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Gladiator Resources confirms potential of Uruguay magnetite prospect

Last updated: 13:35 25 Oct 2010 AEDT, First published: 12:35 25 Oct 2010 AEDT

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Gladiator Resources' (ASX: GLA) recent drilling results have confirmed that a high grade magnetite concentrate can be produced at Iman West and the company has successfully lodged an application for a prospecting permit over a mineral reserve recently released by the Uruguayan Government.

The new application (File 2091/10) covers an area of approximately 1,433 hectares and is known to contain the southern extensions of the both the Papagayo and Buena Orden magnetite deposits. It also covers much of the area between the Papagayo deposit and the Iman deposit to the east.

The resource potential of this latter area is unknown and remains to be assessed. The application secures the area for mapping to commence immediately within the mineral reserve area.

Diamond and Reverse Circulation (RC) drilling continues at Papagayo and Iman. The first Davis Tube Recovery (DTR) results have been returned for an RC hole at Iman West.

The results are consistent with test work previously undertaken on surface samples from Papagayo and show that a high grade magnetite concentrate can be produced with very low levels of contaminants such as sulphur and phosphorous.

The new tenement is located within the Area of Interest defined under the Joint Venture with Orosur Mining Inc (TSX-V: OMI, LON: OMI) and will be included in the JV exploration area.

On August 4, Orosur entered into a definitive option and joint venture agreement with Gladiator which provides GLA the right to earn up to an 80 percent interest in Orosur’s iron ore, manganese ore and base metals prospects in the Isla Cristalina Belt in Uruguay.

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