Mindarie Zircon Project - Australia Zircon NL

MINDARIE ZIRCON PROJECT:

Resource estimates for the Mindarie Project have been classified according to the JORC Code guidelines (The Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, Joint Ore Reserve Committee 2004) and are reported based on 1% total heavy minerals cut-off grade. These resources were estimated in 2005 and were reported in the Australian Zircon 2006 Annual Report.

RESOURCES

Classified resource estimates above a 1.0% total heavy mineral cut-off grade
	Ore Tonnes (Mt)	Total Heavy Mineral Grade (%)	Slimes Content (%)	Mineral Assemblage
	Ore Tonnes (Mt)	Total Heavy Mineral Grade (%)	Slimes Content (%)	Zircon (% of THM)	Leucoxene (% of THM)	Rutile (% of THM)	Ilmenite (% of THM)
Measured	44.7	3.6	10.6	22.0	5.7	5.1	64.3
Indicated	127.5	3.1	10.1	17.8	6.6	4.6	66.3
Inferred	5.3	3.3	9.0	17.0	5.1	3.9	67.2

Note: resource inventory includes data based on 45µm and 63µm grain sizes.

RESERVES

Ore Reserve Estimates (variable cut-off grade)*
	Ore Tonnes (Mt)	Total Heavy Mineral Grade (%)	Slimes Content (%)	Mineral Assemblage
	Ore Tonnes (Mt)	Total Heavy Mineral Grade (%)	Slimes Content (%)	Zircon (% of THM)	Leucoxene (% of THM)	Rutile (% of THM)	Ilmenite (% of THM)
Proved	25.1	4.4	10.8	24.5	5.6	5.0	63.9
Probable	34.2	4.2	11.1	19.4	6.5	4.6	66.4
Total Proved and Probable	59	4.3	11.0	21.6	6.1	4.7	65.3

* As at 9 march 2006