ASX Release 21 May 2008 ASX Code: UMC
RAILWAY PROSPECT
PHASE ONE DRILLING COMPLETED
LOGGING SHOWS WIDESPREAD IRON ORE MINERALISATION
The company is pleased to announce that the Phase One drilling program on a 100m by 160m grid at the Railway Prospect has been completed. This has involved 110 holes of RC drilling for 10,015 metres.
Geological logging has shown widespread iron ore mineralisation as expected.
Receipt of full assay results from the Phase One drilling program should provide the Company with sufficient information to enable an inferred JORC compliant resource to be calculated by July 2008.
Phase Two – Drilling commences
Infill drilling on a 100m by 80m grid has now commenced. It is estimated that about 50 holes for 5000m of RC drilling will be required for this phase.
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