Magnetic Resources NL : - Executes Option Agreement Over Nicholson Well Project

Magnetic Resources NL (Magnetic or the Company) is pleased to announce that it has exercised an option to purchase the Nicholson Well project (M38/1041) located at the northern part of the highly promising 3km long gold mineralised HN9 Project.

The consideration paid is $30,000 plus the issue of 200,000 fully paid ordinary shares to the vendors Messrs Christopher Flesser and James Hanna.

Managing Director Mr George Sakalidis commented 'the acquisition of the Nicholson Well project continues to build on the Company's strategy of acquiring promising gold prospects at HN9 and adding value through targeted exploration as we move to resource definition and production.'

This announcement has been authorised for release by Managing Director George Sakalidis.

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