Sydney - Monday - September 22: (RWE) - Fox Resources today...

Sydney - Monday - September 22: (RWE) - Fox Resources today
announced diamond drillhole UGD148 intersected 25.4 metres at 4.36 per
cent nickel-equivalent.
The better-than-expected results, which came from an
area 135 metres below the surface, included 15.2m at 4.54 per cent and
8.86m at 4.71 per cent nickel-equivalent.
The drilling was designed to test lateral and up-dip extensions
to massive sulphide mineralisation.
This area is only 8m from existing underground mine development.
Fox said an additional hole, recently completed in this area to
better define the massive sulphide mineralisation, had also been
successful and would be released to the market in due course.
The company is diamond-drilling underground at its Radio Hill
mining and milling operations near Karratha, WA.
The program which will continue through to October and is
designed to intercept the projected lateral extensions to the Radio Hill
orebody.
In addition, the drilling is expected to better define massive
nickel sulphide resources and unexploited stringer nickel sulphide
resources.
The aim is to prove up additional reserves and resources to be
included in the mining development study.
Fox is aiming to complete this bankable study by December 2003
and expects production to commence by mid-2004.
Shares in Fox last traded at 44.5c.