Australasian Resources Limited, through its wholly owned subsidiary International Minerals Pty Ltd, plans to develop the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia. The Balmoral Resource is located approximately 80km southwest of the town of Karratha and 30km from a port currently under construction by CITIC Pacific Mining Management Pty Ltd (CPMM) at Cape Preston, as part of the Sino Iron project located next to the Balmoral South Iron Ore Project.

International Minerals Pty Ltd has the right to mine 1 Billion tonnes of magnetite ore from which it plans to produce 12Mtpa of high grade concentrate and pellets over a 25 year span. The company has completed a Feasibility Study on the project and is well advanced in obtaining the relevant approvals for the project.

In September 2011 ARH have executed a non binding MOU with Mineralogy Pty Ltd whereby our subsidiary and project company International Minerals Pty Ltd (“IM”) will have access to 2 billion tonnes of iron ore. Final details are being worked out between the companies in order to finalize a binding agreement.

In addition, the other signatories to the MOU are MCC HK, a subsidiary company of MCC of China whereby MCC HK has agreed to assist IM to raise 75% of the project cost by way of export credit from Chinese banks.

The Company has a number of non-iron ore assets including:

• Sherlock Bay Nickel Project;
• Mt Salt Uranium, and
• Cat Camp Nickel Project.