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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	IRD
Latest Price:	0.50 (-1.00% )
52-week High:	1.18
52-week Low:	0.50
Market Cap:	69.88M

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Iron Road

Iron Road (ASX: IRD) is an independent, South Australian focused iron ore project developer, aiming to develop the Central Eyre Iron Project.

Iron Road intends to feed the iron pellet and concentrate markets of Asia, Europe and the Middle East, commencing with the production of 10 million tonnes of product per annum.

Iron Road raises A$6.1 million through share placement to fund exploration

Tuesday, March 16, 2010

Iron Road (ASX: IRD, IRDO) has announced it placed 9,623,928 shares through a 15% placement at a price of A$0.64 per share, raising total funds of A$6.1M. The shares were predominantly placed to existing institutional investors of Iron Road and new North American based institutional investors.

Iron Road Managing Director, Andrew Stocks, said that the funds raised would primarily be used to complete the company’s exploration programme this year.

Proceeds from the raising are to fund exploration at the Gawler Iron Project and Resource expansion at Iron Road’s 100% owned Central Eyre Iron Project.

“We have an aggressive and exciting few months ahead on the exploration front with an ongoing resource expansion drill programme underway at the Central Eyre Iron Project, aimed at meeting our corporate goal of increasing inferred resources of iron ore up to 500Mt in 2010,” said Stocks.

“Drilling is also about to commence at the complementary Gawler project, which offers Iron Road the opportunity to potentially develop a direct ship iron ore project, of a similar style to the Koolyanobbing Hematite deposit,” he added.

“I would also like to welcome the fresh North American intuitional investors to our register, as well as thank our cornerstone shareholder The Sentient Group for their continued support. I look forward to seeking to maintain the same level of support amongst our new investors as we have enjoyed with The Sentient Group.”

“The strong institutional backing Iron Road enjoys from its shareholder base and our continued independence is a key strength of the Company,” said Stocks.

Iron Road is sufficiently funded for its planned drilling programmes. In addition to exploration expenses, funds raised will also be used to meet general working capital needs.

Iron Road shares rose 4% to 71 cents in trading today.

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