MEDIA RELEASE 31 OCTOBER 2007 TERRITORY HITS MORE HIGH GRADE ORE Australian resources group Territory Resources (ASX:TTY) announces further exploration success at its Frances Creek iron ore project in the Northern Territory, as it targets an anticipated resources upgrade by the end of the year. Territory has achieved outstanding drilling and assay results at the Jasmine Central and Helen 11 project areas at Frances Creek, where it has undertaken about 3,000 metres of drilling at priority iron ore targets. Best results at Helene 11 include 40m at 62% Fe from 39m depth, while drilling at Jasmine Central identified high grade iron ore up to 67.3% Fe including an intercept in excess of 40m at 63.6%Fe. Territory’s Operations Director, Bruce McFadzean, said the results confirmed mineralisation potential and more detailed testing was now underway. “These results confirm the continuing high grade iron ore potential of our Northern Territory tenements, and we are now working toward a redefinition of our resource base during the next quarter,” Mr McFadzean said. “As part of our drive for exploration excellence we are continuing to aggressively explore our near mine targets to extend known ore bodies and our northern tenements for new ore discoveries,” Mr McFadzean said. Territory this month increased its Indicated Resource base, following testing of fines material from past mining activity. The Company’s combined Inferred and Indicated Resource is now above 10 million tonnes, at an average of 60.47% Fe. In addition, Territory now has more than five million tonnes in Reserves. Helene 11 Territory has achieved some outstanding results from drilling at its Helene 11 deposit, with a number of +25m intercepts achieved from the 1,610m drilled here. (Best results are shown in Table 1 - overpage). Mineralisation has been drill defined over about a 100m strike extent and remains open to the north. Drilling is continuing with a resource estimate anticipated by the end of next quarter. Jasmine Central Further excellent assay results were also achieved at the Jasmine Central deposit, where 14 holes for 1359m were drilled beneath the Jasmine Central abandoned pit floor. Results confirm significant iron mineralisation over about a 200m strike extent, and to a vertical depth of about 50m below the pit floor. (Best results are shown in Table 2 - overpage). Drilling has now been completed on a 30m-drill line spacing across the deposit. A further additional 900m of drilling is planned early next quarter, and a resource estimate will be available once this work and modelling are completed.
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