Korab Resources Executive Appointment - Exploration Update

Perth, April 20, 2006 AEST (ABN Newswire) - Directors of Korab Resources Limited (ASX: KOR) are pleased to announce that on 19 April 2006 Mr. Derek Lenartowicz has been appointed as a nonexecutive director of the Company and has ceased to act as an alternate director to Mr. Rodney H. J. Skeet, who is a nonexecutive director of the Company.

Mr. Lenartowicz, who has been alternate director to Mr Skeet since 2 February 2006, brings to the Company extensive project development and mining experience gained over many years of employment with major Australian resources companies at a senior management level.

Derek is a mining engineer with significant experience in developing and operating large scale resource projects. From 1997 to 2002, Derek managed Western Mining's flagship nickel operation at Mt Keith in Western Australia (1.7 million tones of nickel). During this time, Mt Keith project was recognised as a benchmark for mining efficiency, innovation and cost effective investments. Prior to his engagement with Western Mining, Derek has held senior positions at North Limited and Dominion Mining. Most recently Derek was the Managing Director of View Resources Limited which owns the Bronzewing mine 40 km to the west of Korab's Melrose gold project.

Mr. Lenartowicz will make available to the Board his considerable technical expertise and practical knowledge. This should enable Korab to fast track the development of its 100% owned Melrose gold project to production stage providing the Company with additional funding for exploration at Melrose and at other Korab's projects.

The other projects are:

- Batchelor (uranium, gold, zinc)

- Green Alligator (uranium, gold, zinc, lead)

- Throssell (uranium, gold, copper)

- Lohengrin (uranium, gold, copper)

- Maitland (uranium)

- Darlot East (gold)


Melrose is located on the Wanganoo Archaean greenstone belt in the north eastern section of the Yilgarn Craton, 500 km north of Kalgoorlie and 40 km to the east of the Yandal greenstone belt. Yandal belt contains over 17 mln ounces of gold within several multimillion ounce gold deposits, including:

- Bronzewing (2.8 mln ounces)

- Yundee (3.3 mln ounces)

- Darlot (3 mln ounces)

- Centenary (3 mln ounces)

- Thunderbox (2 mln ounces)

Unlike Yandal, Wanganoo belt is one of the least explored greenstone belts remaining in the Yandal province with most of the exploration drilling within the belt having been limited to 60 m depth. Thick sediment cover and the nature of the mineralisation within the Wanganoo belt means that common exploration methods that depend on geochemical surface sampling and on shallow set depth drilling programs are of limited use.

Over the last 15 years, significant investments in geological research and synthesis (which included regional compilations and detailed mine studies) has led to a better understanding of ore controls based on rock types and structural interpretations. This enables prediction of mineralisation at depth where no discernable anomalies are recognised at or near the surface.

Over the past 3 months, Korab has been reviewing its $10 mln database of geophysical, geochemical, and drilling data which was acquired as part of the Melrose project purchase. This review has so far produced over 30 km of structural targets and geochemical anomalies within the project area and has shown that Wanganoo Gold Belt has a potential to host a multimillion ounce gold deposit. Korab is currently continuing this review and it is expected that the resulting high priority targets will undergo drill testing within the next 6 months.

The Company is also progressing with the development work at the Bungarra deposit (part of the Melrose project). It is expected that the ore reserves modelling for the Bungarra deposit will be finalised in June subject to completion of the metallurgy and geotechnical studies.

About Korab Resources Limited

Korab Resources Ltd (ASX:KOR) is an international mining and exploration company with operations in Australia and Europe. Korab's projects include Winchester magnesium carbonate deposit and Geolsec phosphate rock deposit at Batchelor in the Northern Territory of Australia as well as a gold and silver deposit at Bobrikovo in eastern Ukraine. The Company also explores for gold and copper at Ashburton Downs in Western Australia and for various metals and specialty minerals at Batchelor in the Northern Territory. Korab's shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform. More information about Korab's projects can be sourced from Korab's website at www.korab.com.au.

 

Contact

Andrej K Karpinski Executive Chairman www.korabresources.com.au