Auzex Resources

Published : May 13th, 2008

Amendment to Auzex Resources ASX Release - Important progress for Khartoum tin project, North Queens

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After guidance from the ASX Company Announcements Office, Auzex Resources has amended this morning’s ASX release. The amendment relates to the third bullet point in the highlights section – refer below. The final sentence of this bullet point has been amended from, “There has been insufficient exploration undertaken to define a Mineral Resource at this time” to now read as “There has been insufficient exploration undertaken to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource”. To view the entire announcement, refer the Company’s website, www.auzex.com and click on the relevant news item on the left hand side of the home page.

 

Important progress for Khartoum tin project, North Queensland

                                                       

Highlights (amended)

 

  • Assessment of results from current exploration at the Khartoum tin project are compelling and indicate at this early stage the potential for the discovery of a new world class tin deposit.

 

  • Spectral processing of satellite imagery has highlighted the considerable potential to increase the scale of the Khartoum project within the Company’s tenement, outside of the area defined by current exploration.

 

  • Exploration to date suggests a mineralised system with a conceptual tonnage potential of 80 – 120 million tonnes, averaging 0.2%-0.3%Sn based upon the areal extent of greisen tin mineralisation discovered within the project area, and the reported results of the Company’s geological mapping, sampling and drilling program. There has been insufficient exploration undertaken to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

 

  • Initial metallurgical testwork undertaken on diamond drillcore of fresh greisen mineralisation indicate a combined tin recovery from gravity and flotation of 71%. This result is considered highly encouraging because significant improvements are likely to be made with modification to grinding and flotation circuit parameters. Mineralogical studies indicate the cassiterite is generally of fine grain size (<100�m), free from sulphide, and contains only trace stannite (an uneconomic tin mineral).

 

  • A total of 195 composite (5m) rock chip samples have been recently collected from 50 channel sample traverses across greisen mineralisation located in the Boulder-Ahmets region covering a 13km2 area.

 

  • 3D modelling of mapped greisen bodies has commenced with the objective of designing a second phase of RC drilling to be conducted in the second half of 2008 aimed at developing an initial JORC compliant resource.

 

  • The tin price is strong with a positive outlook; currently (9 May 2008) the metal is A$25,900 per tonne.

 

Brett O’Donovan

Marketing & Investor Relations

 

Mob  +61 433 399 501

Email:  brett@auzex.com

www.auzex.com

 

This document and any following pages are confidential and intended solely for the named addressee. The copying or distribution of them, or any information contained herein, by anyone other than the addressee, is prohibited. If you have received this document in error, please let us know by telephone (reverse charges) and destroy the original message. Thank you.

 

Auzex Resources

CODE : AZX.AX
ISIN : AU000000AZX2
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Auzex Res. is a gold and molybdenum exploration company based in Australia.

Auzex Res. develops gold, molybdenum and in Australia, and holds various exploration projects in Australia.

Its main asset in development is KINGSGATE in Australia and its main exploration properties are BULLABULLING and BULLABULLING in Australia.

Auzex Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 26.5 millions as of today (US$ 26.2 millions, € 20.9 millions).

Its stock quote reached its highest recent level on March 16, 2007 at AU$ 2.20, and its lowest recent point on June 18, 2010 at AU$ 0.03.

Auzex Res. has 94 795 380 shares outstanding.

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