hits 16pcent copper and 20g gold

24 May 2007
ANNOUNCEMENT
NAMIBIA, SOUTH WESTERN AFRICA
DIAMOND DRILLING PROGRESS
KUISEB COPPER PROJECT
New High grade copper (up to 16.80%) and gold (up to 20.10g/t)
At the Hope Deposit
Targeting a shallow open pit / underground mine
Exploration Licences covering 150km of strike along the Matchtless Copper Belt in
Namibia

BACKGROUND
On the 14 May 2007 the Company made a release to the ASX which provided detailed results on the
current drilling program being carried out at the Hope Deposit within the Kuiseb copper-gold project,
located in Namibia. Several holes were still in the laboratory awaiting analysis at the time of the
release however details of a further two (2) holes have now been received by the Company.
These results are very important as they are from holes that are located further down plunge from
previously announced results. Accordingly, this now extends the strike length of the Hope Deposit to
approximately 1200 meters from the outcrop. The additional two holes that are still awaiting analysis
in this current drill program will extend the strike by another 200 meters to approximately 1400
meters. The latest holes also contain very significant grades of both copper and go
KUISEB COPPER PROJECT.
Hope Deposit drill hole results, HDD35 and HDD36 - 2007
NOTE
1. Open pit intercepts assume notional cutoff grade of 0.75% Cu equivalent
2. Underground mining assume notional cutoff grade of 1.0% Cu equivalent
3. Copper Equivalent (CuEq) has assumed prices of US1.50/lb for copper, US$500/oz for gold, and
US$10/oz for silver. Formula used here is: CuEq% = Cu % + (Au + Ag / 50) x 0.6
Intersection Hole no (metres)
From To Width
Cu
%
Au
g/t
Ag
g/t
CuEq
%
HDD35, 20,900E 334.16 338.98 4.82 6.22 9.34 24.8 12.12
including 334.90 335.86 0.96 16.80 20.2 60.8 29.65
and 337.97 338.98 1.01 3.98 22.0 26.3 17.50
HDD36, 21,000E 328.00 329.31 1.31 5.48 0.23 13.3 5.78
and 332.96 335.14 2.18 2.42 0.48 6.6 2.78
and 352.74 353.77 1.03 10.10 3.06 27.6 12.27