Rex Minerals Limited (ASX:RXM)
Melbourne, April 27, 2009 AEST (ABN Newswire) - Rex Minerals Limited (ASX:RXM) has achieved outstanding success during the quarter, with two major copper discoveries in two separate Projects. Each project offers different opportunities in terms of potential scale and time to a possible development.
The drilling results at Hillside, combined with other regional geological information, indicates that a very large mineralised system exists beneath shallow cover on the Yorke Peninsula. Rex believes that ongoing exploration along the eastern coast line of the Yorke Peninsula offers the potential for the discovery of economic quantities of copper, gold and uranium. The exploration focus on the Yorke Peninsula continues to be for the discovery of additional mineralisation that could lead to a new, large-scale and long life mining operation.
A new high-grade, shallow copper discovery at Mt Carrington has the potential to add significant value to the existing gold and silver Resources already defined on the project. The shallow and high-grade nature of the mineralisation at Mt Carrington has the potential to offer Rex a new development opportunity within a short time frame.
During the quarter, Rex completed a capital raising of $5.5 million, which was approved by shareholders on 22 April 2009. After adjusting for the completion of the capital raising, Rex has 72.3 million shares on issue and a cash position of A$8.3 million at 31 March 2009. This will allow Rex to optimise shareholder value by continuing to explore at both Mt Carrington and the Yorke Peninsula while maintaining 100% ownership of both projects.
For the Full Rex Minerals Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60526-ASX-RXM-317055.pdf
Contact
Steven Olsen
Managing Director
Or
Janet Mason
Company Secretary
Tel: +61-3-5337-4000
Email: info@rexminerals.com.au
www.rexminerals.com.au
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