ASX / MEDIA
RELEASE
10 FEBRUARY 2009
Key points:
High grade copper developer Redbank
Mines Limited (ASX: RBM) has expanded its land holding in the prospective
McArthur South region in the Northern Territory with the granting of five new
exploration tenements.
The Northern Territory Department of Primary Industry,
Fisheries and Mines recently granted the five tenements, being EL 26758, EL
26778, EL 26779, EL 26780 and EL 26781, to Redbank
Operations Pty Limited.
Redbank
is accumulating a significant ground position in the McArthur South region,
with approximately 2,760km2 under lease or application.
Redbank
Managing Director Bruce Morrin said the grant of
these tenements delivers a further opportunity for Redbank
to increase its resource base and production potential.
The tenements are close to Redbank?s
current mine site and processing infrastructure, and are in close proximity to
the major through-going structure in the area the Calvert Fault,? Mr Morrin said.
The Company believes the Calvert Fault is an important
channel for metalliferous fluids and possible
deposition in unconformity-type settings, where the fluids migrate up faults
and along sequence boundaries to favourable traps.
?Redbank
intends to explore the tenements, principally for copper, but also for cobalt,
uranium, phosphate and manganese. We will be exploring a range of geological
settings, including copper and copper/cobalt mineralised breccia
pipes; stratabound copper and copper cobalt
mineralisation; unconformity and contact style uranium mineralisation and base
metal basin margin-type hydrothermal deposits,? he
said.
Earlier this month, Redbank
announced it was undertaking a $2.5 million initial exploration program for
2009, targeting high grade copper sulfide targets
across its Northern Territory
copper project.
For further information, please contact:
Bruce Morrin
Warrick Hazeldine
Managing
Director
Purple Communications
Tel: 0488 770
553
Tel: +61 (0) 8 6314
6300
Mob: 0417 944
616
Redbank
Mines Operations tenement map
About Redbank Mines
Redbank
Mines is an Australian based ASX-listed resource company (ASX: RBM) focused on
the development of the Redbank Copper Mine in the
north east of the Northern Territory.
The project is located in the Redbank
Mineral Field in the NT, where the Company holds a substantial ground
position. The region hosts significant economic copper mineralization and
is highly prospective for copper, cobalt, phosphate, manganese and uranium.
The Company acquired the Redbank
Copper Mine in 2005, and has been generating some cashflow
from the treatment of high grade oxide stockpiles to produce a high quality
concentrate. The tenement package included numerous advanced copper
targets.
In December 2007, Redbank
secured an exploration joint venture with Glencore
International, one of the world?s
largest commodity suppliers. The Company has also signed an off-take
agreement with Glencore for the life of mine, based
on marked based spot prices of copper.
Additional information is available at www.redbankmines.com.au
Purple Communications
Level 3, 28
Kings Park Road, WEST PERTH
WA 6005
Ph: 08 6314 6300 Fax: 08 6314 6355
purple@purplecom.com.au