It is reported that Strategic Minerals remains on track to achieve planned rail freighted shipments from its Cobre magnetite tailings asset in New Mexico to customers around the end of the first quarter 2012.

The group told investors in an operational update that rail upgrade activity, site overburden removal and dewatering of the lower sections of the initially contracted 1.5 million tonne magnetite stockpile continue to progress on schedule.

Regarding its Iron Glen iron ore prospect in Queensland, Australia, the geological consultants have progressed well with the resource assessment activities on the data from the 2011 drill program and Strategic Minerals expects the full preliminary resource estimate in January 2012.

The AIM quoted firm is developing a portfolio of magnetite stockpile assets and holds assets in North America and exploration properties in Australia. It has also made significant progress in converting its in-principle agreements for iron ore exploration rights to full tenement ownership rights for its properties in Western Australia and the Northern Territory, Australia; as well as in developing a pipeline of new projects to complement the existing portfolio. It expects to be able to update investors in due course.

In light of the expanded scope of activity since the admission to AIM in June 2011, Strategic Minerals is currently reviewing the roles and responsibilities of its board and senior management team.

The group is also changing the accounting reference date to December 31 from November 30. Year-end results will be announced before the end of May 2012.

Chairman Mr Steven Sanders said "2011 has been a transformational period for SML. We look forward to building on that momentum and we see the ability of being able to generate near-time revenues as a key element in our growth strategy. We look forward to 2012 with great optimism and determination."

(Sourced from www.proactiveinvestors.co.uk)