To our stakeholders,

On 25 September 2009, CITIC Pacific Mining Management Pty Ltd became aware that a letter may have been circulated falsely stating that a Mr Theo Tapp and a Mr James West were agents of CITIC Pacific Mining Management Pty Ltd and authorised to sell and export its Magnetite Iron Ore to the market.

CITIC Pacific Mining Management Pty Ltd advises that:

1. It has no relationship nor affiliation in any way whatsoever with Mr Theo Tapp and/or Mr James West.

2. No such letter has been issued by the company. CITIC Pacific Mining Management Pty Ltd has reason to believe that the letter is a forgery and is conducting further investigations.

3. Mr Theo Tapp and Mr James West are not authorised by CITIC Pacific Mining Management Pty Ltd to act as its agents in any dealings with the company and are not authorised to sell and/or export its Magnetite Iron Ore.

4. CITIC Pacific Mining Management Pty Ltd, its affiliates, directors, officers, employees (and those of its related companies) will not be held responsible or liable for any loss or damage suffered as a result of any reliance on that letter (or the above misrepresentations concerning Mr Theo Tapp and Mr James West), which it was not previously aware of and has not authorised.

5. CITIC Pacific Mining Management Pty Ltd reserves its rights to pursue all rights, remedies and protections available to it.

6. Any inquiries should be directed to Andrew Smith, Media and Communications Manager,  andrew.smith@citicpacificmining.com