Upgraded Resource Estimate, Catho Well Channel Iron Deposit - 79.5Mt @ 55.34% Fe
Cullen's attributable share of the Catho Well deposit is 23.85 Mt @ 55.34% Fe.
Table: Catho Well CID - Cullen 30% (cut-off grade >52% Fe, S.G. - 2.7)
----------------------------------------------------------------------- Resource Tonnage Average Grade Classification (Mt) ------------------------------------------------- Fe% SiO2% Al2O3% P% S% Mn% MgO% LOI% ----------------------------------------------------------------------- Indicated 55.1 55.40 6.67 3.00 0.037 0.016 0.080 0.170 10.32 Inferred 24.4 55.20 7.06 3.18 0.036 0.016 0.080 0.170 9.99 Total 79.5 55.34 6.79 3.06 0.037 0.016 0.080 0.170 10.22 -----------------------------------------------------------------------The average phosphorous levels at Catho Well (0.037%) and the average alumina levels (3.06%) are favourable characteristics of this material and there may be the opportunity to blend this resource with other resources in the area in order to manage potential product specifications.
In terms of Mine Planning for Catho Well, API has completed the first phase of environmental surveying, with the second phase due to be completed in the first half of 2008. A programme of groundwater exploration will also extend through this period, with metallurgical testing of diamond core samples on-going and plans for bulk sampling to provide further samples for metallurgical test work.
Competent Person Statement
The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Stuart H Tuckey, Dr Sia Khosrowshahi and Mr Jani Kalla who are members of the Australian Institute of Mining and Metallurgy. Mr Tuckey is a full-time employee of Australian Premium Iron. Dr Khosrowshahi and Mr Kalla are employees of Golder Associates Pty Ltd. Messrs Tuckey, Khosrowshahi and Kalla have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Tuckey, Dr Khosrowshahi and Mr Kalla consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
About Cullen Resources Limited
Cullen Resources Limited (Cullen) was launched in 1999 by way of a merger with Montague Gold NL, an unlisted gold exploration company. At that time the company raised A$2.5 M to fund exploration at its two main exploration projects at: Tick Hill in north-western Queensland and at De Courcy in the Wyloo Dome area of Western Australia.
Contact
Dr. Chris RingroseTEL: +61-8-9474-5511
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