article in the age

Mining minnows rise on golden prospects
By Barry FitzGerald
Resources Editor
June 4, 2004
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A few junior explorers yesterday released exploration results and deals that have enabled their stocks to overcome the negative investor sentiment inspired by the broad retreat in base and precious metals.

Leading the way was Perth-based Tethyan Copper, which announced the discovery of its third gold-rich porphyry system (H35) at its Reko-Diq copper/gold project in Pakistan.

Reko-Diq is not exactly resource constrained, with more than 5 million tonnes of copper and 9 million ounces of gold outlined so far. But the project's economics would be greatly enhanced if it were possible to wrap higher-grade gold mineralisation into an overall development plan.

Tethyan managing director David Moore said H35 was the best of the gold porphyries found to date. "I would expect all three of these systems to move to resource status with more drilling," he said.

Tethyan traded up to 4¢ a share higher during the day but closed up 1¢ at 47¢ in response to the Reko-Diq news.