Surefire Resources NL announced the initial results update from the ongoing Victory Bore resource estimation. The resource estimation has increased the confidence level of the resource categories being upgraded to result in 87.1Mt @ 0.40% V2O5 to the Measured and Indicated resource category in preparation for an economic pre-feasibility asses ment. The resource estimate is a 56% tonnage increase to the previous 2012 estimate of 151Mt @
0.44% V2O5 for Victory Borei and is additional to the contiguous to the south, Unaly Hill Project resource of 86Mt @ 0.42% V2O5 . Additional estimation results for iron, titanium, nickel, copper, cobalt, aluminium and phosphate should be completed within the week. The resource estimation upgrade is based on the results from the recently completed Reverse Circulation drilling campaign, totalling 62 holes for 5,189 meters. The drilling provides close spaced in-fill drilling intercepts within the vanadium resource which has increased the level of categories of the resource in preparation for an economic Prefeasibility Study. In 2012 a scoping study was completed on the Victory Bore vanadium mineralisation. This work confirmed that the vanadium was within the magnetite, hence a preconcentration magnetic beneficiation proces could be used to clean the magnetite.