Macarthur Minerals Limited

Macarthur Minerals Limited

January 18, 2010 10:14 ET

Macarthur Minerals Limited: Hematite Mineralisation Discovered at Moonshine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2010) - Macarthur Minerals Limited (TSX VENTURE:MMS) is pleased to advise that outcropping hematite has returned an average grade of 58.8% Fe (range 51.5% to 62.1% Fe) from 18 surface rock chip samples for the Moonshine prospects at its Lake Giles Project. The iron (Fe%) assays were accompanied by low phosphorous levels of 0.05% P and 6.8% SiO2.

Mr Alan Phillips stated, "We have now discovered three significant hematite occurrences that have the potential to deliver Direct Shipping Ore ("DSO") to the Lake Giles project. This will have obvious economic benefits and will now be the exploration focus for the start of the 2010 drilling programme."

The hematite discovered at Moonshine is in addition to the hematite mineralisation reported on December 8, 2009 for the Banjo and Red Hill occurrences. A summary of the mapping and sampling results of the three areas is detailed below:

Mapping Grade (Average)
Hematite No. Length Width
Occurrence Samples (m) (m) Fe% P% SiO2%
Moonshine 18 500 25 58.8 0.05 6.8
Banjo 22 700 35 57.5 0.06 8.8
Red Hill 24 400 20 57.3 0.06 7.1

Further hematite targets have been identified and evaluation of these targets will continue via systematically mapping and sampling over the next few months. The depth of the surface hematite is unknown as no drilling has been completed within the areas of outcropping haematite mineralisation.

The results are of similar grade to some of the iron ores being mined elsewhere in Western Australia and indicate that there is potential for the identification of direct shipping ore (DSO) in the Lake Giles Project.

On December 2, 2009 the company released an Inferred Mineral Resource of 511 million tonnes at 27.8% Fe for the Moonshine project which increased the company's total Inferred Mineral Resource estimate for the Lake Giles project to 1,051 million tonnes at 28.3% Fe.


Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and a consultant geologist, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), in charge of the exploration on the Lake Giles project.

On behalf of the Board of Directors,


Alan Phillips, President, Chairman & CEO

ACN 103 011 436

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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