Allied American Steel Corp. (fka AAST)

[ALERTS100%to10000%GAIN]

AAST~~Further to Part A of our Phase II Program, in August 2011 we retained MRB to verify the presence of iron-bearing rock on the Lake Touladi property. A number of outcrops were discovered in or near the southern portion of the property in an area that was approximately 250 meters wide (east to west) and 500 meters long (north to south). A total of 43 one meter channel samples were taken at 18 separate outcrops. The samples were assayed at AGAT Laboratories in Mississauga, Ontario using a lithium borate fusion and ICP-OES finish. The average of all samples taken was 30.11% Iron Oxide (Fe2O3) and 2.83% Titanium Dioxide (TiO2). The best sample assayed indicated 40.75% Fe2O3. Titanium Dioxide appears to be highly variable with assays reported as high as 5.48% and as low as 0.149%. In addition, the samples contained an average of 0.42%, Phosphorous Pentoxide (P2O5), with a maximum of 5.48%. Additional exploration is in progress to verify the presence of iron bearing rock in an area one kilometer to the north of the northern edge of the minerals detected in the previously tested area, and to investigate continuity of mineral between the two zones. We also are planning preliminary mineralogical and metallurgical work to better define the character of the material, and to better determine how much of the minerals, if any, may be recoverable in a saleable concentrate. Given the limited size and nature of the sampling activities, absent drilling, metallurgy testing and further exploration activities, no assurance can be given as to the economic viability of the extraction of the minerals contained on the Lake Touladi property.
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m1999