key asset of the Company is Karara Iron Ore Project in Western Australia. The project is supported by a growing resource base of Direct Shipping Ore (DSO) hematite in a number of deposits together with several exploration and growth opportunities existing within a 1,900km2 tenement area. A Bankable Feasibility Study on Karara has been completed by the Company. GBG is now working towards an initial start-up phase of 2Mtpa of DSO quality hematite production starting in 2009. The commencement of its 8Mtpa of premium grade magnetite concentrate is expected in 2010. Gindalbie has a 50:50 joint venture with Anshan Iron and Steel Group Corp (“AnSteel”), which is one of the largest iron ore miners and steel producers in China for the support and development of the A$1.8 billion Karara Iron Ore Project. The Company signed a formal Joint Venture Agreement in September 2007 and a Subscription Agreement in February 2008 to confirm the financing arrangements for Karara. The Company follows an aggressive growth strategy to increase the initial production rate of high grade magnetite concentrate at Karara from 8Mtpa to 12Mtpa. GBG is undertaking aggressive exploration programs across its tenements, expecting to add to both magnetite and hematite resources.

Gindalbie Metals History

Gindalbie Metals listed on the Australian Stock Exchange on 12 April, 1994. The Company announced a merger with Sundance Resources Ltd in September 2007, in order to form a new iron ore group.