De Grey remains focussed on gold, silver and base metal exploration but continues to generate real value to shareholders through iron assets within the current tenement positions by means of Option, Joint Venture or other arrangements.

Significant iron assets as of November 2009 include:

• The right to receive $4.5 miilion cash prior to 31 March 2010, and $2.25 million plus interest in future payments, pursuant to the sale of the Company's interest in the Beyondie magnetite iron joint venture to Emergent Resources Limited;
  
• a 1% - 2% gross royalty on future iron ore production by Atlas Iron from certain tenements at Turner River;
  
• priority rights to the 378km² offshore Fortescue Island Project near Cape Preston in the Pilbara.