Magnetite Mines Limited announced that it has concluded the previously announced Scoping Study (Study) on the Razorback Iron Project (Project). The Study concluded that: a small scale, staged operation producing high grade concentrate from a lower capital initial operation is the preferred option (retaining potential for future expansion); low angle, outcropping mineralisation allows for open cut mining at low stripping ratios and limited pre-strip; this staged approach is mostly derived from within the previously defined geological resources (86% of the mined material is sourced within the Indicated JORC 2012 mineral resources); established transport related infrastructure is the preferred approach to deliver the Project's high grade iron product to the market; desktop study confirms applicability of NextOre's Magnetic Resonance ore sorting system with further test work planned for the Pre-Feasibility stage. The Study confirms the Board's view to now seek appropriate funding to progress the Project to Pre-Feasibility Study (PFS) that will refine and optimise the findings of the Study. The current ASIC and ASX regulatory framework does not permit disclosure of production targets, forecast financial information and income-based valuations from scoping studies without evidence of reasonable grounds that funding for projects will be available as and when required and therefore the Company has not disclosed that information. The Company is however pleased to report that the Scoping Study has exceeded expectations, with the results demonstrating that razorback to be a competitive operation that can produce high grade concentrate from a smaller scale, lower capital initial operation.