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Gindalbie reduces cost forecast

GINDALBIE Metals has flagged a reduction in both forecast capital and operating costs for the planned development of a long-term magnetite concentrate project based on the Mt Karara Magnetite Deposit (MKMD) at its Blue Hills iron ore project, 180 kilometres north-east of Wiluna, after receiving further encouraging results from metallurgical testwork. The Perth-based company also announced it has identified direct shipping hematite ore (DSO) prospects at Blue Hills, which it says will enhance a planned staged development approach comprising a low-capital, early cash flow start-up project based on the direct shipping ores in addition to a feasibility study on the large-scale development of a long-term concentrating and pelletising operation based on the Mt Karara deposit. The Blue Hills Project, including the Mt Karara deposit, is located 45km east of Koolanooka in WA’s Mid-West region, 260km inland from Geraldton. As part of the current pre-feasibility study for the MKMD, Gindalbie said it had commenced preparations for a major resource-drilling program over the 4km strike length of the deposit, with 15,000 metres of drilling scheduled to commence by the end of May. The program is designed to establish a JORC compliant resource for the MKMD for release during the December 2005 quarter.

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