Wednesday June 16, 2004 AUSTRALIAN STOCK EXCHANGE AND MEDIA...

Wednesday June 16, 2004 AUSTRALIAN STOCK EXCHANGE AND MEDIA RELEASE SEPON MINERAL DISTRICT - 100% OXIANA THENGKHAM COPPER DRILLING UPDATE High grade results, including 21m at 7.2% copper and 16m at 9.8% copper, continue to be returned from the Thengkham system. Thengkham is a copper-gold mineralised system which extends over more than four kilometres. An initial resource is to be calculated for Thengkham later in 2004. Preliminary investigations into processing alternatives have commenced. Drilling at Thengkham, located approximately 5 kilometres from the Khanong copper deposit, has been ongoing throughout 2004. A total of 10,000 metres are expected to have been completed in the third Quarter, after which a JORC Resource will be calculated. Resource delineation drilling, aimed at reaching Inferred Resource status, has focussed on outlining areas with the potential to host copper resources along the southern flank of the Thengkham porphyry system (Figure 1). This drilling is ongoing in three areas defined to date. Drilling thus far has highlighted the shallow nature of the Thengkham mineralisation and the potential for open cut mining. As geological understanding of the system continues to improve, both supergene and primary/sulphide copper ore types are being targeted with increasing success. Around 60-70% of the Thengkham copper-gold system remains to be explored in detail and surface exploration continues to generate a suite of high quality drill targets. Diamond drilling is currently in progress to obtain samples for metallurgical test work and for QA/QC purposes.
Oxiana Limited ABN 40 005 482 824 ASX OXR Level 9, 31 Queen Street, Melbourne Victoria 3000
Telephone: +61 3 8623 2200 Facsimile: +61 3 8623 2222 [email protected] www.oxiana.com.au
Recent results from resource delineation drilling in the eastern and central areas along the southern flank of the Thengkahm system include: TKM096 10m at 2.2% Cu (from 39m) TKM097 18m at 2.5% Cu (from 24m) TKM097 36m at 1.0% Cu (from 44m) including 10m at 1.6% Cu TKM098 59m at 2.1% Cu (from 40m) TKM109 14m at 1.3% Cu (from 39m) TKM110 22m at 2.3% Cu (from 23m) including 3m at 8.7% Cu TKM110 11m at 1.3% Cu (from 62m) TKM111 16m at 9.8% Cu (from 28m) including 9m at 16.8% Cu TKM120 36m at 1.7% Cu (from 49m) TKM121 21m at 7.2% Cu (from 15m) including 9m at 14.5% TKM126 8m at 1.3% Cu (from 26m) Refer to Table 1 and attached plan (Figure 1) for hole locations and significant results. As reported earlier (ASX release February 9th 2004), gold mineralisation is also commonly developed at Thengkham both co-incident with, and separate to, copper mineralisation at the eastern end of the system. Better results from recent holes in this area include: Hole East North Interval From **Gold Grade (g/t) TKM096 600200 1874250 5 13 1.19 TKM096 600200 1874250 6 33 1.57 TKM097 600000 1874200 10 44 1.04 TKM098 600000 1874300 17 36 1.22 TKM098 600000 1874300 31 68 1.01 ** Fire assay; weighted averages of approximate 1 metre sample intervals; 0.5g/t lower cut, no top cut; max 2m internal waste. Further results are expected to be included in the June Quarterly Report. Owen L. Hegarty Managing Director. Note: Within this statement references to resources and exploration results have been approved for release by Tony Manini B.Sc (Hons), F.Aus.IMM who has more than five years experience in the field of activity concerned.
Oxiana Limited ABN 40 005 482 824 ASX OXR Level 9, 31 Queen Street, Melbourne Victoria 3000
Telephone: +61 3 8623 2200 Facsimile: +61 3 8623 2222 [email protected] www.oxiana.com.au
Table 1 – Significant Copper Results, Thengkham System Hole East North From (m) To (m) Interval (m) Copper Grade (%) TKM096 39 49 10 2.2 TKM097 600000 1874200 24 42 18 2.5 TKM097 including 600000 1874200 44 44 80 54 36 10 1.0 1.6 TKM098 600000 1874300 40 99 59 2.1 TKM109 599300 1874150 39 53 14 1.3 TKM110 including 599300 1874200 23 28 55 31 22 3 2.8 8.7 TKM110 599300 1874200 62 73 11 1.3 TKM111 including 599200 1874150 28 33 44 42 16 9 9.8 16.8 TKM119 including including including 598600 1874050 48 50 62 70 92 53 66 72 44 3 4 2 0.8 1.4 1.5 1.8 TKM120 598600 1874000 49 85 36 1.7 TKM120 598600 1874000 98 102 4 1.0 TKM121 including 598600 1873950 15 23 36 32 21 9 7.2 14.5 TKM126 598500 1874000 26 34 8 1.3 TKM130 598300 1873850 14 16 2 1.0 TKM130 598300 1873850 79 81 2 1.2