Ann: Appointment of New Executive Officers at Per, page-2

re: Ann: Appointment of New Executive Officer... IMO the appointment of Dr Tout bodes well for future updates related to Mt Oxide. Expect an updated resource announcement.


From the recent Q -

MOUNT OXIDE COPPER PROJECT
The study into the potential development of the Mt Oxide Copper Project continued throughout the
quarter. The purpose of the study and drilling program is to enable the Company to make a
development decision on the Mt Oxide Copper Project by the end of the 2010 calendar year. The
Company has committed approximately $10 million during calendar year 2010 to complete the
development study.
Studies are underway to address environmental impacts, infrastructure requirements, mining and
processing techniques, native title and heritage requirements. A ranking assessment was performed
for water storage, waste dump and tailings storage facilities. This work will continue into the next
quarter.
The formal environmental approval process was initiated with the submission of an application to
the Queensland Government for a voluntary EIS supported by an Initial Advice Statement that will
be issued to stakeholders.
A 13,000 metre resource definition drilling program commenced in late May. Drilling planned in the
September quarter will also provide metallurgical test?]work, environmental and geotechnical data to
support the study.
The Mount Oxide mineral resource estimate currently comprises 17.9 million tonnes at an average
grade of 1.3% copper for 224,000 tonnes of contained copper. This resource is to a vertical depth of
only 450 metres and is open at depth. The mineral resource also includes 0.06% cobalt (9,400
tonnes of contained cobalt) and 10g/tonne of silver (5,700,000oz of contained silver). Importantly,
the larger part of the mineral resource (63%) is in the Indicated Mineral Resource category.
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Drill results to date include a number of significant high grade copper intersections at depth, which
have not been closed off and these provide significant encouragement for the continuity of higher
grades of copper and silver at depth demonstrating potential for additional resource and reserve
growth in the future.