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Applied Minerals Provides Updated Resource Statement Of Its Dragon Mine Property

Market Statistics of Iron Oxide Pigments for 2010 (U.S. Geological Survey, Mineral Commodity Summaries, January 2011) prepared by Arnold O. Tanner


(Data in metric tonnes unless otherwise noted)

Domestic Production and Use: Iron oxide pigments (IOPs) are mined by three companies in three states in the United States. Production data, which were withheld by the U.S. Geological Survey to protect company proprietary data, increased slightly in 2010. There were seven companies, including the three producers of natural IOPs that processed and sold finished natural and synthetic IOPs. Sales by those companies increased 15% to 20% in 2010, although sales were still below the sales of 88,100 tons in 2007. About 50% of U.S. consumption was for colorizing construction materials such as concrete. Another 30% was used in coatings and paints, 18% in plastics and rubber, and 2% for unknown uses.

Apparent US consumption of natural iron oxide pigments was 200k tons in 2010, down from 261k tons in 2007. Greater than 50% of the US demand was exported from foreign countries, predominantly Cyprus, Spain and France.with China being the major supplier of synthetic material.

The average pricing for the consumed pigments in 2010 averaged $1.54/kg or $1,540.00/tonne, up from $1.38/kg or $1,380.00/tonne.

Further work is planned on testing some of the borehole material and drilling deeper below the 500 ft level. There is potentially at least a further 500 ft of iron ore to drill through to 1,000 ft level and perhaps goes even deeper which needs to be proved by drilling.

Iron ore resources identified to date:

Measured Resource of Iron Ore in Pit Area (4.95 acres)

2,104,000 tons

Inferred Resource of Iron Ore in Western Area (6.33 acres)

688,300 tons

Total Measured and Inferred Resources of Iron Ore


2,792,300 tons

The iron ore, from previous mining records, is present at the 1,000 ft level adjacent to the old shaft. Unfortunately access underground has not been possible since a fire in 1971. The current re-opening of the mine to the 300 ft level has just been achieved and evaluation of the ground conditions underground is being carried out with further exploration drilling planned both laterally and in depth.

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