LADY ANNIE COPPER MINE• Inaugural first quarter production for...

LADY ANNIE COPPER MINE
• Inaugural first quarter production for the Lady Annie Copper Mine of 2,984 tonnes of copper cathode. Unit operating cash
cost in line with expectations of US$1.11/lb expected to reduce below US$0.95/lb at current exchange rates as nameplate
capacity of 19,000 tpa is sustained. December unit operating cash cost at US$0.91/lb copper produced.
• Sales Revenue of A$23.35M at an average price per tonne of A$7,974 at average A$ to US$ exchange rate of 0.89.
• Gross operating margin over the period of 64%.
• Production ramp up to 19,000 tpa expected in late January 2008 as tonnage under leach reaches design levels.
• Leach kinetics tracking design at marginally lower acid consumption levels.
• Lady Annie Expansion to 25,000 tpa of copper cathode in July 2008 on track with construction commencing January 2008.
EXPLORATION
• A resource update of the Lady Annie deposit, inclusive of mineralisation at the newly defined Lady Brenda Prospect, has
returned a total oxide and sulphide, Measured, Indicated and Inferred estimate of 21.9Mt at 1.0% Cu containing 209,100
tonnes copper metal.
• An inaugural resource estimate of the Anthill Prospect, Buckley River Project, has reported 3.9Mt at 1.1% Cu containing
43,200 tonnes of copper metal.
• The Company’s global resource inventory has now increased to 40Mt at 0.9% Cu (358,700t of contained copper metal),
at a 0.3% Cu ore cut-off grade.
• Optimisation studies are in progress for new and recently updated resources, including the Lady Annie and Lady Brenda,
Flying Horse, and Anthill deposits.
• Evaluation of deeper sulphide at the Flying Horse Prospect is in progress with results to date already confirming sulphide
resource potential of the area. Significant sulphide results include:
MK1021C 11 metres at 3.57% Cu from 132 metres depth, and
34 metres at 1.02% Cu from 254 metres
• Significant new results from the Anthill prospect, subsequent to resource modelling include:
BR07014 64 metres at 2.26% Cu from 83 metres, including
11 metres at 6.43% Cu from 111 metres
• Significant new results from the Lady Brenda prospect, subsequent to resource modelling include:
CARC403 19 metres at 1.11% Cu from 40 metres
• Exploratory RC drilling at the Lady Maggie Prospect, has returned significant results indicative of resource potential
including:
BG07006 17 metres at 2.01% Cu from 59 metres, including
6 metres at 4.70% Cu from 60 metres
• Exploratory RC drilling at the Black Rock West Prospect, Cameron River Project has returned an encouraging best result
of:
CR07002 7 metres at 3.59% Cu from 21 metres