Project Highlights Mid 2010

MT RICHARDSON (Iron Ore)

• The sale of the Mt Richardson Project to Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”) was finalised on 13 July 2010 following the handover of mining titles and the receipt of A$6,000,000.
• Iron Mountain Mining Ltd retains a production royalty as well as a one-off payment based on potential future Indicated Resources. Future updates will be announced as provided by Cliffs.

WANDOO (Alumina)

• Maiden Air Core drilling program completed within E70/2693. A total of 287 holes drilled for 1937m in June 2010. A total of 1066 samples submitted to laboratory for analysis. Approx 250 holes yet to be drilled following crop harvesting in December.
• Assay results expected in August 2010. Resource estimation to follow.
• Wandoo historical data validation completed. Independent systematic resource estimation to commence in September 2010 quarter.

MIAREE (Iron Ore, Gold)

• Review of Napier Prospect noted presence of abundant quartz float and gossanous pisolitic material at surface. Area has indicative requirements for the existence of a major mineralised system.
• Detailed pisolitic soil sampling program undertaken in July 2010. Assay results due for evalutation in the September 2010 quarter.

BLYTHE (Iron Ore)

• Company currently assessing expressions of interest for possible farm-in, joint venture or sale.

WONGAN HILLS (Gold, Base Metals)

• Iron Mountain Mining Ltd diluted to 5% after Dominion Mining Ltd earns 80% of E70/2728
• Follow up drilling by Dominion scheduled for March 2011 quarter as land is currently under crop