Proactive Investors reported that Mt Isa copper developer Universal Resources will recommence exploration at the Roseby Copper project in Queensland in October 2009.

11 holes will be drilled at the Bedford North and Lady Clayre prospects within the Roseby Copper project, to better define copper gold mineralization and move resources at these prospects from inferred to indicated status.

Roseby project is one of Australia’s largest undeveloped open pit copper resources, with 128.54 million tonnes of JORC compliant resources containing 878,000 tonnes of copper and 239,000 Oz of gold. During the global financial meltdown and fall in copper prices the project development was put on hold. Recovery in copper prices has provided an impetus to move the project back into development mode.

A bankable feasibility study for a 5 million tonnes per annum mine, mill, concentrator and associated infrastructure was completed in September 2008.

With estimated cash operating costs at USD 1.42 per lb and recovery in copper prices and current ebullient gold prices, the project's development has taken on a new light for potential project financiers.

Recently, Universal Resources and Vulcan Resources announced an intention to merge, to bring together significant and advanced, copper projects in Queensland and in Finland.

(Sourced from Proactive Investors)