From Straits Resources quarterly report released yesterday...

From Straits Resources quarterly report released yesterday .........

Straits is exploring for iron oxide/copper/gold (IOCG) systems in the highly prospective Stuart Shelf region of South Australia (Torrens Project). The Torrens Joint Venture is between Argonaut Resources NL and Straits Resources Ltd (Straits earning 70%). The Torrens Project is located near the eastern margin of South Australia�fs Gawler Craton region (Stuart Shelf), within 50 kilometres of Tech Cominco's Carapateena copper/gold discovery and 75 kilometres from BHP Billiton's Olympic Dam mine.

The Joint Venture Partners are very encouraged by the geological units intercepted in Phase One of the program. The quality of the exploration targets remain world class, and the results received to date have strengthened the JV Partners resolve to continue exploration activities. Straits are currently in negotiation with Native Title claimant groups to finalise site access issues.