pre open drill results, page-6

Compass drilling confirms west NSW exploration concept
15:06, Wednesday, 1 November 2006

Sydney - Wednesday - Nov 1: (RWE Australian Business News) -
Compass Resources NL (ASX code: CMR) says the Cuttaburra and Yancannia
exploration licences (Compass 80%, Bohuon Resources Pty Ltd 20%) were
acquired to test a concept that a new base or precious metal mineral
district may exist in this remote part of western NSW.
The conceptual model applied by Compass interprets airborne
magnetic trends, identified from regional geophysical data, as basement
features related to strata-bound sulphide horizons, possibly with
elevated base metals, and occurring at a shallow enough depth to allow
effective exploration.
As in other parts of the world, including the Cobar Basin, large
base and precious metal deposits may be present along these trends
associated with discrete magnetic anomalies.
Following geophysical modelling, nine discrete airborne
anomalies were selected for initial follow-up work, and were located in
the field by geophysical surveys.
A single wildcat hole was drilled into each of two widely
separated anomalies.
Both holes confirmed the company's exploration concept that the
magnetic data reflected basement features within effective exploration
range.
The holes intersected a stratigraphic sequence similar to the
Cobar Basin sequence at a depth of 75 metres beneath the cover rocks.
Encouragingly, both holes intersected pyrite and or pyrrhotite
mineralisation, the latter being the source of the magnetic anomaly
tested in the Cuttaburra exploration licences.
Assay results are now available for the Cuttaburra hole CBRCD01
and include significant and strongly anomalous values for a wildcat hole
with up to 0.11% copper, 0.18% zinc, 0.41% tungsten and 40g/t silver.
Silver in particular was anomalous over wide intervals.
Assays are not currently available from the Yancannia wildcat
hole but from visual inspection it appears to be less well mineralised.
However, Compass says it is encouraged from a model viewpoint
that this hole intersected bedded pyrite mineralisation.