Perth, Apr 6, 2006 (ABN Newswire) - Up to 48 million tonnes of iron ore could be targeted for drilling in the Mt Magnet area of Western Australia by ASX-listed explorer, IC2 Global Limited (ASX: ICC), according to an independent expert's report released today.

The report, by independent expert Mr John Wyatt, suggests the quantity of iron ore could be doubled if drilling extended to a depth of 100 metres at the Company's Victory Bore project, 600 kms northwest of Perth.

The study identified a target exploration tonnage of between 30-48 million tonnes of iron ore following an assessment of Victory Bore's Rotary Air Blast and diamond reconnaissance drilling data which returned a best value of 49 m grading 34.4% Fe2O3.

"It is believed that using a total strike length of 6,000 metre for its two magnetite-rich horizons, a mineralised width of between 25-40 metres, an initial mining depth of 50 metres and a SG (specific gravity) of 4.0, we have up to 48 million tonnes of iron ore for further exploration, drill out and development work," IC2 Global's Chief Executive Officer, Mr Rodger Johnston, said today.

"If mining at Victory Bore was carried out to a depth of 100 metres, the study found the exploration tonnage could double," Mr Johnston said.

"The tonnages compare very favourably with the 20 Mt @ 63.6% Fe profile for the Tallering Peak iron ore project, 350 kilometres to the west from Victory Bore, and the 12 Mt @ 58%-63% Fe of Mount Gibson, 200 kilometres to the south west."

"The results are highly encouraging for our first foray into the iron ore sector."

IC2 Global has entered an option agreement to farm into up to 100% of Victory Bore, a magnetite iron ore project 600 kilometres northeast of Perth and 100 kilometres southeast of Mount Magnet. The project, which lies within the East Murchison Mineral Field, also has potential for gold and vanadium deposits.