announcement, page-4

Paul Garvey
Monday, 13 November 2006

COPPER Strike managing director Tom Eadie believes his company may be on its way to identifying its best deposit yet within its north Queensland landholding, following recent zinc-lead-silver-copper intercepts at its Chloe East prospect.

Better results from recent drilling at the prospect include 26m at 6.1% zinc, 2.9% lead, 60.4 grams per tonne silver and 0.2% copper, and 6m at 4.8% zinc, 1.6% lead, 17.8gpt silver and 0.1% copper, while a previously announced hole recovered 21m at 4.8% zinc, 2.8% lead, 90gpt silver and 0.2% copper.

Eadie said the latest intercepts extended the deposit down plunge and down-dip by around 65m, with the deposit remaining open at depth.

Speaking to MiningNews.net this morning, Eadie said he was aiming to have a resource estimate for Chloe in place by January or February next year.

"It looks like we've now got a third string to our bow, and it might be the best of the three deposits we've identified to date," he said.

He added the company would look to incorporate the mining of any resources at Chloe into plans for the company's existing Einasleigh and Kaiser Bill copper deposits.

Results from a feasibility study over the Einasleigh and Kaiser Bill deposits are expected within a month.

Eadie said Chloe East was now shaping up as a potential "jewel in the crown" for Copper Strike.

"I thought mining at Chloe would always be last, but now I think it might be quite easy to get it into production earlier," he said.

A scoping study completed over the Einasleigh and Kaiser Bill deposits earlier this year suggested the deposits could support a $29 million, five-year operation producing 15,000-25,000t of copper per annum.

Copper Strike shares were up 2.5c at 29c in early afternoon trade.

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