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September 07, 2008


Chinese Iron and Steel take 3.9% stake in Apollo Minerals

Newly listed diversified Australian resources company Apollo Minerals Ltd has confirmed that Chinese Iron and Steel Group have taken a 3.9% stake in the company and is looking to increase its stake to 19.9% subject to shareholder and regulatory approval.

The release said that Apollo Minerals completed AUD 1 million placements of 2.94 million shares at 34 cents per share to Chinese Iron and Steel Group and Chinese Iron and Steel Group has option to subscribe to a further 6.7 million shares at 34 cents per share on or before until March 31st 2008

The AUD 1 million placement follows completion of the formal Joint Venture Agreement as announced on December 24th 2007 in relation to Apollo's right to earn up to 80% of exploration license applications 47/1378 and 47/1379. These two tenement applications cover a significant portion of the newly discovered Mt Oscar Iron Ore Project, located in the Pilbara region of Western Australia.

The MoU also gives the ability, subject to successful exploration and development, to negotiate in good faith an agreement giving the Chinese Iron and Steel Group the right to market iron ore produced from its Mount Oscar Iron Ore Project

Apollo focusing on two iron ore projects: one in West Australia and one in South Australia

The release said that “Within these tenements a number of areas with hematite and magnetite targets have been identified which could represent a significant iron ore resource. Importantly for any proposed development of this project it is located close to infrastructure including ports which are located around 35 kilometers from the project area. Apollo will commence an aggressive exploration program including drilling pending all regulatory approvals which is expected to occur in the next two months.”

It added that “Apollo also owns the Commonwealth Hill Project in South Australia, which contains three key targets highly prospective for iron ore including an iron ore deposit at Sequioa which is located approximately 30 kilometers from the Adelaide/Darwin Railway line.”