Company Information for Giralia Resources NL

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Company Statement

Giralia Resources NL is an emerging mineral exploration company with an extensive suite of resource projects.

We are based in Perth, Western Australia and are actively exploring a high quality tenement portfolio, including several advanced 100% owned Iron Ore prospects which are the company’s major exploration and development focus. We have an experienced and skilled management team. This is at the forefront of ‘how we operate’ and is the key to our success in the resource sector, our understanding of the marketplace and emphasis on the acceleration of identified near term development opportunities.

Additionally, shareholders have exposure to an extensive multi commodity landbank of other exploration properties, including the Lake Frome uranium JV in South Australia, the advanced Snake Well gold project and Daltons nickel sulphide JV in Western Australia. We are well funded to accelerate development opportunities, having established a path to monetisation and a successful strategy for delivering shareholder value through priority IPO entitlements and in specie distributions in a series of commodity specific spin off’s from our extensive landbank. This spin off strategy provides a unique opportunity for exploration upside through our significant stakes in these ASX listed companies, all created from our multi commodity portfolio, and has resulted in the acceleration of several major drill intensive projects previously held by Giralia, toward development, while allowing the company to focus on its retained core assets.

Current Operations

Iron Ore
Beebyn-Weld Range
Giralia’s 100% owned Beebyn iron ore project in Western Australia’s emerging Mid West iron ore province comprises two zones of identified hematite iron ore mineralisation; a 6 kilometre long segment of the north-eastern Weld Range, immediately along strike from the Midwest Corporation Ltd and Sinosteel Corporation Joint Venture, and the Beebynganna Hills prospect, an 11 kilometre long iron formation range only 10 kilometres to the south of the Weld Range, where mapping and surface sampling by Giralia has outlined at least seven zones of unexplored high grade (>60% Fe) hematite mineralisation, including two zones with grades in excess of 65% Fe.

Western Creek
The Mineral Resource estimate to 27 February 2009 at Giralia’s Western Creek project is 52.4 million tonnes @ 56.7% Fe (estimated at a lower cut-off grade of 50%Fe).  This global resource includes higher grade zones of 32.6 million tonnes @ 58.3%Fe (at a 56%Fe lower cut-off grade), or 16.5 million tonnes @ 59.6%Fe (at a 58%Fe lower cut-off grade).

Earaheedy
Giralia's 100% owned tenements cover 570 square kilometres, including 130 strike kilometres of the most iron-ore prospective areas of the Miss Fairbairn Hills in the northern Earaheedy Basin, 100 km north of Wiluna, and 200 km south of Newman in Western Australia.  Past exploration work in the late 1970s, principally by Amax Exploration (Australia) Inc. ("Amax"), resulted in the location of widespread areas of hematite enrichment with surface grades up to 66% Fe.  A small program of shallow drilling by Amax returned intersections of 22 metres @ 56.5% Fe including 14 metres @ 59.3% Fe, and 4 metres (to end of hole) @ 60.4% Fe wholly within Giralia's current tenements. Giralia's mapping and rock sampling has confirmed high-grade outcropping hematite mineralisation.

McPhee Creek
Initial drilling in April 2008 by Giralia at McPhee Creek comprised 43 shallow RC holes testing the central 1.4 kilometre section of the main “Crescent Moon” mesa. Drill intersections from surface included 12 metres @ 56.1 % Fe, 10 metres @ 57.2% Fe, 14 metres @ 55.9% Fe. Selected new drill intersections are shown in the table on page 13.

Following data collection and validation, internationally recognised geological consultants CSA Global Pty Ltd (CSA) completed an initial resource estimate of 5.17 million tonnes @ 53.6 %Fe (60.4% CaFe) for the central portion of the McPhee Creek mesa drilled to date.

Yerecoin
Giralia's 100% owned Yerecoin project is located 10 kilometres east of New Norcia and 150 kilometres north of Perth, within 1 kilometre of existing rail access. Outcropping banded iron formations of the Archaean Jimperding Metamorphic Belt occur within the tenement area, and significant extensions beneath laterite cover are inferred from aeromagnetic interpretation.

Daltons Joint Venture (iron ore, nickel)
Giralia holds a 75% interest at the Daltons nickel Joint Venture with Haoma Mining NL (25% interest), located 150 kilometres south of Port Hedland in the Pilbara region of Western Australia. Haoma retains rights to gold/silver and tin/tantalum mineralisation.

Anthiby Well
Giralia’s Anthiby Well iron ore project is a new discovery of channel iron (CID) mineralisation located around 100 kilometres west of Paraburdoo in the Pilbara Region of Western Australia. An initial 87 hole drilling program was completed in December 2008. The Mineral Resource comprises mesas of pisolitic iron ore mineralisation. The mineralisation commences at or very near the natural land surface, to a maximum depth of approximately 40 metres. Better drilling intersections include; 32 metres @ 55.1%Fe including 24 metres @ 56.0%, 22 metres @ 56.3%Fe, and 18 metres @ 56.2%Fe.

Uranium
Lake Frome
The Company’s key Lake Frome Joint Venture is located adjacent to the operating Beverley in-situ leach uranium mine in South Australia. The mine owner, Heathgate Resources Pty Ltd (“Heathgate”), an affiliate of the US utility General Atomic, is the holder of one of the few export licences for uranium in Australia and manages a joint venture over Giralia’s tenements under which Heathgate can confirm a 75% interest by meeting all expenditure up to a decision to mine, with Giralia free carried at 25%.

Olary Project
The Olary area is prospective for hard rock and roll front uranium deposits. The northern Olary tenement is located approximately equidistant (35 kilometres) from Pepinnini Minerals’ Limited Crocker Well uranium deposit and from the historic Radium Hill uranium mine. Crocker Well contains 12.4 million tonnes @ 0.05% U3O8 and was the subject of a recently announced MOU with Sinosteel Corporation of China valued in excess of $30 million for a 60% interest. The Olary Project contains similar type and age rock sequences to those at Crocker Well and Radium Hill.

Gold
Snake Well
The Company’s advanced gold project at Snake Well is located in the Western Murchison Province, 450 kilometres north of Perth in Western Australia. The project covers an area of approximately 300 square kilometres and includes control of over 45 kilometres of strike of an undeveloped gold camp in the Archaean Tallering greenstone belt.

Gold resources at Snake Well comprise 170,000 ounces within 2.85 million tonnes @ 1.8 grams per tonne gold at Snake Well, in lode mineralisation and near surface laterite hosted mineralisation.

Yuinmery JV
Preliminary results from Pete’s Patch show an elongate gold anomaly (>1km) coincident with the granite-greenstone boundary and passing through the area of anomalous RAB intersections reported last year eg 5m @ 1.37grams per tonne gold. The peak result was 895 parts per billion (“ppb”) gold, although one sample returned nuggety gold values with maximum 7 grams per tonne gold (repeats 58 and 55ppb gold). Maximum copper was 0.114%copper.

Ashburton
Beasley West Project
The Beasley West tenement covers the area of a gold discovery made by prospectors, including a significant gold in quartz specimen (the ‘Snapping Duck’ specimen containing approximately 20 ounces of gold) plus numerous other near-surface gold traces widespread within an approximately 5 square kilometre area in the Ashburton district.

A total of 40 stream sediment samples were taken targeting the low grade metamorphosed basalts and spinifex textured flows which are postulated to host auriferous quartz veins. The results were varied with the maximum gold value returned being 113ppb gold. Additionally, 436 soil samples were taken. several of the results received in the first batch are considered anomalous, with values to 146 ppb gold.

Angelo Project
The Angelo project covers 40 kilometres of strike extensions just east of the Paraburdoo gold mining centre. The Nanjilgardy Fault zone, a major regional thrust fault, along which the Mt Olympus and Zeus ore bodies lie, is exposed for at least 15 kilometres into the Company’s Angelo licences, and is interpreted from aeromagnetic data to project beneath cover for a further 20 kilometres.

Munro Bore
The Company has sold the Munro Bore tenement to a private group which has excercised its option to purchase the tenement for $50,000 in cash payments (received) and a production royalty of $25 per ounce on the first 10,000 ounces produced and $10 per ounce uncapped on production in excess of 10,000 ounces of gold.

Nickel
Daltons JV
Giralia holds a 75% interest at the Daltons nickel Joint Venture with Haoma Mining NL (25% interest), located 150 kilometres south of Port Hedland in the Pilbara region of Western Australia. Haoma retains rights to gold/silver and tin/tantalum mineralisation.

Kathleen Valley & Mt Harris JV's
Joint venture operator, Xstrata Nickel Australasia (formerly Jubilee Gold Mines), has earned a 70% interest at Kathleen Valley and Mt Harris located approximately 5 kilometres north of the Cosmos nickel mine. Xstrata is continuing to sole fund exploration with Giralia diluting. A small known gold deposit (previously estimated resource of 56,000 tonnes at 2.75 grams per tonne gold) on Giralia’s tenements at the Main Road deposit and the Northeast Stockwork zone forms part of Xstrata’s larger Kathleen Valley Gold Project.Xstrata reports no field activity on gold and nickel prospects on Kathleen Valley joint venture.

Diorite Hill
Giralia holds tenure over a substantial portion of the large (120 square kilometre) Diorite Hill mafic-ultramafic intrusion located 25 kilometres east of Laverton. Previous exploration has defined both laterite nickel (including a small Inferred Resource of 62,400 Tonnes @ 1.04% nickel, and 0.183% cobalt beneath 20 metres of alluvium), and sulphide nickel- platinum targets. Review of past geophysical, drilling and geological data continued.
 
Cookes Creek, Western Extension JV
Hazelwood Resources Ltd (Hazelwood) is earning a 70% participating interest with Giralia free carried at 30% to decision to mine in a large tenement in the Pilbara region of WA. Hazelwood completed a major Hoist EM airborne electromagnetic (EM) geophysical survey over the JV tenement, which outlined several conductive responses of interest including a large conductor at the Copper Gorge prospect, and three conductors at Far West along the Cookes Creek ultramafic sequence to the west of Hazelwood’s 100% owned Anomaly Hill nickel sulphide deposit. Previous drilling at Copper Gorge has intersected copper (zinc) mineralisation (13.7 metres @ 0.47% copper including 1.5 metre@ 2.3 % copper, and 4.7 metres @ 2.24% zinc, 0.14 % copper and 8.4 grams per tonne silver). Hazelwood plans drilling of conductor targets on receipt of statutory and Native Title clearances.

Copper
Blue Rose JV
The Blue Rose copper–gold–molybdenum prospect on the southern joint venture tenement hosts a near surface oxide copper deposit and associated high grade copper–gold sulphide mineralisation, with previous drill intersections at Blue Rose including 41 metres @ 1.62% copper, starting from less than 10 metres below surface. Preliminary metallurgical testwork indicates the copper oxide mineralisation is amenable to conventional acid leaching. Beneath the oxide zones drilling has intersected copper-gold-molybdenum sulphide mineralisation, which is open to extension along strike.

Corktree JV
Giralia’s Corktree copper prospect is located 130 kilometres north west of Wiluna in Western Australia. PacMag reports that two immediate targets for follow up have been defined including the Corktree Well Prospect where previous drilling identified extensive near surface copper mineralisation including 24 metres @ 0.22% copper, 16 metres @ 0.26% copper, and 3 metres @ 1.6% copper. PacMag Metals Limited reports no field activities during the year.

Zinc
Cardinals Joint Venture Project
The Cardinals prospect is located immediately west of the Daltons joint venture and covers strike extensions to the host rocks of of CBH Resources Ltd’s Panorama-Sulphur Springs volcanic hosted massive sulphide style (“VHMS”) base metals project (Sulphur Springs resource of 15.5 million tonnes @ 3.5% zinc, 1.3% copper), which is located 35 kilometres to the north east. Zinc Co Australia Limited has agreed to farm in on the Cardinals prospect with Giralia retaining certain nickel rights. Private interests retain rights to a magnesite occurrence.

Conquistador Joint Venture
The Conquistador zinc Joint Venture covers most of the area of the Company's Snake Well gold project, excluding the mafic hosted Mixy, Calisi, Warren gold lode systems and the Lop and Buckshot laterite deposits.  Zinc Co Australia Limited ("Zinc Co") can earn up to 75% interest, with Giralia retaining certain gold exploration rights.

Overseas
Chile. Gold, Copper, Cobalt
Giralia continues to hold three mineralised properties in the coastal ranges north of Santiago in Chile, South America through the Company’s subsidiary, Minera Atacamena Ltda. Two projects (Buitre and Boldo) cover areas of historical high grade cobalt mineralisation in skarn/replacement style deposits and one (La Chica) covers an area highly prospective for Candelaria style iron-oxide copper-gold, and porphyry copper mineralisation. There was no work on these properties during the year.

Geographical Spread

Board of Directors and Key Management

Graham Douglas Riley	Chairman
Stanley Allan Macdonal	Director
Rodney Michael Joyce	Director
Mr Julian Goldsworthy	Exploration Manager
Mr Bruce Richard Acutt	Company Secretary

Company Address Level 2 33 Ord Street West Perth Western Australia, 6005 Telephone: 61 8 9481 4440 Facsimile: + 61 8 9321 0070 Email: info[at]giralia.com.au Website: http://www.giralia.com.au

Additional Address/Key Contact PO Box 1665 WEST PERTH WA 6872

Capital Fully Paid Ordinary Shares: 178,185,170

Annual General Meeting November

Year End 30 June

Major Shareholders

AMCIC GIRAF HLDGS B.V.	17,500,000	9.82%
BREAMLEA PL	9,952,570	5.59%
CITICORP NOM PL	9,928,676	5.57%
HSBC CUSTODY NOM	8,021,944	4.50%
MACDONALD STANLEY ALLAN	6,159,520	3.46%
NATIONAL NOM LTD	5,348,597	3.00%
YANDAL INV PL	5,208,468	2.92%
RILEY GD + AM	3,388,952	1.90%
HSBC CUSTODY NOM AUST LTD	3,276,725	1.84%
GREY WILLOW PL	3,000,783	1.68%

Related News

30/09/09 - Giralia Runs Scoping Studies On Two Iron Ore Projects With A View To Fast Tracking Production
20/05/09 - Giralia Prefers To Take Profits On Its Assets Rather Than Mine Them.
02/09/08 - Investors Who Haven’t Done The Numbers On Giralia Resources’ Iron Ore Properties Might Be Missing A Trick

Most Recent Statement

12/03/10 - Iron Ore drilling and development update
09/02/10 - YERECOIN MAGNETITE PROJECT SCOPING STUDY OUTCOMES
28/01/10 - Quarterly Activities and Cashflow Reports
12/01/10 - Thick hematite zones in early Earaheedy drilling results
17/12/09 - Mt Webber Deposit Scoping Study Outcomes
15/12/09 - MAIDEN IRON ORE RESOURCE ESTIMATE FOR MCPHEE CREEK MAIN RANGE DEPOSIT