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Transit Holdings [ASX: TRH] - Quarterly Activities Report, September 2010



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Transit Holdings [ASX: TRH] - Quarterly Activities Report, September 2010

Transit Holdings Ltd (ASX: TRG) presents its quarterly activities report for the quarter ended 30 September 2010.

Highlights:

* Potash Project Prospecting Permit Application progressing through engagement with the Federal Government
* A Memorandum of Understanding was agreed to acquire Water Rights for the Potash Project
* Transit to spin out iron ore assets into Radar Iron Ltd
* Field review of iron ore prospects confirms potential for both hematite and magnetite mineralisation
* Cash position of $4.2m

At Transit�s Paradox Basin Potash Project in the in south eastern Utah, USA, the Company is negotiating a permitting route with the Federal Government for the extensive land holdings on Federal Land administered by the BLM.

Geological studies are finalizing the location of drill holes required for drilling the project to a JORC compliant resource status.

The Company settled on the optimum process to advance its Yilgarn Iron Ore strategy.

The iron ore assets will be spun out into a new entity, Radar Iron Ltd (Radar) and funds raised will enable the rapid drill testing of the key iron ore assets aiming at initial mineral resources being estimated by mid 2011.

The Company will maintain approximately a ~37% stake in Radar to benefit from any further success and enable the current cash resources to be used evaluating the key Potash project.

Please find more details in the attached announcement.

For further information, please contact:

Jonathan Lea
CEO � Iron Ore


Hugh Callaghan
CEO - Potash


Richard Monti
Executive Director


Media:
Fortbridge Consulting
Tel: +61 2 9331 0655
Bill Kemmery

Mob: +61 400 122 449
Luke Dean

Mob: +61 414 535 433


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