PHOENIX COPPER LIMITED

Phoenix Copper will expand its tenement holdings in the Burra region in northern South Australia when it completes the purchase of a significant tenement directly adjacent to its Spalding project. The Company has agreed, subject to necessary ministerial approval, to purchase tenement EL3244 from Flinders Mines. The 209km2 tenement is in two parts, the western part of which lies immediately north of the Company’s Spalding tenement, EL3686.