Zamin Ferrous owns 100% of exploration licenses covering a large, low grade iron ore deposit adjacent to the town of Urandi in the south east of Bahia State, Brazil.

• 700 million tonnes of potential resource.

• 284 million tonnes of JORC resource.

• 5,300 m of drilling has been completed to date.

• 2011 drilling program for 40,000m planned to confirm and expand existing resource.

• The envisaged product will be an iron concentrate which has a Fe grade of 66.7%, 4.65% SiO₂, 0.35% Al₂O₃.

• A Definitive Feasibility study is currently underway and is scheduled for completion by the end of Q2 2011. First production is planned for Q1 2014.

• The mineralogy is competent banded iron-ore formation in the form of recrytalised magnetite and easily susceptible to magnetic separation

• A Pre-Feasibility Study (PFS) was completed in conjunction with SNC Lavalin Minerconsult in May 2010

• An update to the PFS, inclusive of further metallurgical test work, has been undertaken by Promet Engineers in H1 2011 for an increased production rate of 8 Mtpa of BF grade iron concentrate.

• Open pit mining with several individual pits producing combined volumes of approximately 20 Mtpa of ROM.

• The 8 Mtpa of product will be transported from the processing plant at the Urandi minesite via the new East West Railway (FIOL) to a terminal in the public area of the new Porto Sul, located near Ilheus, Bahia.