Magnetic Resources (ASX:MAU) Identifies New 42km Iron Ore Target, Extending Total Targets To 254km

Perth, April 8, 2010 AEST (ABN Newswire) - Magnetic Resources (ASX:MAU) has applied for an exploration licence covering a substantial magnetic anomaly north of the Tallering Peak iron ore operation. The new tenement (called the Malara project) is situated 50km north of Tallering Peak some 210km by road from the port of Geraldton and forms part of Magnetic's search for iron ore close to existing infrastructure. The railhead at Mullewa is situated about 115km south of Malara.

Magnetic proposes to carry out ground inspections as soon as possible as the regional mapping data suggests much of the area of the anomaly is under cover or is granitic in character, however the intense nature of the target magnetic anomaly does not support this premise. The complex magnetic anomaly indicates a potential strike length of iron formation or magnetite rich granite of approximately 42km, bringing the total strike length of targets for the Malara, Mt Vernon, Wubin, Dalwallinu, Jubuk, Sewell and Quairading projects to an extensive 254km.

Outcropping banded iron formations are recorded to the north of the Malara tenement which is adjacent to tenements held by Fortescue Metals (ASX:FMG), Murchison Metals (ASX:MMX) and Vale Australia, attesting to the potential of the area for iron ore.

Elsewhere, Magnetic has commenced sampling on its Wubin and Dalwallinu iron ore tenements (ASX releases of 17 and 26 February 2010). These tenements abut or are close to tenements held by Sinosteel which has recently announced the commencement of fullscale mining at its Koolanooka-Blue Hills iron ore project situated some 60-100km to the north of the Magnetic tenements.

Contact

George Sakalidis Managing Director Tel: +61-8-9226-1777 Mob: +61-411-640-337 Email: george@magres.com.au Roger Thomson Technical Director Tel: +61-8-9226-1777 Mob: +61-419-969-183 Email roger@magres.com.au