Strategic Minerals (SML.LN) Picking Up The Pace at their Cobre Magnetite Stockpile, New Mexico. Advancing Iron Glen with JORC now out

Strategic Minerals (SML.LN) the london listed mining company with a focus on Magnetite, is currently ramping up production from its Cobre Magnetite Stockpile in New Mexico. The company is set to ship up to 60,000 tonnes of magnetite per month, generating for SML significant cash earnings over the going years. The company is also fast tracking the development of its signature Iron Ore project Iron Glen, located in Eastern Australia. Iron Glen benefits from great surrounding infrastructure, including rail line, power, water and plenty of capacity available at the nearby Port of Townsville, a well known Iron Ore shipment Port. SML recently released to the market a JORC on Iron Glen, where in addition to magnetite,
considerable resources of silver and lead were reported. These will add to the economics of Iron Glen, where it is suggested that the project could move into production within three years, given the fact infrastructure is in place.

Given the fact SML is generating cash from Cobre, it has the resources to invest in Iron Glen's development, plus make acquisitions of other stockpiles and iron ore assets, without making major calls on shareholders for additional cash, with the potential dilution that goes with it. SML looks certain to deliver a promising road ahead for investors.

Highlights from the JORC Compliant Resources Statement are:

Ø Drill indicated resource at 15% cut-off confirmed by independent consultants as 1.77M tonnes @30.2% Iron (Fe);

Ø The indicated resource and adjacent inferred resource of 0.15 million tonnes at 19.6 % Fe results in a total resource of 1.92M tonnes @ 29.3% Iron (Fe), 0.10% Copper (Cu) and 10.3g/t Silver (Ag);

Ø Consultants have estimated through preliminary Davis Tube Testwork that Iron Glen contains an Inferred in ground resource of 630,000 tonnes of potential magnetite concentrate;

Ø In addition to the drill indicated resources referred to above an inferred resource of 2.9 million tonnes @ 13.1 g/t Ag occurs peripheral to the magnetite skarn using a Ag cut-off of 5 g/t Ag;

Ø Total Silver in-situ indicated and inferred resource estimate is 4.82 mt @ 12.0 g/t Ag (1.86M ounces);

Ø Applying current prices to these magnetite and silver resources results in an estimated in-situ value in the order of ~A$140M (this figure is to be used as a guide only -see note 1); and

Ø Separately from the magnetite skarn deposit at Iron Glen a silver lead zinc deposit has been identified 2km north-west along strike referred to as the Lead Belly Prospect.  

IRON GLEN MAGNETITE SKARN RESOURCE ESTIMATE
	Million Tonnes	Fe %	Ag g/t	Cu %
Magnetite Skarn (Cut-off 15%)
INDICATED	1.77	30.2	11.0	0.11
INFERRED	0.15	19.6	2.7	0.04
TOTAL	1.92	29.3	10.3	0.1
Magnetite Rock  (Cut-off 35%)	NB. Magnetite Rock Resource internal to Magnetite skarn
INDICATED	0.52	42.2	14.2	0.15
Silver Resources - Global
Additional Ag (5g/t cut-off
INFERRED	2.90		13.1
TOTAL	4.82		12.0