Overland Resources Limited (ASX:OVR) Commenced Diamond Drilling Program At Yukon Base Metal Project In Canada

Perth, May 17, 2011 AEST (ABN Newswire) - Overland Resources Limited (ASX:OVR) is pleased to announce that it has commenced a 10,000 metre diamond drilling programme at its Yukon Base Metal Project in the Yukon Territory, Canada.

Initial drilling will target the high grade Andrew Zinc Deposit, where mineralisation remains open in all directions, to delineate vertical and lateral extensions of the current resource. The JORC Code compliant resource at the Andrew Zinc Deposit currently stands at: 7.2 Mt at 6.2% zinc and 1.5% lead

A second diamond drill rig is on site and will commence drilling at the Darcy Zinc Deposit within the next week. The deepest drilling here extends to only 130 metres vertically, with mineralisation remaining open at depth. This limits the bounds of the current resource and subsequently constrains the open pit mine design. Mineralisation also remains open in both directions along strike. The JORC Code compliant resource at the Darcy Zinc Deposit is: 3.5 Mt at 5.3% zinc,

There is significant potential to increase this with additional drilling.

A recently delineated zinc in soil geochemistry anomaly extends 1,000 metres to the north east of the Andrew Zinc Deposit. This new anomaly is a high priority target which will be drill tested for the first time during 2011. Its tenor is comparable to that of the 2,500 metre long zinc in soil anomaly that extends to the south east of the Andrew Zinc Deposit, which hosts the Andrew, Darin and Darcy Zinc Deposits.

The Company will continue to define and drill test additional targets through 2011. The recently acquired highly prospective Riddell Prospect, the Pinnacle Prospect and extensions of the Darin Deposit, are all high priority targets for drill testing.

With $12 million in cash, the Company is well funded to continue to aggressively explore the Yukon Base Metal Project and surrounding areas as it finalises its feasibility studies and mine permitting activities.

For the complete Overland Resources Limited announcement including figures and Resource Estimate tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/67487-ASX-OVR-541982.pdf

Contact

Hugh A Bresser Managing Director Overland Resources Limited Tel: +61-8-9226-5566 http://www.overlandresources.com