Emerging iron ore developer, Hemisphere Resources Limited announced positive preliminary assay results for diamond core drilling undertaken at the Company’s Hancock Range magnetite / hematite project strategically located to Hope Downs (Hancock / RIO) and Mining Area C (BHP Billiton).

Mr Danny Costick MD of Hemisphere Resources said that the assay results of the four hole, 893m program undertaken between December 2010 and February 2011 confirm the presence of fresh magnetite Joffre and Dales Gorge Banded Iron Formation with an average head grade of over 30% Fe.

Mr Costick said that “The head grades returned by the laboratory are comparable with other Banded Iron Formation hosted magnetite projects, and are sufficiently encouraging to warrant additional testwork. We’ve submitted the samples for further analysis, including Davis Tube magnetic separation to assess the potential to liberate the magnetite from the BIF. Should the results prove favorable, we intend to initiate a full suite of metallurgical test work to further assess the commercial potential of the find.”

He further said that “We have also completed preliminary fieldwork in the north-eastern section of the Hancock Range prospect targeting an additional 8km of Joffre Member strike length for assessment ina 15 hole, 2,500m Reverse Circulation drilling campaign in May / June 2011, subject to heritage clearance We are making rapid progress at our Pilbara iron-ore projects. In February we announced a maiden Indicated Resource at the nearby Yandicoogina South Project, where Sighter testwork has confirmed the ore quality as a readily marketable DSO product.”

He added that “We are quite serious about fast-tracking the commercialization of our Pilbara assets. Conceivably, Yandicoogina South could be brought into production as early as 2013.”