MLN 631-636, MLN 1108 Exploration activities report for the 12 month period to 31 December 2006

Abstract

Redbank Copper Operations operates from a series of small mining leases (MLN 631-635 and MLN 1108), producing copper from a small-scale stockpile vat leach operation located within the mining leases surrounded by ERL 94. Some 161 tonnes of copper was produced from this operation in calendar year 2006. In the twelve months to December 2006 the company completed an 1103m RC and diamond core drilling program focussing on the copper deposit at Bluff, on MLN 635. The drilling program at Bluff was completed in December 2006, confirming the outcropping copper mineralised sub-volcanic breccia pipe at Bluff and providing better definition of the oxide mineralisation. An Inferred Mineral Resources of 1.6Mt at 1.6% Cu has previously been calculated by independent consultants SRK, and the company is looking to confirm and expand this number with new resource calculations later next year.