November 19, 2009 Eastern Iron has commissioned a preliminary study of the overall economic potential of Eastern Iron’s Cobar and Main Line projects, NSW, Australia. The study outlined the concepts behind the development of a low capital cost, 1.5 Mtpa direct shipping operation at a specific Eastern Iron deposit within the Cobar project area - the Belah Tank prospect. The design concept proposed that the ore be dry screened and pre-concentrated through magnetic separation before being trucked to a rail siding at Hermidale and railed to the Port of Newcastle.
September 30, 2009 Eastern Iron provided the initial resource estimates for the Company’s Cobar and Main Line projects located in central New South Wales, Australia. A total of 4,918 samples from 417 aircore holes were used in the resource estimate which has
been projected up to 400m laterally from the base of drilling. The current resource estimates for the 13 prospect areas above the 5% Fe cut-off grade is 627 Mt at an iron grade of 10.3%.
February 16, 2009 Reported that drilling have identified 12 large channel iron deposit exploration targets. Iron grades are comparable to pre-concentrate grades at some major West and South Australian magnetite deposits, however, most Eastern Iron drill intersections are from the surface, in shallow free-digging gravels and can be mined without the need for waste stripping and blasting.