Rex Minerals Limited (ASX:RXM) Updates On Continued Copper-Gold Intersections At The Parsee And Songvaar Structures

Melbourne, Dec 23, 2009 AEST (ABN Newswire) - Rex Minerals Limited (ASX:RXM) has received assays for an additional four drill holes from its 100% owned Hillside Project on the Yorke Peninsula in South Australia which reveal additional copper-gold mineralisation over the Parsee and Songvaar structures.

Highlights from the drilling results include:

- 43m @ 0.8% copper and 0.4g/t gold from 181m down hole (157m below the surface)
Including 18m @ 1.1% copper and 0.6g/t gold from 206m down hole

- 20m @ 1.0% copper and 0.2g/t gold from 175m down hole (151m below the surface)

- 62m @ 0.5% copper and 0.2g/t gold from 167m down hole (145m below the surface)

Rex's Managing Director Mr Steven Olsen said today "Rex has taken some huge steps towards its goal of defining multiple large-scale copper-gold deposits on the historically copper-rich Yorke Peninsula. With five drilling rigs on site in early 2010 we will have much to look forward to with our first Resource estimate and the potential for more discoveries along the Pine Point Copper Belt."

Key achievements and highlights in 2009 include:

- High-grade copper mineralisation defined at Hillside for over 2.1km of strike along/across three major structures (Zanoni, Parsee, Songvaar).

- A detailed magnetic survey has identified a further 2.9km of strike still to be tested.

- Electromagentic (EM) survey defines shallow copper mineralisation, which appears to exist for over 2km of strike and is most closely associated with the Songvaar structure.

- Broad intervals of high-grade copper and gold mineralisation identified from as shallow as 15m below the surface down to 600m below the surface.

- Increased cash position of over A$48 million to rapidly increase the drilling at Hillside, and optimise the size of the Resource that can be defined in 2010.

Rex believes the combined mineralisation from all three copper-gold structures at Hillside will give the project the advantage of economies of scale. Important information regarding the overall size and shape of the copper mineralisation associated with all three structures and their proximity to each other will be returned from drilling during the first quarter of 2010.

Rex will re-commence drilling in January 2010 with 2 diamond drill rigs at Hillside and 1 diamond drill rig at its Mt Carrington project in NSW. Drilling at Hillside will be increased to at least 5 drill rigs by the end of March 2010 with 3 diamond rigs (including the drill rig from Mt Carrington) and 2 percussion rigs.

The drilling program will assist in defining the mineralisation over all three structures in greater detail with the focus narrowing towards the highest grade areas. In the June 2010 quarter, Rex will also start to test some additional regional targets on the Pine Point Copper Belt.

Contact

Steven Olsen (Managing Director) or Janet Mason (Company Secretary) Phone: +61-3-5337-4000 E-mail: info@rexminerals.com.au