Equatorial Resources Limited announces that 3D and 2D modeling of the detailed high resolution aeromagnetic data collected over the company's 100% owned Badondo Iron Project completed by independent consultants Resource Potentials Pty Limited has estimated a global exploration target of between 1.3 and 2.2 billion tonnes of iron mineralization.

Of this, 200 to 300 million tonnes represents potentially enriched hematite cap mineralization at an estimated grade of 40% to 65% Fe and 1.1 to 1.8 billion tonnes represents primary itabirite mineralization at an expected grade of 30% to 45% Fe.

Mr John Welborn MD & CEO of Equatorial Resources Limited said that "We are delighted with the confirmation that our Badondo Iron Project has the potential to host a very large body of iron mineralization. The identified prospects at Badondo represent an additional opportunity for Equatorial to define a globally significant iron deposit. Combined with our Mayoko Moussondji Iron Project the company's global exploration target has increased to between 3.6 to 6.1 billion tonnes of iron mineralization. We continue to attract high quality institutional shareholders to our register and completion of this placement puts us in an extremely strong financial position to implement our aggressive exploration programs to define the large potential of both of our projects."