Company Information for Atlas Iron Ltd

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www.atlasiron.com.au

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Company Statement

Atlas Iron Limited's projects are predominantly located within the highly prospective Northeast Pilbara region of Western Australia. Atlas' projects cover around 5000 km2 of ground prospective for iron ore, gold and base metals. Atlas will continue to actively pursue and explore well located prospective tenements in this region.

Current Operations

Exploration during 2007 will focus on iron ore projects at Pardoo, Hedland and Turner River.

Pardoo Iron Ore Project
The Pardoo Project is located approximately 50 km east of Port Hedland. Access to the project is via the Great Northern Highway which transects the southern portion of the project area.

The project area lies within the Ord Range Greenstone Belt that comprises predominantly of the Nimingarra Iron Formation. Strike equivalents of this formation host BHP Billiton Ltd (BHPB) Goldsworthy, Shay Gap and Yarrie Iron Ore operations and the De Grey Mining Ltd's Turner River gold deposits which lie to the east and southwest of the Pardoo/Goldsworthy Project area respectively.

The project area was explored for iron ore by BHP Goldsworthy operations up until 1994. During this time several areas of surface enrichment were identified. Atlas has focused exploration work on these areas with rock chip sampling, mapping and drilling.

Atlas is confident that the project area is prospective for in excess of 10 million tonnes of direct shipping iron ore (DSO). The close proximity (<75km) of the public access port of Port Hedland and adjacent bitumen road will support a mining operation at Pardoo without any significant capital upgrade.

Hedland Project
Atlas Iron's Hedland Project extends between the south western corner of its Pardoo/Goldsworthy Project in the north and it's Turner River Project in the south. The project covers an area of 450km2 only 40km south east of Port Hedland. This Project area is part of a contiguous tenement holding over 100 km long and all within a 100 km radius of the public access port at Port Hedland.

This project area is highly prospective for hosting channel iron style deposits (CID). These are iron–rich pisolite deposits similar in nature to the Robe River deposits. The pisolite deposits within the Project area are part of an inverted palaeo-drainage known as the Pundano system.

Turner River Project
Atlas reached an agreement with De Grey Mining Ltd, as announced 21 st September 2005, to acquire 100% of the iron ore rights to 413km2 of its Turner River tenements.

Located 50km south east of Port Hedland the area hosts the Wallareenya Iron Ore prospect. Preliminary site investigation has included collection of six grab samples along the interpreted two kilometre strike of mineralization. Three samples exceeding 55% Fe averaged 57.3 % Fe, 5.12% Al2O3, 4.43% SiO2 and 0.08% P. The tenements are prospective for Channel Iron Deposits (CID) of the style currently being mined at Robe River, Yandi and Yandicogina by BHP Billiton and Rio Tinto.

With a potential strike of 2 km the Wallareenya prospect and surrounding area fit well with the company's strategy of building sufficient resources within commercially viable trucking distance of Port Hedland to start a mining operation.

Abydos Project
Located 130km south of Port Hedland, the northern portion of the Abydos Project area overlies part of the Pincunah Greenstone Belt. The southern part of the project area overlies the Abydos Greenstone Belt. Both belts contain rock sequences belonging to the Sulphur Springs Group. The Sulphur Springs Group is dominantly volcanic and overlies the Euro Basalt in the Pincunah, Soanesville, East Strelley and Warralong Greenstone Belts. All of the major nickel occurrences (Abydos, Abydos A, Abydos B, Camel Flat, Soanesville, Strelley, and Strelley Gorge) in the is parat of the east Pilbara Block are associated with ultramafic sequences of the Sulphur Springs Group.

Mt Minnie Project
In 2003 Pandell Pty Ltd (a company associated with D O'Meara) carried out a programme of aircore drilling that targeted three aeromagnetic bullseye anomalies not tested by WMC. First pass results from one of these prospects returned 8m at 0.24g/t gold from 12m and anomalous results of 0.1-0.24 g/t gold over the remaining 48m of the hole. It is the opinion of the Independent Consulting Geologist that these results are encouraging and that they require follow up drilling to determine the extent of the open-ended anomalism.

The tectonic setting and geochemical signature of the rocks combined with localised copper anomalism suggest the Mt Minnie Project area is highly prospective for iron-oxide gold-copper deposits. Detailed compilation of the significant amount of data Atlas now holds on the Mt Minnie prospect will allow exploration to commence on site within three months of listing.

Farrell Well Project
The Farrel Well project is located 100 km south east of Port Hedland in a regional geological setting analogous to the recently discovered Wingina gold deposit. The project is considered highly prospective for Archaean gold, VHMS style base metal, intrusive hosted PGE/Cr/Ni-Cu and iron ore deposits. Of particular importance are the high order gold in soil and RAB drilling anomalies located in the Cleaverville Chert that is host to the Wingina Well and Turner River gold deposits. Adjacent ultramafic and intermediate volcanic rocks and minor local granites add to local similarities.

The western half of the Farrel well project contains the Pear Creek region which is highly prospective for a wide range of mineral commodities including nickel, gold, copper, platinum group elements, chromitite and potentially iron ore. Pear Creek covers the western portion of the same greenstone belt which to the east hosts the Bamboo Creek Gold Mine, nickel-sulphide resources as well as the Spinifex Ridge Molybdenum Project. Moly Mines Ltd’s Spinifex Ridge Project contains an inferred resource of 281 million tones at 0.1% Cu, 0.07% Mo and 1.9 g/t Ag. This is reported to be one of the largest undeveloped porphyry Mo-Cu resources in the world. Other target styles of gold mineralisation identified at Farrel Well include shear hosted mineralisation within mafic-ultramafic host rocks and mineralisation associated with the sheared margins of internal granitic intrusions.

Western Shaw and Hillside Projects
The Western Shaw and Hillside Projects are located approximately 185km south east of Port Hedland. The Western Shaw tenement lies 11km east of the Great Northern Highway and the Mount Newman Railroad transects the northern portion of the tenement. The Hillside tenement lies a further 40km to the east. Lying over the rough terrain of the Chichester Ranges access to target areas within the tenements proved difficult.

The project areas were pegged by Atlas in early 2005 over vacant ground considered prospective for Channel Iron Deposits (CID). These geologically prospective CID units were targeted from recently released government mapping and remote sensing interpretations.

Atlas used a helicopter reconnaissance and sampling program to identify 7 channel iron deposits in the Western Shaw Project area and rock chip sampling has returning results up to 62.66 % Fe. Only one target was identified and sampled within the Hillside Project area.

Pearana Project
The Pearana Project is located in the Gregory Range Complex that forms the eastern margin of the Pilbara Craton. Yeneena Group rocks (Goodhenama Formation) that are the lowermost parts of the Paterson Province (host of the giant Telfer gold - copper deposit and Nifty copper mines) unconformably on-lap onto the Pilbara at this point.

The northern part of the Gregory Range Complex is the loci of the Braeside Lead Field that was worked at various times, mainly between 1925 and 1951 resulting in the production of about 3 000 tonnes of high grade argentiferous galena (silver lead ore), most of which was produced from the Ragged Hills Mine.

Geographical Spread

Western Australia

Board of Directors and Key Management

Directors
David Nixon	Non‑	Executive Chairman
David Flanagan	Managing Director
Geoff Clifford	Non‑	Executive Director
David Hannon	Non‑	Executive Director
Jyn Sim Baker	Non‑	Executive Director

Management
Tony Walsh	Company Secretary
Mark Gunther	Exploration Manager
Ken Brinsden	Operations Manager
Mark Hancock	Chief Financial Officer
Garry Plowright	Land Access and Approvals Manager

Company Address

Ground Floor
25 Richardson Street
WEST PERTH, Western Australia, Australia 6005


Telephone:	+61 8 9476 7900
Facsimile:	+ 61 8 9476 7988
Email:	atlas[at]atlasiron.com.au
Website:	http://www.atlasiron.com.au

Additional Address/Key Contact

PO Box 223
WEST PERTH
WA 6872, Australia

Capital

As at 20th August 2007
Ordinary Shares - 162 Million

Year End

30 June

Nominated Advisors

Peregrine Corporate
1233 High Street
ARMADALE VIC 3143
Australia

Broker/Analyst Reports

07/09/07 - Hartleys Limited

Major Shareholders

IMC Group	17%
LinQ Resources Fund	13%
Merrill Lynch	9%

Most Recent Statement

06/08/08 - Abydos Magnetite Joint Venture with FMG
06/08/08 - BCI: North West Iron Ore Alliance Port Infrastructure
01/08/08 - June 2008 Quarterly Activities Report
30/07/08 - Abydos DSO Project Pre Feasibility Study Update
30/07/08 - BUX: Sale of Tenement - Western Shaw
28/07/08 - 1.3 Billion Tonne Ridley Magnetite Resource

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