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Kings Minerals' rock chip samples indicate DSO potential at Mt. Philp Iron Prospect

Last updated: 00:01 15 Nov 2010 EST, First published: 23:01 14 Nov 2010 EST

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Gold and metals exploration and development company Kings Minerals (ASX: KMN, TSX.V: KMN) has received rock chip sample results from the Mt Philp Iron Prospect located in Queensland with sample grades from Zone 1 averaging 53% iron and having potential for Direct Shipping Ore (DSO).

Mt Philp is located 8km northwest of Kings’ Kalman Molybdenum-Rhenium-Copper-Gold Deposit and 57km southeast of Mount Isa.

The Mt Philp Iron Prospect occurs within EPM 14232 Trafalgar (100% Kings Minerals (ASX: KMN)), which is located within 25km of the Mt. Isa – Townsville highway, rail and electricity supply infrastructure.

Low capital-intensity regional exploration has continued across the company’s Australian project portfolio. The sampling covered a 3.7km strike length of haematite bearing outcrop, and revealed three zones classified by varying silica content.

Analysis of rock chip samples taken from that work program has identified the potential for a significant iron ore discovery in the Mount Isa field.

The removal of silica is typically not a complex process. Test work using conventional methods is planned to evaluate material from each of the three zones, with the aim of producing a premium grade iron pellet suitable for direct reduced iron production.

Other contaminating elements are not present in concentrations that would require additional treatment.

If the preliminary beneficiation test work is satisfactory, a relatively low capital cost first stage drill programme will be considered, to establish an initial resource estimation.

The average width of the ironstone is 30m. Where previous drilling has intersected the haematite zone it has known dip continuity for 50m.

Individual iron grades vary from 18 to 63%. Along the strike of the deposit the distance weighted average surface grades vary from 53% Fe in Zone 1 to 46%Fe in Zone 2 and 29%Fe in Zone 3.

The haematite is extremely pure with no significant contaminants and only silica as the primary gangue. Zone 1 has been identified as having potential for Direct Shipping Ore.

Along with its Queensland projects, Kings Minerals is currently focused on developing the Cerro del Gallo gold/silver project in the central state of Guanajuato, Mexico.

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