The directors of Boulder Steel Limited announced that they have signed a memorandum of understanding with MCC International Incorporation and MCC WISDRI from China, to jointly progress the Gladstone Project towards accomplishment.

The joint project activities will proceed in three phases:

1. Phase 1: Complete the pre feasibility study with emphasis on an updated market analysis to define the final product mix. This work will be coordinated by MCC WISDRI, who will submit a proposal to Boulder with input required for the preparation of the pre feasibility study by end of December 2010.

2. Phase 2: A Bankable Feasibility Study to be prepared by MCC-WISDRI

3. Phase 3: Securing Project Funding and to commence Joint Project Development.

Boulder's contribution of equity funds will take into account the risk money spent by Boulder prior to the Bankable Feasibility Study.
Both parties will use their best endeavors to commence project development at the earliest possible date and coordination meetings will be held from time to time at mutual convenience.