Magnetic Resources Limited (ASX:MAU) Iron Ore Target Sampling Update

Perth, April 13, 2010 AEST (ABN Newswire) - Sampling on Magnetic's (ASX:MAU) extensive iron ore tenements in the Mid West and South West regions of Western Australia has commenced. The tenements, which now total some 5,300sq km in area, cover numerous iron ore targets identified from interpretation of regional aeromagnetics followed by detailed aeromagnetic surveys to refine and prioritise targets. Magnetic is targeting both magnetite and direct shipping ore (DSO) types in areas of good infrastructure close to railway lines and ports.

Preliminary sampling has identified a range of iron ore types varying from coarse grained crystalline magnetite BIF such as encountered at Jubuk to more massive goethite-hematite identified at Wubin. A cemented pisolite type was also identified in two locations at the Wubin project. The extent of the goethite-hematite and pisolite types of mineralisation has yet to be determined. Samples from these localities are currently being analysed.

Magnetic is targeting iron ore deposits ranging in size from 220Mt to 1000Mt within its various project areas based on interpretation of geophysical data using an assumed specific gravity of 3.5 and projecting the targets to an average depth of 100m below surface. The potential quantity and grade is conceptual in nature as there has not yet been sufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

Magnetic has so far identified a total of 254km of cumulative strike length of iron ore targets (ASX release 8 April 2010) in the Mid West and South West regions. A programme of systematic mapping and sampling has commenced, in order to identify priority targets for drilling.

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