Grange Resources Limited announced Savage River Underground Prefeasibility Study Results. An underground concept study and a mining options study was commissioned in 2018 to evaluate the potential for underground mining at Savage River's North Pit. This suggested that underground mining Block Cave (BC) or Sub Level Cave (SLC) could be a viable and economically attractive alternative to increasing the depth of the North Pit. A Prefeasibility Study (PFS) was commissioned by Grange to investigate the viability of an underground mine and commenced in 2019. Current mining operations comprise two active open pits, North and Centre Pits. North Pit is approximately 360 metres in depth and future cutbacks and extensions have the potential to extend to approximately 450 metres below the natural land surface. North Pit is the primary ore source, producing approximately 5 million tonnes per annum of ore. A concept study and a mining options study was commissioned in 2018 to evaluate the potential for underground mining. This recommended that underground mining using Block Cave (BC) or Sub Level Cave (SLC) could be viable and competitive with the life of mine North Pit. A Prefeasibility Study (PFS) was commenced in 2019 to investigate the viability of underground mining below the current North Pit. An Exploration Decline was developed from March 2019 to September 2020 and included 2,423 metres of development, 11,340 metres of resource drilling and collection of a 20,000 tonne bulk sample of ore. The decline portal was located in the south-east corner of North Pit with the decline developed in the eastern wall of the pit and traversing from the southern end of the resource to the north. The ground conditions encountered are similar to what was expected from the drilling and geotechnical interpretations. The decline ground conditions have generally been considered good and hydro- geological observations indicated that the eastern wall is generally tight and dry. A Bulk Sample Drive (BSD) was developed through the ore at the -60mRL. Several breakaway headings were developed successfully from the BSD to test intersections and breakaways in the ore. The ground conditions in the ore ranged from fair to very poor. The Savage River Mine and concentrator plant is located in north-west Tasmania, approximately 100km south-west by sealed road from Burnie. The Mine has been in operation for more than 53 years, extracting magnetite from a series of open pits. Grange owns the mine and the downstream processing facilities which include a concentrator on site and a pelletising plant at Port Latta which is located on the Bass Strait coast. The pelletising plant and dedicated port facilities at Port Latta are located 70 kilometres northwest by sealed road from Burnie. Magnetite concentrate slurry is pumped from the mine to the pelletising plant through an 85km pipeline. The pipeline currently has capacity for delivering up to 2.75 million tonnes per annum.