King River Resources Limited provided this Prefeasibility Study ("PFS") update on the company's 100% owned Speewah Specialty Metals ("SSM") Project in the East Kimberley of Western Australia. KRR has been examining a new process route to produce high purity alumina ("HPA"), vanadium pentoxide (V2O5), titanium dioxide pigment (TiO2) and iron oxide (Fe2O3) products in a smaller scaled operation for the Prefeasibility Study ("PFS"). Study developments - KRR made a breakthrough in extracting aluminium (Al) directly from the V, Ti, Fe, Al and Mg rich sulphuric acid leach solution as the first precipitation product from which 99.98% Al2O3 HPA was produced by a new process. KRR is progressing flowsheet development of its new process to make HPA, and also the extraction of V2O5, TiO2 and Fe2O3 by conventional solvent extraction methods. HPA testwork has focussed on simplifying the process steps to improve Al recovery and ensure the lowest level of contaminants for the production of 4N (99.99% Al2O3) HPA. Sulphuric (H2SO4) acid leach testwork has compared the merits of leaching concentrates, non-magnetic fractions and whole rock samples. This has enabled KRR to select leaching of whole rock magnetite gabbro as the preferred initial design for a small scale operation that delivers the optimal amount of HPA. The grade of Al in the whole rock material is typically 12.7% Al2O3, with 0.36-0.38% V2O5, 3.6% TiO2 and 21.3% Fe2O3. This smaller scale start-up SMM project development plan may provide a basis for its future scale-up to produce more V, Ti and Fe products in proportion to prices and demand. The latest whole rock leach results are summarised below. The drill core samples tested are from the high grade zone of SDH11-09, ground to P80 0.15mm, leached in 20% H2SO4 at 70°C and 20, 30% and 35% pulp densities, for 96 hours. Further leach testwork is planned to try to increase the Al extraction to >50% by reducing the grind size and extending the leach time. Previous agitated vat tests on lump material had achieved >50% Al extraction over 10 days under similar leach conditions. Mineral characterisation studies on the magnetite gabbro have shown zonation of the alumina-rich plagioclase feldspar with the outer rim of the mineral more soluble in dilute acid (right SEM map image, leached). This may explain the high Al and low Na and K extractions in all leach testwork, and also the acid penetration of the rock mass in column leach testwork.