Sirius Minerals Regulatory News (SXX)

30 Nov 2006 07:01

Sirius Exploration plc30 November 2006 FOR RELEASE 7.00AM 30 NOVEMBER 2006 SIRIUS EXPLORATION PLC ("Sirius Exploration" or "The Company") Sirius Exploration acquires and explores mineral properties Sirius Exploration identifies new gold target within its Kadiica Copper project area in Macedonia. First results from the current exploration year suggest that Sirius may havegold deposits within the existing Kadiica claim area. Kadiica is one of twoclaim areas in Macedonia currently being transferred to Sirius Exploration byjoint venture partner Phelps Dodge Exploration Corporation and is the areaSirius Exporation believes is most likely to produce a small mine in the nearterm. Following the data exchange agreement with Rio Tinto, Sirius Exploration hasobtained data from one of their regional rock chip sampling programmes. These,combined with earlier regional work by the government, indicates that there arepotential gold targets in Sirius Exploration's Kadiica claim as well as thecopper target already identified. Previous partner Phelps Dodge reported a low level soil gold anomaly over thecentre of the porphyry coincident with advanced argillic alteration overprintingthe porphyry alteration.. Two of the rock chip samples from a silicified spinein the centre of the advanced argillic alteration gave 7.2 and 0.8 gpt Au. Thesesignificant results will be followed up next spring with a full programme ofmapping and trenching. Nick Badham, Sirius Exploration's Managing Director, has recently returned frommapping the area and reports there to be a second separate area ofsilicification some 2 km to the east of the porphyry. A cluster of seven rock chip samples taken here by Rio Tinto over a 500m x 300marea, still well within the Kadiica claim, revealed values from 0.8 to 5.4 gptAu - average 1.8gpt Au. Again these highly significant data will be followed upby an aggressive programme of trenching and sampling as soon as weather permits. Richard Poulden, The Chairman of Sirius Exploration, commented: "We continue to make good progress in Macedonia and the findings from our recentvisit to our Kadiica Copper claim look very encouraging with strong indicationsthat we will will be able commence mining for both copper and gold within thenext two to three years. We believed we had the makings of a profitable smallcopper mine at Kadiica and now with the added possibility of a gold credit thismakes the project even more attractive. QUALIFIED PERSON Dr Nicholas Badham, Managing Director, is a fellow of the Geological Society, aChartered European Geologist, a Fellow of the Society of Economic Geologists andwas formerly Chief Geologist of RTZ Mining and Exploration Limited. He has readand approved the technical disclosure in this regulatory announcement. For further information: Sirius Exploration PlcRichard Poulden (Chairman) Tel: 01453 511900richard.poulden@siriusexploration.com Mobile: 07879 447 601Jonathan Harrison (Financial Director) Mobile: 07803 206085 Beaumont CornishRoland Cornish, (Chairman) Tel: 020 7628 3396 Cubitt ConsultingBrian Coleman-Smith / Nia Thomas / Allison Reid Tel: 020 7367 5100 Website: www.siriusexploration.com Sirius Share Price Notes to editor: Sirius Exploration Sirius Exploration PLC (AIM: SXX) is quoted on the Alternative Investment Marketof the London Stock Exchange Ltd in London. The Company acquires and exploresmineral properties. The Company is exploring for copper on its porphyry coppermineral properties located in Macedonia. The Company has a joint venture with Phelps Dodge and has completed a drillingprogram at exploration sites in Macedonia. Sirius Exploration has an agreementwith Rio Tinto to explore their Macedonian database to identify furtherexploration opportunities. Phelps Dodge Phelps Dodge is one of the world's leading producers of copper and molybdenum,the largest producer of molybdenum-based chemicals and continuous-cast copperrod, and among the leading producers of magnet wire and carbon black. Thecompany and two divisions, Phelps Dodge Mining Co. and Phelps Dodge Industries,employ approximately 15,500 people worldwide. Rio Tinto Rio Tinto is a world leader in finding, mining and processing the earth'smineral resources. Major products include aluminium, copper, diamonds, energyproducts (coal and uranium), gold, industrial minerals (borax, titanium dioxide,salt, talc and zircon), and iron ore. The Group's activities span the world butare strongly represented in Australia and North America with significantbusinesses in South America, Asia, Europe and southern Africa. Rio Tinto comprises wholly owned subsidiaries (such as Borax, Comalco,Hamersley, Rio Tinto Coal Australia, Kennecott and Rio Tinto Iron & Titanium),partly owned subsidiaries (Coal & Allied and Palabora) and non-managed,(Escondida) and joint ventures (Grasberg) in which public shareholders, othercompanies or governments are partners. This information is provided by RNS The company news service from the London Stock Exchange