INTERVIEW WITH MR. JOHN KARAJAS, MANAGING DIRECTOR OF RED RIVER RESOURCES LIMITED (RVR)

“Recent Drilling at Kara North Reveals Good Results”

http://www.brr.com.au/event/51816

FRIDAY, SEPTEMBER 26, 2008, 1:40 PM.

            BRR    Good afternoon and welcome to Boardroom Radio. Today we’re talking with John Karajas, Managing Director at Red River Resources. Good afternoon,

10                    John. Thanks for your time.

            RVR    Hi. Good afternoon, Tom. It’s a pleasure.

            BRR    John, recent drilling at Kara North has revealed significant results, can you give us some more details on this?

15        RVR    Yes, the Kara North prospect, which is about 25 kilometres south of Burnie, has the initial analytical results for the first few of the drillholes we’ve put down there, including one intersection of 43 metres at 41% iron and 40 metres at 54% iron in magnetite mineralisation. Now, this is in a kind of deposit called a skarn, which we would have to crush and grind and separate

20                    out the magnetite by magnetic separation, and these results for skarn magnetite deposits are good.

            BRR    Okay. And, John, what will the next steps be?

            RVR    We’re waiting on more drillhole intersections. We’ve sent off the samples to

25                    the laboratory. These analyses are due to arrive with us in the next week or so. We’re going to be calculating out the numbers. We’re pretty confident that we’ll get more intersections of the kind we’ve just announced today. We believe that there are some millions of tonnes of magnetite-bearing rock at Kara North, and we will be able to confirm that as we get further information.

30                    After that, we intend to carry out metallurgical evaluation of how easily the magnetite liberates out of the rock. And we anticipate that it would be able to liberate at a relatively coarse grain size, which would mean less capital outlay and less operating cost in terms of extracting the material out of the rock. So, taking into account that we’re very close to a railway line and only 25

35                    kilometres from the south of port of Burnie, it bodes well for a commercial operation.

            BRR    John, thanks for your insight and thanks for your time. Listeners, that was John Karajas, Managing Director at Red River Resources. If you have any

40                    questions for John or you’d like more information about this broadcast, please e-mail at brr@brr.com.au. I’m Tom McKay. Thanks for listening to Boardroom Radio.

INTERVIEW CONCLUDED

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