Magnetite Mines Limited announced a maiden Ore Reserve estimate for its 100% owned South Australian Razorback Iron Project (the Project). The maiden Ore Reserve estimate for the Project has been derived from the recently updated Mineral Resources by generating schedules with an estimated tonnage and grade which, in the opinion of the Competent Person, form the basis of a technically and economically viable project, after taking account of material relevant Modifying Factors. The term `economically mineable' as used in the JORC 2012 guidelines implies that, in the judgement of the Competent Person, extraction of the Ore Reserves has been demonstrated to be both economic and viable using reasonable technical and financial assumptions. These assumptions have been provided by the Company, by various consulting and advisory groups commissioned by the company, and by Orelogy Mine Consulting and have been reviewed by the Competent Person. Studies have confirmed a mine plan and production schedule that are technically achievable and economically viable and from which the Ore Reserves are derived. Ore Reserves represent a high level of confidence in the economic extraction of Mineral Resources and are reported in preparation for the Pre-Feasibility Study results, which is presently being finalised and due imminently.