Zanaga Iron Ore Company Limited (ZIOC.LN), an iron ore company announced Tuesday a 49% narrower pretax loss for the six months ended June 30, 2011.

MAIN FACTS:

-Pretax loss: $3,804,000 (2010: loss $7,503,000)

-Operating loss: $3,891,000 (2010: loss $7,503,000)

-Loss per share: 0.01 cents (2010: loss 0.03 cents)

-ZIOC cash balance of $48.5 million as at June 30, 2011

-Dividend: n/a

-Xstrata PLC (XTA.LN) exercised its first call option moving to a 50% plus one share interest in the Zanaga Project

-Xstrata is obliged to fund completion of a feasibility study in accordance with international best practice standards and Xstrata internal guidelines

-Zanaga Project now managed by Xstrata

-The Pre-Feasibility Study or PFS work streams completed in 1Q 2011, and the Value Engineering Exercise or VEE is completing on schedule.

-ZIOC expects to announce the outcomes of the VEE in October 2011

-JORC Mineral Resource expansion to 4 billion tons or Bt at 33.9% iron or Fe (1.7Bt Indicated - 2.3Bt Inferred)

-Drilling update - Total of 98,663 meters / 803 holes drilled to May 8, 2011

-Over $140 million spent on the Zanaga Project to June 30, 2011

-Shares closed Monday at 99.0 pence

-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com

Order free Annual Report for Xstrata PLC

Visit http://djnweurope.ar.wilink.com/?ticker=GB0031411001 or call +44 (0)208 391 6028

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