Following the release of results from the first three of its three step-out, reverse circulation (RC) drill holes at South Zone in October, Baobab has now released the results of an additional five holes. Four of the five holes returned grades in excess of 30% Fe, compared to a previous average grade estimate for the South Zone of 28.5% (as calculated by Edison). Baobab intends to release an updated resource statement for South Zone in January 2011 to JORC standards. In the meantime, while we have left our estimate of the resource tonnage contained within the South Zone unchanged as a result of these five drill holes, we have increased our estimate of the average grade of the deposit from 28.5% to 29.2%.

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