Iron Road Limited (ASX:IRD) Central Eyre Iron Project 2010 Drilling Programme Update Fortnight to 19 November 2010

Perth, Nov 23, 2010 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) is pleased to advise that Stage V drilling at the Central Eyre Iron Project (CEIP) continues to proceed to plan.

CEIP Summary

- Three diamond drill rigs on double shift at Murphy South. Gyro surveys continuing.

- Successful site visit by The Sentient Group Advisory Council, Sentient staff, various associates and guests.

- Murphy South JORC compliant mineral resource estimate report expected late January 2011.

Progress to date

------------------------------------------------------------Hole Type       Metres Completed (m)   Holes Completed (No.)------------------------------------------------------------RC (pre-collar, now completed)        4,305                  64------------------------------------------------------------Diamond              20,134                  48------------------------------------------------------------

The exploration target for Murphy South, across the 10 traverses designed for the Stage V drilling programme, is 400-800Mt magnetite gneiss*.

The cross-sections presented below and marked A, B, C, D, E, F and G, have been completed at Murphy South and are awaiting assays. Geology and surface area calculations do not include the entire near surface oxide component (drilled by RC rig). Sections 561140mE and 562740mE are in progress. The geology intersected in all traverses thus far is consistent with expectations. Note that drill hole traces are design and have not yet been corrected for deviation.

For the complete Iron Road announcement including figures, please view the following link:

http://www.abnnewswire.net/media/en/docs/64242-ASX-IRD-516478.pdf

Contact

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