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IOH Conclusion of Exclusivity

IOH Advises Conclusion of Exclusivity Period In December 2009 Iron Ore Holdings Ltd (IOH) signed an agreement with Hamersley Iron to negotiate the terms of an Acquisition Agreement for IOH’s Iron Valley Project. This agreement included an exclusivity period for agreement to be reached. The exclusivity period granted to Hamersley Iron expired on 31 July 2010. The two parties have considered a number of possible development options for Iron Valley including potential joint venture structures. To date, no agreement for moving forward has been reached. Discussions are continuing on a non-exclusive basis and Iron Ore Holdings is now in a position to open discussions with other interested parties. The Iron Valley Project has a JORC Resource of 240Mt @ 58.8% Fe (183Mt @58.9% Fe Indicated and 56.7Mt @ 58.3% Fe Inferred). This includes a high-grade component of 143.5Mt @ 60.8% Fe. Drilling at Iron Valley has continued throughout the last 6 months with an update on the Resource expected during this current quarter. The Project is located in the Central Pilbara region of Western Australia and is bordered by Fortescue Metals Group, Rio Tinto and BHP Billiton. Iron Ore Holdings currently has a hub of projects located in this region with total resource of 350Mt with another 47.9Mt resource in the Western Pilbara. All of IOH’s projects are situated near to existing infrastructure.