The Mt Oscar magnetite project continues to draw significant interest from potential investors, including state-owned entities and private companies. 

On 18 March 2009, Fox announced an Inferred resource of 72.4 million tones @ 34% Fe¹.  The Company has an exploration target of between 800 million and 1.2 billion tonnes² based on the 8km of strike length yet to be drilled, along with geophysics, field mapping and reconnaissance by Fox staff.

A scoping study at Mt Oscar, completed in June 2009, described the project as positive with great potential for success and has recommended proceeding with pre-feasibility studies.

¹ A full resource statement for the Mt Oscar project is contained in the ASX release by Fox on 18 March 2009.
² The potential quantity and grade of the untested areas of the Mount Oscar project is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.