Iron Road Limited (ASX:IRD) Update On Central Eyre Iron Project 2011 Stage VI Drilling Programme

Perth, May 24, 2011 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) is pleased to advise that Stage VI drilling at the Central Eyre Iron Project (CEIP) is proceeding as planned.

CEIP Summary

- The Stage VI drilling programme investigates the western extension of mineralization at Murphy South.

- One RC rig and two diamond drill rigs are drilling pre-collars and diamond tails respectively.

- Drilling completed to date continues to confirm the extension of Murphy South 800-1,200m west of the nearest drill hole traverse (Stage V).

- On track to define a mineral resource estimate of considerable size and tonnage additional to the current 907Mt identified at Murphy South so far.

Progress to date

-----------------------------------------------------Hole Type        Metres Completed    Holes Completed -----------------------------------------------------RC (pre-collar)      2,936m              37 Holes-----------------------------------------------------Diamond (tail)       4,361m              13 Holes-----------------------------------------------------

The exploration target for Murphy South (western extension), across the 10 traverses designed for the Stage VI drilling programme, is 500-800Mt magnetite gneiss*.

The Stage VI drilling programme comprises 66 diamond drill holes for over 25,000m. Cross-sections will be presented as they are completed - traverses E and F are expected to be complete by the next update. The geology intersected in all traverses thus far is consistent with expectations and confirms the extension of the Murphy South orebody in a westerly direction.

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