Tethyan Resources Regulatory News (TETH)

6 Mar 2007 07:01

Triple Plate Junction Plc06 March 2007 For immediate release 6 March 2007 Triple Plate Junction Plc OTIBANDA GOLD POTENTIAL CONTINUES TO EXPAND Triple Plate Junction Plc (AIM : TPJ) is pleased to announce that mapping andtrenching results from its Otibanda gold discovery continue to confirm thebelief that the company is in the early stages of outlining a major goldfield inPapua New Guinea. A significant third lode, the Ekoato lode, has beenidentified and the strike length of the Otibanda and Waikanda lodes have beensubstantially increased http://www.rns-pdf.londonstockexchange.com/rns/6580s_1-2007-3-5.pdf The Otibanda lode has been extended by a further 500m to the northwest where itis defined by multiple mineralized zones and can now be traced at surface forabout 3100m, still remaining open at both ends. Extensive trenching has been conducted across the central part of the Otibandalode and detailed mapping and channel sampling of the exposed rock has beencompleted. Results received so far for the trenches over a 900m strike lengthhttp://www.rns-pdf.londonstockexchange.com/rns/6580s_2-2007-3-5.pdf of the Otibanda lode have shown an average 2.6m width at 6.26g/t gold, highlighted in the table below from west to east: TRENCH No WIDTH (m) GOLD GRADE (g/t)12 4 5.597 1 119 2 12.68 2 2.174 2 14.64 3 4.341 2 16.282 5.2 1.463 4.3 3.913 1.6 8.285 5 4.266 2 8.39 Importantly, as the trenching program proceeds on the Otibanda lode, othersub-parallel mineralized lodes are being uncovered adjacent to the main lodeincluding 1.62 g/t gold over a width of 5.2m in trench 22, and 1.65 g/t goldover 7.6m in the northern extension of trench 12. This significantly increasesthe gold potential of the discovery. The Waikanda lode, located located two kilometres south west of the Otibandalode, now extends 3,600m along strike to the southeast of the discovery outcrop(10.4m grading 8.01 g/t gold). Samples collected along strike to the southeastof the discovery outcrop returned 6m at 4.13g/t gold incl. 2m at 10.5g/t gold.Grab samples from the southeast end of the lode include 66.6g/t Gold and 1.67g/tgold with 800g/t silver. The third lode, the Ekoato lode, lying south of the Waikanda lode and roughlyfive kilometres south west of the Otibanda lode. Assays are pending, howeverhistorical data has reported grades of 6m at 9.1g/t gold including 2m of 50.2g/tgold. In addition, other mineralized sub-parallel structures outcrop betweenthe Waikanda and Ekoato Lodes. The area of known gold bearing lodes now covers some 6km by 3.6km. Drilling of the lodes is still anticipated to occur late in March 2007. Geoff Walsh, CEO said: "Obviously management are delighted with the progress atOtibanda and our accelerated efforts on this project are producing the kind ofresults consistent with a major discovery. This drill program marks thebeginning of a substantial drilling campaign at Otibanda and our other projectsin Papua New Guinea." 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 020 7340 9970Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson / Isabel Podda This information is provided by RNS The company news service from the London Stock Exchange