Magnum Mining and Exploration Limited (MGU) provided update to the market on operations. The newly appointed MGU is delighted to announce the appointment of Marcus Flis and Neil Goodman as strategic technical advisors to the board to assist MGU with fast tracking Iron Ore production and Pig Iron steel making at its Buena Vista project located in Nevada, USA. Marcus Flis has over 40 years' experience in mineral exploration, project assessment and project development.

Marcus consults to companies in support of green fields' exploration in gold, iron ore, base metals and next generation metals through to due diligence studies and project development. Marcus headed public company Royal Resources (now Magnetite Mines) as CEO and Managing Director during which time the company was refocused with the acquisition of the Razorback magnetite project. Under Marcus' management, over four billion tonnes of resources were defined and progressed to a Prefeasibility Study.

Marcus held the position of Exploration Manager for Hamersley Iron Pty Ltd. focusing on the exploration for bedded, detrital, channel iron, and magnetite deposits before taking up the position of Global Director for Rio Tinto Iron Ore's New Business unit assessing and acquiring iron ore projects in the Americas, India, China, Southeast Asia, Europe, and Africa. He has worked for CRA Exploration and Newmont Mining in the capacity of geophysicist, both as a field operative and, later, as Manager. Marcus is geology and geophysics graduate of the University of Adelaide and a postgraduate of the University of Utah.

He is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and has published extensively in peer-reviewed journals and contributed to seminal books in the industry. Neil Goodman is currently the Managing Director of Smelt Tech Consulting, a Perth based company providing consulting services to organizations having plans to develop iron ore downstream processing opportunities worldwide. Neil was involved in the design and commissioning of ironmaking plants in Europe, America and Asia for over 20 years for Davy McKee, based in the UK.

Following this, Neil was the General Manager of Rio Tinto's HIsmelt Corporation for more than 10 years, responsible for the design and operation of the first commercial scale HIsmelt plants in Western Australia and China. Smelt Tech Consulting has an agreement with Molong Petroleum, the Chinese owners of the HIsmelt technology, to licence the HIsmelt technology outside China. Neil was recently appointed CEO of Appalachian Iron, a US based company that is currently developing a HIsmelt project in West Virginia.

Neil graduated from Imperial College London, with a degree in Metallurgy, and was the recipient of the Charles Salter prize for excellence in metallurgy from the Royal School of Mines. As the Company works towards a bankable feasibility study it has also engaged a number of potential buyers of its Pig Iron and will look to sign an appropriate off take agreement on terms that are favorable to the Company and its shareholders. Additionally, the new board recently completed a detailed review of operations including a site visit to the Company's offices in Nevada.

The board has identified several cost savings and implemented a strong fiscal governance structure and procedures to ensure the Company progresses towards mining and production of pig iron in the most efficient and timely manner. The Company is pleased to advise the progress of the engineering study, which includes process design and project financial modelling is progressing well.