LADY BRENDA – SIGNIFICANT RESOURCE DRILLING INTERCEPTS• Further...

LADY BRENDA – SIGNIFICANT RESOURCE DRILLING INTERCEPTS
• Further high grade oxide copper intersected within the Lady Brenda resource envelope, located within 500 metres southwest of the Lady Annie deposit.
• Assay results indicate potential for extensions to the known resource and further oxide copper discoveries in close proximity to the Lady Annie copper deposit.
• Significant intercepts include:
CARC 438 10 metres at 1.27% Cu from 86 metres
CARC 454 15 metres at 1.34% Cu from 38 metres and
15 metres at 1.43% Cu from 75 metres
CARC470 4 metres at 3.91% Cu from 45 metres
CARC 462 30 metres at 0.99% Cu from 16 metres
• A revised Mineral Resource is currently being estimated and will be completed upon the receipt of all outstanding assays.

Background
The Lady Annie Copper Project is the flagship of CopperCo’s Mount Isa tenement holding located 137 km’s north of Mount Isa (Figures 1 and 2). The Project currently
encompasses oxide copper reserves of 142,600 tonnes from global oxide and sulphide resources of 40Mt at 0.9% Cu, containing 358,700 tonnes of copper metal. Ore Reserve
updates are being completed for Flying Horse and Lady Annie and will be announced in the near term.
The Project will initially mine five ore bodies over an eight-year mine life by conventional open pit mining. Ore will be treated by a heap leaching, solvent extraction and
electrowinning process (SX-EW). Mining operations commenced in June 2007, development of the mine and processing infrastructure has been completed and first
production of copper cathode from the Lady Annie Project occurred in October 2007.
The Company will initially produce at an annualised rate of 19,000tpa, ramping up to 25,000tpa by late 2008. In January 2007 CopperCo’s exploration objective was to
increase the contained copper in the Global Mineral Resource inventory to at least 300,000 tonnes Cu. This objective was achieved in December 2007.
The Company continues to see great potential for further resource development and discovery of oxide copper and recently announced a further production upgrade to the
copper oxide leach operation to 30,000 tpa (ASX Release 11 March 2008). Now that a solid foundation has been established for the copper oxide leach operations, the
Company will continue to test the potential for further copper oxide resources to replace reserves and assess the potential to extend mine life for the copper oxide heap leach operations. Attention is also being directed at sulphide resources beneath the oxide caps at Lady Annie, Flying Horse, Mount Clarke and Buckley River. The conceptual target for exploration is to ultimately define sufficient suphide copper resources to support a 20,000
tonne per annum 10 year mine life copper in concentrate operation.
Figure 1: CopperCo tenement and prospect locations. Figure 2: Lady Annie Sub-Lease within broader CopperCo tenure.
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Lady Brenda
Lady Brenda is located immediately southwest of the Lady Annie deposit in an area of structural complexity caused by the intersection of several major faults. Copper in soil
anomalism (+50 ppm Cu) is widespread. Historic drilling through the area was not systematic and much of the deeper drilling targeted sulphide copper with the oxide zone
not having been assayed. RC drilling late 2007 and early 2008 defined an Inferred Mineral Resource of 1.9 Mt at a grade of 0.6% Cu for 10,500 tonnes of contained metal.
Given the proximity of the Lady Brenda resource to the Lady Annie deposit, a programme of oxide resource definition RC drilling has been on going during 2008 to increase the confidence in the resource and to close off mineralisation in several directions. The programme has comprised 10,691 metres of RC drilling in 105 holes and 5 diamond drill holes for 578.5 metres for metallurgical testwork. Results have now been received for 69 of the 105 RC holes with results pending for the 36 outstanding holes. Significant results from the programme include:
• CARC 438 10 metres at 1.27% Cu from 86 metres
• CARC 454 15 metres at 1.34% Cu from 38 metres and
15 metres at 1.43% Cu from 75 metres
• CARC 470 4 metres at 3.91% Cu from 45 metres
• CARC 462 30 metres at 0.99% Cu from 16 metres
All results are appended in Table 1, and drill hole locations are illustrated in Figure 3.
Oxide mineralisation at Lady Brenda has been identified in two main structurally controlled, north to north westerly trending zones, over a combined areal extent of 750
metres x 750 metres. Both zones extend to within 200 metres of the current Lady Annie resource model.
The more westerly of the two mineralised zones remains open and untested to the south where further work is currently being planned. Drill holes CARC454, CARC462 and
CARC470 (results above) are all located near the southern margin of drilling in the western zone of mineralisation. Additional less noteworthy results from this area include
33 metres at 0.60% Cu from 99 metres depth in drill hole CARC445, located on the southern-most extremity of the drilling coverage to date.
Several historic and recent drill holes have also revealed potential for sulphide mineralisation beneath the oxide mineralised zone with a best historic result of 29 metres
at 1.73% Cu from 192 metres in drill hole PO92/ DH107.
Mineralisation style is identical to that of the Lady Annie deposit with oxide ores hosted by malachite and very minor azurite within oxidised and weathered siltstones and
sandstones. Preliminary copper solubility testwork is indicating similarly good leach properties. Sulphide ores are characterised by chalcopyrite mineralisation within
structurally controlled carbonate-quartz breccia zones.
An update Mineral Resource estimate is currently being determined with a view to upgrading the resource category from Inferred to Measured and Indicated.