EXPANSION PROJECT – COMPLETION OF SOLVENT EXTRACTION –...

EXPANSION PROJECT – COMPLETION OF SOLVENT EXTRACTION – ELECTROWINNING
CONSTRUCTION
CopperCo Limited (“CopperCo” or the “Company”) is pleased to report progress on the expansion project at the Lady Annie Copper mine.

Expansion Project Update
Construction of the core process facilities has reached practical completion. Overall, the expansion project will be completed at the end of September 2008 and remains on schedule and on budget.

Electrowinning
The new Electrowinning (EW) section has been commissioned and was successfully integrated into the existing circuit on 21 August 2008. Commissioning has been relatively trouble free with no basic design or operational issues indicated. This section is now operationally online.

Solvent Extraction
Construction of the new Solvent Extraction (SX) plant reached practical completion on 14 September 2008 and commissioning is underway, with integration into the existing circuit expected in the fourth week of September 2008. This will complete construction and commissioning of the expanded SX-EW process plant.

Crushing and Stacking
Construction and commissioning of extensions to the crushing and stacking material handling system were successfully completed on 30 August 2008. Construction of the additional leach pads and associated water facilities will be completed by the end of September 2008.

Back Up Water Supply
Installation of the backup water supply system has commenced and will be completed in November 2008. When operational the mine will be largely self sufficient in the event of future drought conditions that may occur.

Lady Annie Mine Operation
Mining Operations have commenced at the Lady Annie pit and access to high-grade ore is scheduled for November 2008. The ore haul road is largely complete with minor finishing work outstanding.

Ramp Up
Mining of high-grade ore from the Lady Annie pit signals the start of the ramp up phase to annual copper production of 30,000 tonnes cathode by mid calendar 2009.

Yours faithfully
Brian Rear
Managing Director