/ CORPORATE GOVERNANCE

The board of Magnetite Mines Limited ABN 34 108 102 432 (Company) has adopted a suite of governance charters, policies and procedures to ensure that it has an appropriate corporate governance framework in place.

In establishing its corporate governance framework, the Company has referred to the recommendations set out in the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations 4th edition, a copy of which can be found here.

The Company makes the following information on its corporate governance practices available:

Overview

Overview

Magnetite Mines Limited is a mineral exploration company exploring for magnetite – iron ore in South Australia.

Our main focus is the Razorback Iron Project, a very large magnetite province located 240km NNE of Adelaide, South Australia – 100% owned and operated by Magnetite Mines Limited. The project has a JORC 2012 compliant resource of over 3 Billion tonnes (Indicated and Inferred) at the Razorback Ridge Deposit (Razorback) with an additional 1.2 Billion tonnes (Inferred) in the nearby Ironback Hill deposit for a total of 4.2Bt (Indicated and Inferred)1. The Razorback Iron project occurs in an infrastructure rich area that has access to nearby existing open user rail, port, power, gas, heavy engineering and dormitory towns

Strategy

Magnetite Mines Limited is funded by its shareholders and asset sales. The company’s strategy is to pursue mineral commodities, in particular Iron Ore, that it believes can return shareholder value through development into a mining operation. Where project development post exploration is not deemed viable under the company’s criteria, the project is sold to enable the company to focus on those that are likely to succeed.

Business Objectives

With the finalisation of resource definition and Pre-feasibility Study, Magnetite Mines Limited objective is to now find a strategic, financing partner to develop it into a magnetite concentrate producer. This will be done by offering direct ownership in the project through funding of the Feasibility Study and committing to debt funding for project construction. Iron ore pricing and, more significantly, views on economic growth and therefore iron ore demand, will impact on Magnetite Mines Limited ability to secure that partner.

Magnetite Mines will continue to pursue other opportunities, including additional magnetite prospects in the Braemar Iron Province and surrounding areas.

Over the next year, Magnetite Mines expects to focus principally on the promotion and financing of the Razorback Iron Project while optimising and progressing low-cost metallurgical and exploration studies.

Corporate Directory

DIRECTORS
  • PETER SCHUBERT
    Executive Chairman & CEO
  • MARK R EAMES
    Executive Director
  • MALCOLM J RANDALL
    Non-Executive Director
COMPANY SECRETARY

FRANK DEMARTE

STOCK EXCHANGE LISTING

Australian Securities Exchange Ltd (ASX)
Code: MGT

PRINCIPAL REGISTERED OFFICE
  Suite 1, 1st Floor, 22 Greenhill Road, Wayville, Adelaide SA 5034
  PO Box 1014, Canning Bridge Applecross, Western Australia 6153
  (+61 8) 8427 0516
info@magnetitemines.com
SHARE REGISTER
  Computershare Investor Services Pty Limited

Level 11, 172 St George’s Terrace
Perth Western Australia 6000

  GPO Box D182, Perth Western Australia 6840
  1300 850 505 or  (+61 8) 9415 4000
  (+61 8) 9323 2033
  perth.services@computershare.com.au
  www.computershare.com.au
AUDITORS

Stantons International

Level 2, 1 Walker Avenue
West Perth Western Australia 6005

Policies & Procedures