Iron Road Limited (ASX:IRD) Award of Pre-Feasibility Study For Central Eyre Iron Project

Perth, Mar 31, 2010 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) is pleased to announce that a Pre-Feasibility Study (PFS) of the Central Eyre Iron Project (CEIP) has been awarded to Mineral Engineering Technical Services Pty Ltd (METS).

The PFS will encompass the Central Eyre Iron Project comprising three significant iron occurrences (Warramboo, Kopi & Hambidge) with an exploration target of 2.8-5.7 billion tonnes magnetite gneiss*. An existing JORC compliant inferred resource estimate of 110Mt at the Boo-Loo prospect is located within the Warramboo Project area. Current resource expansion drilling at Boo-Loo and Dolphin is well advanced. The Company has an internal goal of increasing the CEIP resource to 500Mt this calendar year.** The PFS is expected to commence during April 2010 and is targeted for completion in early 2011.

Iron Road Chairman, Julian Gosse said that the award of the study contract to METS was a significant milestone for Iron Road on the path to development.

"The PFS will run in parallel with an aggressive drilling campaign at the CEIP during 2010, significantly accelerating progress at the Project. The Company is confident of a favourable outcome and looks forward to working together with METS on this exciting piece of work," said Mr Gosse.

"Completion of a favourable PFS is the key to the next stage of Iron Road's development, as we seek to build an independent quality iron ore product producer."

* Coffey Mining (Iron Road Limited ASX announcement 01 September 2009).

** These statements refer to corporate goals and do not amount to a forecast.

Contact

Andrew Stocks Managing Director Iron Road Limited Tel: +61-8-9200-6020 Mob: +61-403-226-748 Email: astocks@ironroadlimited.com.au