Murchison Metals Limited is pleased to announce that a study update has been released by Crosslands Resources Limited. Major points of significance in the Crosslands update are:

1. Crosslands is targeting a production rate of between 25 million tonnes per annum and 35 million tonnes per annum from the expanded Jack Hills operations comprising a mix of Direct Shipping Material, hematite sinter feed and magnetite concentrates

2. Initial studies suggest a production rate of up to 10 million tonnes per annum of DSO

3. Early feedback from potential customers has been positive, with the ultra low alumina and phosphorous content of the Jack Hills products being highly attractive in the international steel market

4. While a new, interim resource statement is due out shortly, Crosslands has identified further DSO and Beneficiation Feed Material targets that require further testing.

The update underlines Murchison's growing confidence in Jack Hills' potential as a large scale, multi decade project yielding substantial cash flows and economic value.

Mr Paul Kopejtka executive chairman of Murchison said that the Crosslands update positioned Jack Hills as a significant project globally in terms of new supply sources. He added that "Jack Hills is now a substantial project in international terms, sitting above many other projects in terms of the size of the target resource, quality, premium products low in impurities and the target production profile."

In its update, Crosslands said it was adopting a dual production strategy for Jack Hills, involving both DSO and BFO facilities to produce two high quality products to meet demand from customers in Asia.