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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	CRJ
Latest Price:	0.02 (-5.56% )
52-week High:	0.04
52-week Low:	0.01
Market Cap:	8.37M

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Copper Range

Copper Range (ASX: CRJ) is focussed on the exploration, discovery and development of Iron Ore and base metal assets in South Australia, and Phosphate assets in the Northern Territory. The company has been building a base in two mineralized provinces: the Olympic Domain and the Adelaide Fold Belt.

Copper Range has acquired a substantial tenement holding in the Olympic Domain comprising nine granted tenements (Exploration Licences) covering a total of ~2,500 km2.

Copper Range’s tenement portfolio in the Adelaide Fold Belt covers an area of ~9,000 km²

Copper Range looking for Olympic Dam style deposits at Olympic Domain Project

Friday, March 05, 2010

Copper Range (ASX: CRJ) has reported that an airborne gravity survey will commence on the Olympic Domain Project in South Australia in early April 2010.

Joint Venture partner Barrick Gold of Australia Limited has executed an agreement with Fugro Airborne Surveys P/L to undertake an airborne gravity gradiometry survey over the Murdie prospect area.

Fugro’s airborne gravity system Falcon™ is the world’s leading Airborne Gravity Gradiometer (AGG) technology and was jointly developed by BHP Billiton and Lockheed Martin. The survey will be the first global commercial use of Fugro’s Falcon™ airborne gravity system for mineral exploration.

Since initial deployment in 1999, technology enhancement has led to improved operational efficiencies and data quality. Four Falcon™ AGG systems have been built to date, and three are currently installed in Cessna Grand Caravan aircraft operated by Fugro.

The Murdie Prospect survey marks a potential step change in global exploration for Olympic Dam style of mineralisation.

Barrick has signed a letter of intent to farm-in to Copper Range’s tenements in the Lake Torrens region in the Olympic Domain. Under the terms of the agreement, Barrick has the right to earn a 75% interest in the tenements by spending a minimum of $1,000,000 by May 2010, and a total of $5 million by November 2013.

Upon Barrick earning its interest, Copper Range has the right to contribute as a 25% joint venture partner or dilute down to a 5% interest at which time the interest will convert to a 1.5% net smelter royalty. Barrick has no right to withdraw until it has met the minimum expenditure in the first year.

Should Barrick withdraw following the minimum expenditure but prior to expending $5 million they will have earned no interest in the tenements.

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