Ironbark Zinc

GREENLAND PROJECTS

Ironbark has acquired several projects in northern and eastern Greenland targeting base metal deposits (Citronen and Mesters Vig) as well as exploration prospects (Washington Land and Navarana Fjord).

Ironbark's focus is the world-class Citronen SEDEX deposit in north eastern Greenland.

Greenland geology ranges from the Archaean to present. Ironbark has focused primarily on projects within the Paleozoic Franklandian Basin in northern Greenland. This sequence of Ordovician (~400Ma.) rocks spans roughly 2,000km, running E-W across northern Greenland into northern Canada. This stratigraphic sequence is well mineralised with base metals (zinc-lead-silver) and hosts several Mississippi Valley type (MVT) and SEDEX type deposits

Citronen

The Citronen Zinc Project (Project) represents one of the worlds largest undeveloped zinc resources. The project is located in northern Greenland, a self governed part of the Kingdom of Denmark and has a low level of sovereign risk.

Ironbark completed approximately 11,000m of diamond drilling at the Citronen Project in 2008 bringing the total metres drilled for the Project to 44,000m. The current resource (September 2008) for Citronen is:

•    Global Resource            -  101.7Mt @ 4.7% Zn + Pb at a 2% Zn cut-off
•    Medium Grade                -  56.0Mt @ 6.1% Zn + Pb at a 3.5% Zn cut-off with a
•    Higher-grade core of     -  22.6Mt @ 8.2% Zn + Pb at a 5% Zn cut-off

For further information relating to the resource estimate, please see the ASX Announcement #132- Resource Upgrade at Citronen on the Investor Relations page.



The mineralisation is considered to be of a SEDEX style zinc deposit and this model is potentially very large. The mineralisation starts from surface, is shallow, flat lying and adjacent to a deep water fjord that may provide near mine ship docking and loading opportunities.

AUSTRALIAN PROJECTS 1. Belara

CURRENT RESOURCE

1.0 million tonnes at 5.0% zinc, 0.4% copper, 1.5% lead, 0.3 g/t gold and 50 g/t silver  (7.5% zinc equivalent) at a 4% zinc cutoff.

Within a larger lower grade resource of:

3.8 million tonnes at 3.1% zinc, 0.4% copper, 1.0% lead, 0.2 g/t gold and 34 g/t silver (4.9% zinc equivalent) at a 1% zinc cutoff 

LOCATION

The Belara Project is located within EL 6576 & EL6749. The project is located approximately 90km north of Orange. The main prospects within the Belara Project are the Belara and Native Bee historical mines. The Native Bee mine workings lie 1.6km to the south of the Belara workings along the same inferred sedimentary sequence

MINING HISTORY

The Belara and Native Bee base metal deposits were discovered prior to 1875, and operated intermittently to 1907 during which time the Belara mine had yielded (with intermittent working) some 260t of metallic copper from 8,000t of ore. In 1908, the maximum vertical depth of the Belara workings was recorded as 60m, with drives on three levels. Lode widths varied from 0.5 to 3m.

The Native Bee workings opened the lode through four shafts over a length of 137m, and to a depth of 27m. Lode widths varied from 0.1m to 0.6m. The Native Bee mine yielded approximately 25t of metallic copper from 500t of ore before production ceased in 1908.

Ironbark considers the resource to be significant and is encouraged that the two deepest holes have returned the highest grade and widths indicating that the ore body is open ended at its thickest point. Ironbark plans to expand the resource by conducting further drilling targeting extensions to mineralisation. Additional drilling is planned to bring the resource to a higher level of confidence and increase the overall grade of the ore body.

2. Captain Flats

LOCATION

The Captains Flat Projects is located 50km southeast of Canberra in New South Wales. Ironbark is earning up to 75% of the project through meeting statutory exploration expenditure and has the ability to progress the project to mining should a positive feasibility study be produced. The license is held by Monaro Mining N.L.

The Project area covers an area of approximately 239 square kilometres surrounding the old mining town of Captains Flat, which is home to the Historic Lake George Mine.

MINING HISTORY

The Lake George Mine was first worked during the period of 1882 to 1899 for a recorded production of 26.7 tonnes of silver, 16,100 ounces of gold and 3,841 tonnes of copper from 114,560 tonnes of ore.  The Lake George Mine was reopened in 1937 and up to the date of its closure in 1962 produced 406,418 tonnes of zinc, 243,851 tonnes of lead, 27,230 tonnes of copper, 7.4 million ounces of silver and 220,000 ounces of gold from over four million tonnes of ore.

MINERALISATION & EXPLORATION TARGETS

At this mine, three elongated lode shoots that are conformable with the Elliots, Central and Keatings shale lenses were mined. The base-metal lodes reportedly had a total outcropping strike length of approximately 800 metres, extended to a depth of 600 metres and were up to 20 metres thick. They consisted of massive banded pyrite, sphalerite, galena and chalcopyrite, in decreasing order of abundance, with minor tennantite, arsenopyrite and gold.

There are several prospects within the project, including Vanderbilt Hill, Anembo, Roaches and Jerangle, that exhibit similar geology to the Lake George area and some encouraging exploration results have been achieved and not followed up




LAKE GEORGE MINE

The high-grade Lake George Mine and remains prospective for remnant ore at current base metal prices as well as at depth where results such as 1.22m @ 12.4% Zn, 5.4% Pb were returned over a strike length of at least 300 metres. Mineralisation is open at depth and may represent possible repeats of the historically mined areas.

DIRECTORS

Peter Duncombe Bennetto- Non Executive Chairman
Peter has over thirty years experience in banking and investment. He has had deep involvement in capital, currency and commodity markets with Societe Generale and Banque Indosuez. Peter has held company director positions in exploration, mining and manufacturing companies listed on the ASX since 1990. Peter was also a founding director of Anaconda Nickel Ltd.

Jonathan Charles Downes – Managing Director
B.Sc Geol, MAIG
Jonathan has over 15 years experience in the minerals industry and has worked in various geological and corporate capacities. Jonathan has experience in nickel, gold and base metals and has been intimately involved with numerous private and public capital raisings. Jonathan was a founding director of Hibernia Gold (now Moly Mines Limited) and Siberia Mining Corporation Limited (Siberia) (which has now merged with Monarch Resources Limited). Jonathan was an Executive director of Siberia and is currently a Non-Executive director of Graynic Metals Limited.

Adrian Paul Byass – Executive Technical Director
B.Sc Hon (Geol), B.Econ, FSEG, MAIG
Adrian has over 15 years experience in the mining and minerals industry. This experience has principally been gained through mining, resource estimation, and mine development roles for several gold and nickel mining and exploration companies. Through his experience in resource estimation and professional association membership, Adrian is a Competent Person for reporting to the ASX for certain minerals. Adrian has also gained experience in corporate finance and financial modelling during his employment with publicly listed mining companies. Adrian was a founder of Siberia (which has now merged with Monarch Resources Limited) and Hibernia Gold (now Moly Mines Limited).

Gregory Clyde Campbell – Executive Director
BE (Chem) Hons
Greg has 17 years engineering experience across Australia primarily in the iron industry. Greg has experience in process and chemical engineering, operating, marketing and financial analysis of projects in the metals industry. This experience has been gained in various capacities including eight years with BHP Limited in a range of engineering and technical roles, eight years in senior engineer consultancy roles with Aker Kvaerner and Promet Engineers and process engineering work for Ausmelt Ltd.

Rob Orr - Chief Financial Officer
B Bus Acc, CA
Mr Orr is a Chartered Accountant who commenced working initially for Coopers & Lybrand in Perth. He has subsequently gained a significant level of commercial experience in the roles of Chief Financial Officer and Company Secretary for a number of ASX listed companies, with over 20 years experience in public practise and commerce. He has worked extensively in the resource industry with experience in capital raisings, project development, contract negotiation and mining operations.

John McConnell – Non Executive Director
B. Eng (Mining) MBA
Mr. McConnell is a Canadian mining engineer with a wealth of experience in developing and operating base metal and precious mineral mining operations in the Arctic. Mr. McConnell has more than 30 years of mining experience including exploration, engineering, environmental assessment and permitting, construction and operations. Recently, Mr. McConnell was President and CEO of Western Keltic Mines until it was acquired by Sherwood Copper. Prior to that, Mr. McConnell was Vice President – Northwest Territories Projects for De Beers Canada where he was primarily responsible for the permitting and development of the Snap Lake Diamond Mine. His experience also includes 12 years with Breakwater Resources Ltd / Nanisivik Mines Ltd in operations at the Nanisivik Zinc and Lead Mine on the northern tip of Baffin Island within the Arctic Circle. In addition to this, Mr McConnell spent six years with Strathcona Mineral Services Ltd. where his work included engineering, feasibility studies and project development.

Mr. McConnell is currently Executive Vice President and Director of Victoria Gold Corp., a public company engaged in gold exploration and development, with projects in the Yukon, Nevada and Guyana. He is a graduate of the Colorado School of Mines, with a B.Sc. in Mining Engineering.

David Kelly - Non Executive Director
David has over 9 years experience in finance positions in Australia as well as the United Kingdom, gaining senior roles in companies such as Deloitte Touche Tomatsu, Chartered Accountants and Royal & SunAlliance Insurance Group plc. David is a qualified Chartered Accountant, and is currently working for substantial shareholder, Glencore International.

Erling Sorensen - Non Executive Director
Mr. Sorensen is currently the Chief Commercial Officer of Nyrstar NV and was appointed in August 2007. Before the creation of Nyrstar, he was General Manager of global marketing and sales at Zinifex Limited. Before joining Zinifex Limited, he was Regional Managing Director of Clipper Bulk in Melbourne. He has held several management positions with Elkern AS Oslo, Setaf Asia in Singapore, Clipper Maritime Singapore and Norclip Shipping Oslo.

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