hits the pay dirt

PROSPERITY RESOURCES LIMITED
Level 9, 190 St George's Terrace
PERTH WA 6000
PO Box 7516
CLOISTERS SQUARE WA 6850
Tel: (+61 8) 9322 5872
Fax: (+61 8) 9322 5988
[email protected]
www.prosperity.net.au
5 April 2004
ASX/Media Release
Melville Deposit increases scope for a large gold system- 2,500m of
strike and remains open
Prosperity Resources Limited (“PSP”) is pleased to announce gold assay results for the reverse
circulation (RC) drilling program completed at the Melville deposit and City of Melbourne Mine.
Melville Deposit
Drilling has continued to extend the known mineralisation at the Melville deposit with significant gold
results including 15 metres @ 5 g/t (including 5m @ 14 g/t) and 14 metres @ 2.5 g/t, 5m @ 4g/t,
7m @ 2.5g/t, 7m @ 2.6g/t, 7m @ 2.2 g/t, 4m @ 2.6 g/t and 3m @ 2.7g/t. The majority of drill holes
have returned interval grades above 1g/t and give great confidence to the realisation that the Yalgoo
system has scope to host a very substantial gold deposit, with a strike length drilled now up to 2,500m
and still open along strike and at depth.
Prosperity Resources’ Managing Director Ric Dawson said the drilling at the Melville Deposit has
confirmed that ore shoots exist over a strike length of some 2500m and are still open along strike and
at depth.
Mr Dawson said, “Results from the 8000m of RC drilling since Prosperity’s ASX listing in November
2003 has started to change the gold industry view and prove that the Yalgoo system can host a
significant gold deposit. Our technical team has previously been involved with a new generation
discovery and is of the belief, with this mineralised zone that can be mapped for 8 kilometres, there is
scope for a major deposit for the company and Western Australia.”
“We will continue to see if this mineralised belt ends up as large as the other side of the Murchison
belt, hosting Hill 50, Meekatharra, Mt Gibson, Kirkalocka etc.”
“The exploration budget has been upgraded to advance the significance of these results and potential
size of the system. Fast tracking the exploration and economic viability of the Melville deposit is
hoped to attract the attention of major gold industry participants if the results continue as they have to
date.”
Work has commenced on an upgraded resource estimation for release later this month, in preparation
for an open pit mine scoping study to be completed in the first half of 2005.
For further information contact:
Ric Dawson
Managing Director
08 9322 5872