About Iron Mountain

We are an exploration company focused on unlocking the potential of our quality portfolio of assets in Australia.

The company was established primarily to acquire and explore for iron ore. Anybody who has followed the financial press over the last 12 months will be well aware that the export markets for iron ore are strong. In particular the iron ore export market has been bolstered by China's increasing demand for iron ore.

China's iron ore imports totalled 325 million tonnes in 2006 and are expected to hit 355 million tonnes in 2007. Additionaly the International Iron and Steel Institute has forecasted that India’s steel usage will rise 7.7% a year from 2010 to 2015. On top of this the 2007 annual iron ore price negotiation between BHP, Rio Tinto, Companhia Vale do Rico Doce (CVRD) and Baosteel Group representing China's steel industry has recently been completed with the parties agreeing to a 9.5% price increase for 2007.

The Company's main project in the Burnie – Natone district of Tasmania I believe is particularly exciting. The project area covers known low-phosphorus resources of iron together with identified quartz-vein-hosted copper mineralization. Recent work has identified features which confirm the prospectivity of the area for the potential for Iron Oxide Copper Gold mineralisation similar to the "Olympic Dam" and "Ernest Henry" deposits.

The Company's Mt Richardson, Bona Well, Windarling East and Kunanalling projects are located in the same region as existing iron ore producing sites that contain similar geological structures to those within the Company's projects. The Company hopes to find reserves of iron ore in some or all of these projects.