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Morobe region greenfields exploration

In all, 12 000 line kilometres of detailed airborne magnetics were undertaken to complete the magnetic coverage over the core tenement area of the Morobe Mining Joint Venture. The base dataset highlighted several previously unknown anomalies for prioritisation and follow-up in FY10. These include intrusive complexes at Bakau located approximately 10 kilometre south-east of Biamena on EL1316, and at Garaina on EL1629.

Reconnaissance mapping stream sediment sampling and soil sampling resulted in 3 460 samples being collected. Results highlighted the Wiwo prospect on the Morobe coast with the potential for major porphyry copper-gold and epithermal gold mineralisation. Follow up work will be carried out in FY10.

Morobe Coast EL1403

The Morobe Coast exploration licence EL1403 encompasses 1 041 square kilometres of tenure. While the area presents excellent grassroots exploration potential for porphyry copper-gold and high-grade low sulphidation epithermal mineralisation, there has been no drill testing as yet.

A helimagnetic survey is planned for the prospect area during FY10. This base dataset will provide context in order to assess and prioritise surface soil anomalies for follow-up.

Wiwo Prospect

Wiwo prospect is located approximately 15 kilometres south-south-west of the Morobe townsite on the east coast of PNG. Results from reconnaissance sampling have been highly encouraging with visible gold evident in a large number of pan concentrate samples.

Rock chip sample assays undertaken in conjunction with the stream sediment sampling exercise returned assays to 18.2 g/t Au, 5.25 % Cu, 0.35 % Pb, and 1% Zn. Mineralisation was observed in veins and shears, and together with the base metal association suggests potential for a buried porphyry copper system.

Ridge and spur soil sampling is currently in progress. A detailed helicopter-borne magnetic survey to provide additional data for prospect development is planned for FY10.