SASE Update/Appointment

RNS Number:8441O
AuIron Energy Ld
18 December 2001


                                 AuIron Energy
         SASE demonstration project starts production with AuIron's Coal and
               AuIron Appoints Chief Operating Officer for Australia


SASE

AuIron Energy Limited ("AuIron") announces that its 90% owned SASE (South
Australian Steel and Energy) pig iron project demonstration plant at Whyalla
has commenced producing pig iron using AuIron's own Ingomar coal as fuel coal.
This is a major milestone for AuIron in the potential commercialisation of its
16 billion tonne coal resource.

The demonstration plant commenced its new operating phase on Saturday 15
December with the first tappings of pig iron using Ingomar coal as fuel coal
(injected via the lances). After a Christmas break, this operating phase will
proceed until end-February testing a variety of configurations for its coal as
fuel and reductant. The Group intends to establish the feasibility of a SASE
commercial development by mid 2002.

Progress to date confirms the Group's continuing confidence in the commercial
potential of the SASE project to produce 2.5 million tonnes of pig iron per
year for over 20 years for domestic and export markets. It expects AuIron's
coal will provide energy to fuel pig iron smelters, for local electricity
generation as well as for export.

Chief Operating Officer - Australia

AuIron is also pleased to announce the appointment of Mr Jon Parker as Chief
Operating Officer - Australia, reporting to Mr Neill Arthur the Chief
Executive Officer. Mr Parker will operate from the Company's Adelaide office
from 7 January 2002 and have overall responsibility for all Australian
operations and projects. He is presently General Manager Project Development
for Hamersley Iron, the RioTinto iron ore business. Mr Parker has broad
management experience in the resource sector with Rio Tinto in iron ore and
coal mining, power generation, kaolin and aluminium - for the past twenty
years in commercial, development and strategy roles. Career milestones involve
successful China negotiations including the Channar Iron Ore Mining and other
Joint Ventures.

Mr Neill Arthur, Chief Executive Officer, AuIron Energy Limited, commented:

" The use of our own coal as fuel coal in the production of pig iron is a very
significant development for AuIron given our huge coal resource base. We are
also delighted to welcome Jon Parker to the Company. He has an outstanding
background in pig iron smelting, iron ore and coal mining sectors and in power
generation. He is therefore very well placed to lead the team in South
Australia to achieve commercialisation of the Group's projects."

18 December 2001


ENQUIRIES

AuIron Energy Limited                              Tel: +61 410 663 506
Neill Arthur, Chief Executive Officer

College Hill                                       Tel: 020 7457 2020
James Henderson
Peter Rigby

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