Apollo Minerals Limited advise that metallurgical test work results from the initial drilling program of Unit A at its Mt Oscar Main Iron Ore Project have now been received.

Highlights
Results from recent drilling indicate significant tonnages of magnetite and itabirite at Mount Oscar with up to 112m @ 33.9% Fe from 66m in OSRC007.

Inclusion of both styles of mineralization has the potential to increase the strike length from 6km to 11km.

Test work shows that magnetite from Unit A is capable of producing
saleable product ie >60% Fe, <8% (Al2O3 + SiO2).

Significant DTR intercepts include:

A. 40m (from 116m) at a grade of 62.3% Fe, 0.8% Al2O3, 10.7% SiO2, 0.03% P and 0.09% S from OSRC006

B. 30m (from 166m) at a grade of 66.2% Fe, 0.2% Al2O3, 5.9% SiO2, 0.02% P and 0.02% S from OSRC006.

Flotation tests produced a concentrate grade of 64.5% Fe, 0.5% Al2O3, 7.0% SiO2 at P80 45μm from OSRC007.

Potential to produce saleable concentrates at even coarser grinds. Opportunities identified to further improve product qualities and mass yields via capture of iron oxides including haematite and goethite.

Discussions with Chinese steel mills and traders suggest an
opportunity to produce lower cost, saleable pre-concentrates.

Mr Dominic Tisdell executive GM for Apollo Minerals said that the results from the initial drilling and metallurgical test work was highly encouraging. He added that “These results clearly indicate Mt Oscar has the potential to produce desirable iron ore concentrates suitable for the steel making process. We are highly encouraged by these advances and look forward to pushing the development of Mt Oscar forward as quickly as possible.”