This paper presents the results of Hasancelebi iron Ore deposit's resource and reserve analysis. Resource and reserve analysis of any deposit requires two steps. First one is to create the block model of the deposit and second step is to generate ultimate pit limit, The block model of the Hasancelebi iron ore deposit has been created by means of geostatistics. The quantity and quality of iron ore in this block model is defined as resource, totaling 3.2Billion ton with an average grade of %14.18Fe(3)O(4). Ultimate pit limit analysis has been performed by considering economic, technical and legal factors. The amount of ore within the ultimate pit limit is defined as mineable reserve, which amounts to 94.8Million ton with an average grade of %23.19 Fe3O4.