Magnetic Resources Nl (ASX:MAU) Identifies New Iron Ore Target

Perth, Mar 3, 2010 AEST (ABN Newswire) - Magnetic Resources Nl (ASX:MAU) has now completed 67% of a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of WA (ASX release 17 February 2010). The aeromagnetic survey comprises about 16,280 line-km of flying on a 250m line spacing, in areas where much of the historic aeromagnetic data is based on a line spacing of 1,600m. The survey forms part of Magnetic's search for iron ore close to existing infrastructure.

New data has been received which has added to the targets identified so far. The most significant new target is an intense magnetic anomaly situated directly north of Quairading and contains a further 15km strike length of new iron targets.

Significantly two of these targets contain outcropping banded iron formations (BIF) of 2.5km total strike length and coincide with the magnetic targets. These BIF outcrops and associated anomalies are less than 13km north of the Quairading railway line.

The new targets bring the total strike length of targets for the Wubin, Dalwallinu, Jubuk and Quairading projects to an extensive 165km, with 33% of the detailed aeromagnetic survey yet to be completed.

Magnetic continues to be most encouraged by these early results and has commenced field work to follow up and assess the target areas for both magnetite and direct shipping ore.

Further results of the aeromagnetic survey will be released as they come to hand.

Contact

George Sakalidis Managing Director Tel: +61-8-9226-1777 Mob: +61-411-640-337 Email: george@magres.com.au Roger Thomson Technical Director Tel: +61-8-9226-1777 Mob: +61-419-969-183 Email roger@magres.com.au