The directors of Fenix Resources Limited announced that the company has received initial assay results for the first two batches of samples from the recently concluded drilling program conducted at its Iron Ridge Project in the Mid-west region of Western Australia. Highlights: The drill program completed with 3,534m of reverse circulation (RC) and 1,210m of diamond drilling conducted to increase the confidence level of the current Inferred Mineral Resource of 5Mt at 64.1% Fe, 3.3% SiO2, 2.7% Al2O3, and 0.05% P and to test for extensions of the Mineral Resource; Hole IR036 located 40m south-west of the Inferred Mineral Resource Block Model, intersected 46m at 66.3% Fe from 206m. This intercept is some 100m below the current Inferred Mineral Resource Block Model and confirms the presence of significant depth extent in that area; Hole IR018 derived a wide, high-grade intercept of 58m at 66.7% Fe from 84m. This intercept validates the Inferred Mineral Resource Block Model in the central portion of the deposit; other encouraging intercepts recorded from the current drilling include: 16m at 62.4% Fe from 78m and 8m at 66.4% Fe from 130m in hole IR021; 8m at 61.8% Fe from 86m in hole IR019; 6m at 63.2% Fe from 76m in hole IR049; 4m at 62.7% Fe from 54m in hole IR009; Samples results from all diamond drilling (approximately 300 samples of HQ core) and an additional three batches of RC drilling (approximately 1,000 samples) are pending; Metallurgical testwork due to commence on Diamond Core in the coming weeks.