Padbury Mining Limited (ASX:PDY) Joins Geraldton Iron Ore Alliance

Sydney, Nov 3, 2011 AEST (ABN Newswire) - Iron Ore explorer Padbury Mining Limited (ASX:PDY) has joined the Geraldton Iron Ore Alliance as an Associate member.

Located about 450km north east of Geraldton, Padbury's flagship Peak Hill Iron Joint Venture is in the early stages of project development targeting magnetite and hematite.

The company defined an initial JORC compliant Inferred Resource for Peak Hill in April this year of 850Mt at 27.3% Fe and is also prospective for hematite (Direct Shipping Ore - DSO), with a A$5.5 million drilling program under way to assess the DSO potential. This program is also targeting an increase and upgrade of the magnetite resource.

An aggressive program of work is planned for next year to move the project into pre-feasibility, with production targeted for 2015-2016.

Managing Director Gary Stokes said Padbury was working towards becoming a major Mid West iron ore producer and joining the ranks of the GIOA reflected the Company's growing maturity.

"With the development of the Oakajee Port and associated rail network, the Mid West will become Australia's next big iron ore region and we are excited to be a part of that growth," he said.

"The GIOA offers a valuable network to its member companies and I look forward to working with them and contributing to the advocacy of our region."

Contact

Gary Stokes Managing Director Tel: +61-8-6460-0250 Media Inquiries Tamatha Smith Mob: +61-433-569-701