Tethyan Resources Regulatory News (TETH)

25 Jun 2007 07:01

Triple Plate Junction Plc25 June 2007 For immediate release 25 June 2007 Triple Plate Junction plc ("TPJ" or the "Company") HIGH-GRADE GOLD DRILLING INTERSECTION AT OTIBANDA PROJECT TPJ recently commenced a scout diamond drilling program at its Otibanda prospectin Papua New Guinea to test for depth continuity of high grade gold valuesdiscovered in surface sampling and trenching. Three major gold-bearing parallel lodes approximately two kilometres apart knownas Otibanda, Waikanda and Ekoato have been identified in the Otibanda projectarea. The lodes can be traced for up to 3,100m along strike and multiplesub-parallel lodes have been recognised between the three major lodes (LINK TOMAP ONE). Three drillholes, all on the Otibanda lode, have now been completed totalling394 metres (LINK TO MAP TWO) as part of the Company's first phase program of1,500 metres to test various targets on the three lodes. Holes OTI-002 and OTI-003 were drilled beneath surface trenching that hadreturned values of 2 metres of 14.6 g/t gold and 3 metres of 4.35 g/t gold.Hole OTI-003 intersected 2.29 metres averaging 16.2 g/t gold from 59.45 metresdown the hole, a significant intercept which confirms continuity of thehigh-grade gold bearing system at depth. Hole OTI-002 intersected 3 metres of 1.72g/t gold from 119.45 metres hole depthand 2.45metres of 2.69g/t gold from 126.3m down hole. The accompanyinggeochemical signature of anomalous copper and molybdenum, and secondary biotitealteration indicates porphyry copper style mineralization occurs in the Otibandaproject area. Trenching along the Otibanda lode is almost complete and so far has exposed atleast 2,400 metres of the lode. The lode has exhibited consistent goldmineralization where exposed and has found to be associated with numerousparallel structures which are also gold mineralized. Recent preliminary resultsfrom trenching at Nenapuenga Creek at the western end of the lode, has returned1 metre at 11.6g/t gold and 2 metres at 9.48 g/t gold including 1 metre at 16.6g/t gold. To the south of this zone, a chalcopyrite rich vein is exposed in thecreek and in trenches, with grades from 0.5 metres at 18 g/t gold and 1.2 metresat 17.06 g/t gold including 0.5 metres at 20.5 g/t gold. Trenching is continuing on the Waikanda lode and two drill pads are currentlybeing constructed with the aim of drilling under the discovery outcrop, whichreturned 18.01 g/t gold over 10.4 metres and another zone, 450 metres to theeast, which assayed 4.13 g/t gold over 6 metres. Trenching has also started in the Ekoato lode area, and is initiallyconcentrating on excavating the structure where a grab sample from artisanalmine dump material assayed 278 g/t gold. Bill Howell, Exploration Director said "Clearly the Otibanda project areacontains extensive mineralisation with possibly a number of significant ore typesystems. We are just beginning to test the very strong potential of this largearea". Geoff Walsh, CEO added "We continue to be very encouraged by the results todate. Confirmation of grade at depth reduces the risk and increases the scope ofthe project. Our exploration programme on Otibanda will continue at pace."WJS (Bill) Howell, BSc(Hons), FAusIMM,CP (Man), as the qualified ExecutiveDirector has reviewed this statement and authorised its release. For further information please contact: Triple Plate Junction plc 0207 340 9970Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson / Isabel Podda/Ben Willey This statement may contain certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralisation and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock Exchange