Perth, April 27, 2012 (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.

Highlights of the Quarter include;

- Consistent with guidance, 1.21 Mt (WMT) shipped during the March 2012 Quarter; impacted predominantly by Tropical Cyclones Heidi and Lua, and the unplanned breakdown of the Utah Point ship loading facility in January 2012

- Atlas remains on track to ship approximately 5.5 to 5.7Mt (wet) for the 2012 financial year

- Atlas achieved an average price per tonne for its 57.5% Fe product of ~ USD 124 CFR (DMT) for the March 2012 quarter

- Cash operating costs (FOB, excluding royalties) remain consistent with guidance for the 2012 financial year of $42-45/t, despite lower shipped volumes in the March 2012 quarter

- Acquisition of iron ore rights on the Daltons Joint Venture at the Mt Webber DSO project

- Yerecoin magnetite project sale completed and the Balla Balla magnetite project sale is expected to be completed in the June 2012 Quarter

- David Flanagan appointed as Executive Chairman, Ken Brinsden appointed Managing Director and ex-Fremantle Port CEO Ms Kerry Sanderson AO appointed as an independent non-executive director

- Subsequent to the end of the March 2012 Quarter Atlas entered into a binding Memorandum of Understanding with QR National (ASX:QRN) to progress the feasibility of an independent railway in WA?s Pilbara region

- Abydos and Mt Dove DSO projects approved for investment

- An announcement on the Horizon 1 (North Pilbara expansion projects) was released on 27 April 2012

- $362 million cash on hand at 31 March 2012

To view the complete Atlas Iron Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-AGO-587030.pdf



Link: http://www.abnnewswire.net/media/en/docs/ASX-AGO-587030.pdf

About Atlas Iron Limited:

Atlas Iron Limited (ASX:AGO) is mining and exporting from its 100%-owned Pardoo and Wodgina Iron Ore projects, located 75 kilometres and 110km by road from Port Hedland in the Pilbara region of Western Australia. In the 2009/10 financial year Atlas shipped over 1.2 million tonnes of Pardoo Direct Shipping Ore (DSO). Atlas is expanding its production from its Wodgina and Pardoo DSO mines following the commissioning of the Utah Point port facility and is targeting exports at an annualised rate of 6 million tonnes by the end of 2010. When combined with additional export tonnages from its Abydos & Mt Webber DSO Projects, the Company is targeting exports at an annualised rate of 12 million tonnes during 2012.

Source:

Atlas Iron Limited

Contact:
Atlas Iron Limited
T: +61-8-9476-7900
F: +61-8-9476-7988 
WWW: www.atlasiron.com.au