De Grey Mining remain focussed on gold, silver and base metal exploration but continue to generate real value to shareholders through iron assets within the current tenement positions by means of Option, Joint Venture or other arrangements. Additional new opportunities also arise through diligent tenement monitoring activity.

De Grey's iron prospective tenements close proximity to Port Hedland and existing infrastructure make them a feasible target for exploration.

Recent value adding developments include encouraging exploration results at Mt Dove and the subsequent Option arrangement with Atlas Iron. De Grey won the ballot for priority to a new tenement over a known Channel Iron Deposit (CID) that straddles the Great Northern Highway south of Port Hedland in the Pilbara. The Iron Ballot tenement will be granted shortly, allowing exploration to commence to evaluate and add value to this strategically placed iron asset.

De Grey has entered into a Heads of Agreement with Geotech International Pty Ltd for an option to purchase the 640km² Fortescue Island Exploration Licence Application (ELA).  The Company has also pegged an additional area of 652km² immediately adjacent to Geotech's ELA.
The target mineralisation within the application is accumulations of unconsolidated iron oxide minerals in the seabed sediments, which were formed by erosion from the Brockman Iron Formation. Pre-competitive aeromagnetic data clearly shows the seaward extension of the bedrock Brockman Iron Formation BIF units and also the more subdued magnetic features that may correspond to detrital deposits of iron oxide minerals.

In May 2008, De Grey Mining has entered into a farm-out agreement with Emergent Resources Limited for iron ore exploration on a portion of the Beyondie Project.