annoucement - what does it mean ?

Can anyone enlighten me on what OXR has found in Cyprus and is this is a significant find ?


OXIANA RESOURCES NL 2003-06-18 ASX-SIGNAL-G

HOMEX - Melbourne

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MEDIA RELEASE

EASTERN MEDITERRANEAN MINERALS

CYPRUS EXPLORATION

Results received from recent drilling by Eastern Mediterranean
Minerals (EMM) has confirmed the presence of massive sulphide hosted
polymetallic (Cu-Zn-Au) mineralisation at the Kallekhades prospect,
Cyprus.

Of five holes drilled at Kallekhades, two intersected massive
sulphide mineralisation. Results from these holes are reported below.
Three additional holes intersected weak stockwork mineralisation and
results are pending. Further drilling is required to determine the
size and grade tenor of the system and hence its significance.

EMM Cyprus Exploration Program

Eastern Mediterranean Minerals (EMM), a joint venture company owned
60% by Oxiana (currently earning to 70%) and 40% by Hellenic Mining
Company (HMC), is exploring the Troodos Complex of Cyprus for
volcanogenic hosted massive sulphide (VHMS) copper deposits.

Drilling (conventional percussion) commenced in late March to scout
test several high priority targets generated from the reprocessing of
historical geophysical data during 2002 and 2003. Six anomalies in
six historical copper producing districts were selected for testing.
Two prospects, Kallekhades and Petra East have been drilled to date.

Kallekhades Prospect

The initial holes of the program were drilled into a strong
chargeability anomaly that occurs over 300 metres of strike at the
Kallekhades prospect in the Klirou district (refer attached map).

The first hole (HKL142) intersected four metres of massive sulphide
containing chalcopyrite (Cu) and sphalerite (Zn) followed by 5 metres
of stockwork mineralisation. The hole was terminated at 38 metres due
to caving. Full hole assay results have been received. A second hole
(HKL 143) collared approximately 25 metres west of hole HKL 142 also
intersected 2 metres of massive sulphide containing chalcopyrite and
sphalerite followed by 19 metres of alteration and stockwork
mineralisation. Better results received to date are as follows:

HOLE NO EASTING NORTHING DEPTH MINERAL CU GRADE ZN GRADE AU GRADE**
FROM INTERVAL* (%) (%) (G/T)


HKL142 517694 3875492 12 5 0.4 0.4 1.5
17 9 1.5 0.6 1.1
including 17 4 2.3 0.8 1.7

HKL143 517675 3875485 9 2 2.9 5.2 0.3

All holes vertical, * Interpreted to approximate true thickness,
** Fire assay, 1 metre sample intervals Results from the remaining
three holes are pending.


PETRA EAST PROSPECT

Scout drilling (2 holes) was recently completed on the Petra East
prospect in the Kalavasos District to test IP chargeability anomalies
and gossans associated with regional faulting. The first hole was
terminated at 155 metres due to high water inflows with the last 8
metres intersecting alteration with disseminated pyrite, some
sphalerite and minor chalcopyrite mineralisation. A second hole
collared 50 metres to the west of the first, intersected strong
pyrite alteration from 165 metres to 184 metres with some coarse
sphalerite and chalcopyrite observed.

Assay results received to date indicate the presence of a
sub-economic grade Cu-Zn system however, further drilling is required
to fully understand the system and its potential.


Owen L Hegarty.
MANAGING DIRECTOR