Iron Road Limited (ASX:IRD) Quarterly Activities Report for Period Ending 31 March 2010

Perth, May 3, 2010 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) continued its high level of activities aimed at advancing the flagship Central Eyre Iron Project, which is currently under pre-feasibility study for a significant magnetite concentrate export operation. A major mineral resource expansion drilling programme commenced at the Boo-Loo and Dolphin prospects.

At the Gawler Iron Project a heritage clearance survey was successfully completed and a drilling programme commenced.

Highlights

Central Eyre Iron Project

- Drilling commenced 05 January 2010 comprising 54 holes (12,600 metres) at the Boo-Loo and Dolphin prospects. Currently near completion.

- Programme objective is to define the full extent of this prospective area and to expand the existing inferred mineral resource estimate of 110Mt at Boo-Loo.

- Additional drilling programmes are planned across the tenement utilising results from the detailed aeromagnetic survey and structural study.

- Pre-Feasibility Study (PFS) of the Central Eyre Iron Project (CEIP) has been awarded to Mineral Engineering Technical Services Pty Ltd (METS).

Gawler Iron Project

- Heritage clearance granted by the Antakarinja Matu-Yankunytjatjara Aboriginal Corporation (AMYAC) on behalf of the native title claimants.

- Appointment of Dr Fop Vanderhor, former United Minerals Corporation Exploration Manager, as Project Manager.

- Identification of several high priority hematite direct shipping ore (DSO) targets from analysis of high resolution aeromagnetic and gravity anomalies.

- Exploration model shows potential for mineralisation with an analogy to Cliffs Natural Resources' Koolyanobbing iron deposit, in Western Australia.

- Stage I RC drilling programme commenced during March 2010 and currently in progress.

Corporate

- Iron Road's corporate objectives include increasing the mineral resource at the Central Eyre Iron Project to 500Mt in 2010.

- A$6.1 million raised before costs through placement priced at A$0.64 per share.

For the full quarterly report, please visit:
http://www.abnnewswire.net/media/en/docs/62787-ASX-IRD-489631.pdf

Contact

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