Coppermoly continues to unmask the tonnage potential of the Simuku tenement with assays from drilling returning a substantial intersection of 1,001.9 meters at 0.24% Copper, 60 parts per million molybdenum and 2.38 grams per tonne silver at the Tobarum Prospect.

Significantly, the mineralization extends to more than 500 meters below the existing Inferred Resource of 200 million tonnes at 0.47% Copper equivalent and opens up large areas for additional mineralized targets.

These results are in addition to previously announced drilling results which returned intersections of primary Copper sulphide mineralization up to 1000 meters beneath the existing resource. Coppermoly continues to unlock the potential of Simuku to become a very large Copper deposit.

Further south at the Misili Prospect, the second deep drill hole was terminated at 686.4 meters depth, intersecting 383 meters at 0.22% Copper, 74 parts per million molybdenum and 1.85 gram per tonne silver from 163 meters including 24 meters at 0.75% Copper and 78 parts per million molybdenum from 292 meters.

The Copper mineralization is predominantly within quartz feldspar porphyry and breccia units. Molybdenum intersections include 47 meters at 234 parts per million and 0.32% Copper from 451 meters, demonstrating that zones of molybdenum extend from surface trenching to more than 430 meters deep.

Significant previously unreported intersections in the two diamond drill holes also include:
1. 2 meters at 0.31% Copper, 224 parts per million molybdenum and 6.15 gram per tonne silver from 809 meters;
2. 53 meters at 0.40% Copper, 154 parts per million molybdenum and 1.84 gram per tonne silver from 818 meters and
3. 10 meters at 0.36% Copper, 46 parts per million molybdenum and 2 gram per tonne silver from 875 meters.

A third deep drill hole beneath the Horseshoe molybdenum prospect was completed to a depth of 900 meters and assays are still pending. A historical drill hole at the prospect intersected 14 meters at 0.42% molybdenum in an oxide zone from surface.

A total of 37 drill holes have now been completed at Simuku for a total of 10,248 meters with six diamond drill holes for a total of 4,227 meters drilled by Barrick Gold Corporation subsidiary Barrick under an agreement between the two companies.

Barrick has spent over AUD 18 million on the three tenements Nakru, Simuku and Talelumas and is expected to earn in 72% by having spent USD 20 million by early 2012. Simuku is located 20 kilometers from the deep water port at the provincial capital of Kimbe in the highly prospective Kulu Awit Copper and Gold Belt.

(Sourced from www.proactiveinvestors.com.au)