Magnetic Resources NL (Magnetic) is an Australia-based mineral exploration company. The principal activity of the Company during the fiscal year ended June 30, 2012 (fiscal 2012), was to explore mineral tenements in Western Australia. The Company is focused on its SW Western Australian iron ore holdings. During fiscal 2012, the Company engaged consulting engineers Engenium Pty Ltd has completed an independent conceptual mining and economic study on Magnetic Resources� 100% owned Jubuk Magnetite Project situated 200 kilometer southeast of Perth near Corrigin. Magnetic has completed 68 drill holes, totaling 7720 meter, and completed 532 Davis Tube Recovery (DTR) determinations on reverse circulation (RC) drill samples from the drilling programmes. Magnetic completed a 72-hole, 3082 meter RC drilling programme at the Cheesemans and Buntine iron ore targets in the Wubin area about 235 kilometer NNE of Perth.