The directors of Boulder Steel Limited announced that they have received the revised pre feasibility study for the Gladstone Steel Plant Project.

The revised study, which has been prepared on the basis of topical economic data by MCC WISDRI, has not only reconfirmed the viability of the GSPP, but also shows a strong increase in the profitability and robustness of the project compared with the results of the initial draft.

With the completion of the PFS the first of the three phases mentioned in the memorandum of understanding between the company and MCCI MCC-WISDRI of December 9th 2010 has been concluded. The focus will now shift to Phase 2, which includes the Bankable Feasibility Study and other associated activities.

The results of the PFS form a solid basis for the upcoming negotiations with potential customers for the GSPP steel products.