Iron Road Limited (ASX:IRD) Central Eyre Iron Project And Gawler Iron Project Drilling Programme Update

Perth, May 3, 2010 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) is pleased to advise that drilling at the Central Eyre Iron Project (CEIP) and Gawler Iron Project (GIP) is proceeding to plan.

Central Eyre Iron Project

CEIP Summary

- Diamond rig completing last triple tube QA/QC drill hole at Boo-Loo East.

- Additional drilling requirement of four large diameter (PQ) holes for Pre-feasibility Study (PFS) metallurgical test work programme.

- Application for Exploration Work Approval (EWA) for next stage of drilling at CEIP for 9380m awaiting approval by PIRSA.

- Coffey Mining has commenced with preparatory work for JORC mineral resource estimate report.

Progress for Period-------------------------------------------------------------Hole Type        Metres Completed(m)     Holes Completed(No.)                 --------------------------------------------                  PERIOD     TO DATE      PERIOD      TO DATE-------------------------------------------------------------RC (pre-collar)  Complete       3396     Complete          49Diamond              427       10966           4           59-------------------------------------------------------------

Gawler Iron Project

GIP Summary

- Drilling recommenced on 28 April 2010 after shut down for rest break.

- One target tested by drill traverse - Christie Flats.

- In the traverse at Christie Flats a RC drill hole intersected approximately 15m of specularite-rich rock correlated with a ridge on surface.

- Drilling will continue to test individual targets from a total of ten identified from magnetic and gravity surveys.

Progress for Period-------------------------------------------------------------Hole Type        Metres Completed(m)     Holes Completed(No.)                 --------------------------------------------                  PERIOD     TO DATE      PERIOD      TO DATE-------------------------------------------------------------RC                   311        3460           5           40Diamond                -           -           -            --------------------------------------------------------------

Contact

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