The Mt Oscar Magnetite Project is located 25km south of the port of Cape Lambert and has an Inferred Resource of 72 Mt grading 34% iron. The Project is a joint venture finalised in February 2011 between Fox and Magnetic South Pty Ltd. Magnetic South are funding detailed exploration at Mt Oscar, as part of their $20 million earn-in to acquire 60% of the project over 5-years.

The transaction provides capital to execute a more aggressive development drilling program at Mt Oscar. Additionally, Magnetic South have relevant development experience and valuable connections to the steel industry in China.  Fox is working closely with Magnetic South as the development plan is set in action.

An independent scoping study completed in June 2009 highlights Mt Oscar’s great potential given its positive mineralogy and ideal location near substantial infrastructure. It was also shown to be amenable to conventional treatment methods with some optimisation.