Ferrum Crescent announces it has appointed the South African geological advisory firm, Mineral Corporation Consultancy Ltd to prepare an updated mineral resource report on the Moonlight Iron Ore Project.

The Mineral Corporation has extensive experience in magnetite in South Africa and will assist Ferrum Crescent as they develop the Moonlight Iron Ore Project.

The Mineral Corporation has been engaged to
1. Complete an update of the resource estimate for the Moonlight iron ore deposit (due by end of Q1 2012)
2. Manage and oversee a drilling program on the Julietta area
3. Carry out a resource estimate in respect of the mineralization on the Julietta area, with a view to publishing an updated resource estimate for the entire Moonlight Project, including the Julietta deposit by Q3 2012.

The Company flagship project, the Moonlight Iron Ore Project, is located on three farms in Limpopo Province in South Africa. It currently has a JORC compliant resource of 74Mt @ 33% Fe in the Indicated Resource category and 225Mt 29% Fe in the Inferred Resource category, which is situated entirely within the Moonlight farm. The Mineral Corporation has been commissioned to carry out an updated JORC compliant resource estimate taking into account the results of the phase 3 drilling and assays on the Moonlight deposit. Phase 3 consisted of 11 holes totaling 990 meters of diamond core drilling and 12 holes totaling 1,540 meters of reverse circulation drilling. It is anticipated that the Report, including the Julietta and Gouda Fontein exploration results and resource estimate will be completed by Q3 2012. As a result of the appointment of a new mining adviser, the updated Moonlight Resource will be released by the end of Q1 2012 rather than by the end of this year as previously announced

The proposed drilling program at the Julietta and Gouda Fontein farms adjacent to the Moonlight deposit, will seek to confirm the magnetite mineralization previously drilled by South African Iron and Steel Industrial Corporation. Iscor was the South African government-owned integrated iron and steel company which is now owned by ArcelorMittal. It is anticipated that upwards of 10,000m of drilling will be carried out, consisting of both RC and core drilling is to establish a total resource estimate for the deposit on all three farms.