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ATLAS IRON LIMITED (ASX CODE: AGO)

MPJ's investment in Atlas Iron Limited (Atlas) has been significantly reduced over the 2009 calendar, where MPJ took advantage of historical high prices in Atlas shares to realise profits.

MPJ currently holds 0.24m shares in AGO as at 30th September 2009.

Atlas is an emerging Iron Ore producer with a growing portfolio of resources defined with strong growth potential, a world class Magnetite deposit, and over 8,900km2 of iron ore mineralised tenure within Western Australia.

Atlas exports iron ore from the Pardoo DSO Iron Ore Project, which is approximately 75km from the established public access port of Port Hedland. The company anticipates the commencement of its second operation, at Wodgina 100km south of Port Hedland, in Q1 2010.

The Pardoo Operation is exporting iron ore at 1 million tonnes per annum. With increased production from Pardoo, and commissioning of new mines at Wodgina and Abydos, this is anticipated to grow to 6 million tonnes per annum and then double to 12 million tonnes per annum by 2012.

www.atlasiron.com.au