Iron Road Limited (ASX:IRD) Complete Stage V Drilling Programme at Central Eyre Iron Project

Perth, Dec 17, 2010 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) is pleased to announce that Stage V drilling at the Central Eyre Iron Project (CEIP) is now complete.

Stage V Summary

- Last drill hole of Stage V drilling programme completed safely at Murphy South on day shift 14 December 2010.

- Crews have demobilised from site and will commence with a prefeasibility study geotechnical drilling programme for 2,600m on 10 January 2011.

- Processing of assays and DTR test work underway with the aim of releasing a JORC compliant mineral resource estimate report by late January 2011.

Summary of Stage V Programme

---------------------------------------------------------Hole Type    Metres Completed (m)   Holes Completed (No.)---------------------------------------------------------RC                4,305                     64(pre-collar)---------------------------------------------------------Diamond          24,743                     65---------------------------------------------------------

The exploration target for Murphy South, across the nine traverses designed for the Stage V drilling programme and one traverse designed for the Stage IV drilling programme, is 400-800Mt magnetite gneiss*. The cross-sections presented below and marked A, B, C, D, E, F, G, H, I and J have now been completed and samples from these are currently being processed at the mineralogical laboratory. Geology and surface area calculations do not include the entire near surface oxide component (drilled by RC rig). The geology intersected in all traverses is consistent with expectations and easily correlated between sections. Note that drill hole traces are design and are not corrected for deviation.

For the complete Iron Road announcement including figures, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/64835-ASX-IRD-520984.pdf

Contact

Andrew Stocks Managing Director Iron Road Limited Tel: +61-8-9200-6020 Mob: +61-403-226-748 Email: astocks@ironroadlimited.com.au http://www.ironroadlimited.com.au