CHEOWA

Rpeorted that field work carried out consisted solely of environmental rehabilitation of drill sites and access. Results of a prefeasibility study are expected in Q1 2009.

Deep Diamond Drilling at CC2 was completed and demonstrated mineralisation continues to depths of at least 500m. New results include: 4.25m at 2.62% copper from the 200m - 400m panel (hole CHEDD0129) and 6.0m at 1.11% copper from the 200m – 400m panel (hole CHEDD0145).

An updated resource estimate was provided. The total CC2 Resource has more than doubled to 6.5 million tonnes, with an Indicated Resource of 3.5mt @ 1.1% copper and 0.23g/t gold and an Inferred Resource of 2.9mt @ 1.1% copper and 0.38 g/t gold. The new estimate was calculated over a strike length of 1,700m and incorporates for the first time an inferred category for the 200m-400m vertical panel below surface at CC2 where diamond drilling is ongoing. In addition, new drill results were released and include 4.4m at 2.73% copper from the 200m - 400m panel, 2m at 3.63 % copper from the 200m - 400m panel and 2.6m at 3.97% copper from the 400m - 600m panel.