Feb 15, 2010

Barrick to begin field operations

AS part of the preparations for the upcoming exploration programmes on the Coppermoly Nakru and Simuku projects in West New Britain province, Barrick (PNG) Exploration Ltd (Barrick) have undertaken on-site inspections.

They have completed a formal risk assessment for camp re-construction, geological mapping and geochemical sampling. Preparations have also begun for the upgrade of track access to the Nakru project site.

Barrick can earn a 72 percent of Coppermoly's three existing projects by spending A$20 million (K42 million) within eight years. They are currently establishing their own office, staff and communications for their base of operations in Kimbe, the capital of West New Britain Island province. Coppermoly will continue to assist until March.

The diamond drilling programme at Nakru is expected to begin early in the second quarter of 2010 and will test depth extents of surface mineralisation and the copper related geophysical Induced Polarisation targets. It is anticipated that a broader exploration programme will include extensive surface sampling beneath ash cover, mapping and diamond drilling programmes both at Nakru and Simuku.

Barrick is reviewing the existing Nakru drill core and taking representative samples for petro graphic and petro physical studies to help understand the mineralisation and its relationship with geophysical anomalies. Drill hole samples are being reassayed for a broader suite of elements and historical geological, geochemical and geophysical data are being compiled to assist interpretation and definition of mineralisation potential in the broader area.

Coppermoly is currently reviewing other copper and gold prospects in Papua New Guinea for possible acquisition.

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