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Eastern Iron ups ante at Hawkwood Iron Vanadium project

Last updated: 07:38 23 Mar 2010 GMT, First published: 08:38 23 Mar 2010 GMT

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Eastern Iron (ASX: EFE) has commenced an airborne magnetic survey at the Hawkwood magnetite iron - vanadium project in Central Queensland.

The company has accelerated the assessment following high grade magnetite-vanadium assay results from an initial appraisal of iron ore potential within drill core from the Hawkwood joint venture area earlier this year.

Magnetite concentrates from initial core samples assayed up to 61.0% Fe, 1.10% V2O5, and 7.88% TiO2.

Eastern Iron earlier announced a farmin agreement on the Hawkwood project. Under the terms of the agreement Eastern can earn up to an 80% interest in the project.

Hawkwood is a joint venture between Eastern Iron, Rugby Mining Pty Ltd (Rugby) and Rugby Mining Limited (TSX Code: RUG).

The Hawkwood Project is located 160km from the coast and 250km by rail from the coal export port of Gladstone, an area of Central Queensland well serviced with existing infrastructure.

A low level, high resolution airborne magnetic survey has been flown over the project area. It is intended that this survey will provide detailed information about the size and distribution of magnetite rich layers, which are mostly obscured at surface by younger cover.

Follow up drilling will be carried out in the July – September 2010 quarter, and will target the magnetite rich layers and provide information about the potential size of the resource and the quality of the magnetite as potentially an export iron/vanadium product.

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