Company Information for Atlas Iron Ltd

ASX-AGO

www.atlasiron.com.au

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ASX; AGO

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Company Statement

Atlas Iron is an active explorer focused on discovery and development of iron ore projects. The Company is due to start exporting in December 2008. With a growing number of high quality iron ore projects and one of the largest landholdings in the Pilbara located close to infastructure, the Company is effectively defining resources and reserves, capable of being mined with relatively low capital expenditure.

Atlas has demonstrated that there is an important role to play for new mining companies in the iron ore business. As well as generating real value for shareholders the company is intent on creating a lasting positive impact on the social infrastructure of the region.

Atlas is an active explorer and developer focused on discovery and development of iron ore projects. The Company is due to start exporting in December 2008. With a growing number of high quality iron ore projects and one of the largest landholdings in the Pilbara (9,600km2) located close to infrastructure, the Company is effectively defining resources and reserves, capable of being mined with relatively low capital expenditure.

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.

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.
To date Atlas has identified thirteen iron ore prospects within the project area. These have been variably tested from prospect surface mapping and rock chip sampling through to drilling. By early 2006 Atlas had completed three drilling campaigns within the project area with over a total of 230 RC holes for 10,000 m being completed. Drilling has returned encouraging intercepts from all prospects with best results returned including;

BOBBY
    * PDRC061, 52m at 60.6% Fe
    * PDRC105, 42m at 61.8% Fe
    * PDRC106, 38m at 61.6% Fe

Mineralisation at Bobby is open at depth.

SOUTH LIMB
    * PDRC096, 46m at 61.4% Fe
    * PDRC081, 40m at 59.1% Fe

Mineralisation at South Limb has been identified to date as 250m long but remains open at both ends.

ALICE
    * PDRC167, 12m at 61.7% Fe
    * PDRC168, 16m at 60.5% Fe

Currently Atlas is working on defining the resource potential at several of the prospects at Pardoo particularly at the Bobby and South Limb Prospects. Exploration including interpretation of remotely sensed data and ground geophysics is also continuing on the discovery and testing of further iron ore enrichment within the highly prospective Pardoo/Goldsworthy Project area.

Hedland Project - Abydos
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.

Exploration to date has been focused on iron mineralization within the prospective Pincunah and Paddy Market BIF - rich sequences known as the Pincunah and Lalla Rookh Trends respectively.

A total of 29 DSO target/deposits have been delineated within these areas, ranging from potential mineralization interpreted from remotely sensed data (i.e. Landsat, aerial photography & aeromagnetitics) through to resources defined by RC & diamond drilling.

The current resource inventory for Abydos is 15.1 Mt @ 56.9% Fe with the majority located on the Lalla Rookh Trend and within the Trigg Deposits. Reserves of 7.4 Mt @ 58.1% Fe are contained within an optimized pit design on the Trigg Deposit.

Current estimate of total target potential for Abydos Project after only 12 months exploration is in the range 25 - 55 Mt.

Regional Exploration
Atlas Iron Ltd has a large tenement package that is highly prospective for iron ore. The company's tenements are predominantly located in the North East Pilbara and Atlas has also acquired two advanced iron ore projects in the Mid West region of Western Australia.

Both regions are rugged, sparsely populated, vastly under explored and are capable of providing enormous reward for the persistent and effective explorer. Recent state government support for multi user infrastructure in Port Hedland and Geraldton is to be commended. It will further encourage private sector capital investment in exploration and project development as well as associated service industries. Atlas has been aggressively exploring its prospective Pilbara landholdings with outstanding results. The company will continue and accelerate these efforts over the coming year and has its sights set clearly on moving into the production of Direct Shipping Iron Ore (DSO) during the latter half of 2008.

Atlas sees it has a distinct advantage through the quality of its landholding and access to existing and proposed infrastructure. These two factors, amongst others, will facilitate getting into the market in a timely manner, realising operating margins quickly and subsequently seizing further growth opportunities for the benefit of its shareholders.

Hedland Project
Atlas' focus has been on assessing the potential of isolated outcrops of Channel Iron Deposit (CID) material interpreted as remnants of the Poondano paleodrainage system. In total 8 surface rock chip samples have been collected during previous reconnaissance surveys. Best result returned was 58.1% Fe from Lena prospect. Follow up drilling (completed in 2005/06) totalling 12 holes for 338m returned best intercepts of 8 m @ 53.99 % Fe and 4 m @ 56.08% Fe. Evaluation of possible effective and inexpensive beneficiation options as well as further work on targets within the project areas is planned for the coming year.

Turner River
Located approximately 50km south of Port Hedland the project area is considered prospective for hosting economically exploitable CID Deposits. The most significant of these recognised to date is the Mount Wallareenya Prospect which forms a narrow ridge some 1.5 km long, up to 100m wide and up to 12 metres thick.

Rock chip samples returned values ranging from 52 to 59% Fe. Best intercept returned was 12 metres @ 54.07% Fe from surface in WLRC025 and included 4 metres @ 57.45% Fe from 6 metres.

Farrel Well
Located some 100km south east of Port Hedland the project area considered prospective for hosting a commercial iron ore operation. Atlas has delineated several areas of iron enrichment, with the largest of these, the Grant prospect, scheduled for drilling during 2008.

White Springs, Western Shaw and Hillside
The Projects are a group of three exploration license applications that are located between 150 to 210 kilometres south and south-southeast of Port Hedland in the southern part of the Eastern Pilbara Craton. Lower Hamersley Group sediments lay unconformably onto the Pilbara Craton either within the southern parts of the tenements or immediately to the south of the tenements. Some 7 CID deposits have been identified in the Western Shaw Project area and rock chip sampling has returning results up to 62.66 % Fe.

Shaw River Resources (ASX Code SRR)
Shaw River Resources was listed to explore for non iron ore minerals across Atlas' expansive tenement holding. In exchange for transferring Non Fe rights to SRR Atlas holds 22.5 million shares at 20 cents. Atlas has one director on the board of Shaw and would like to acknowledge the excellent efforts of Managing Director, Vincent Algar and his team in their exploration efforts over the year.

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
10 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

03/10/08 - Pardoo Receives Environmental Approval
02/10/08 - Ridley Magnetite Resource Upgrade
25/09/08 - Pardoo DSO Project - Mining Team Mobilised to Site
23/09/08 - Annual Financial Report for the year ended 30 June 2008
11/09/08 - SRR: Capital Raising to Fund Manganese Exploration Campaign
06/08/08 - Abydos Magnetite Joint Venture with FMG

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