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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	AOH
Latest Price:	0.26 (0.00%)
52-week High:	0.36
52-week Low:	0.20
Market Cap:	134.86M

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Altona Mining

Altona Mining's (ASX: AOH) two key assets are the Outokumpu Project in Finland and the Roseby Project in Queensland, Australia. The Kylylahti mine at Outokumpu is under development, Altona is targeting production of 8,000 tonnes of copper, 8,400 ounces of gold and 1,600 tonnes of zinc annually.

Roseby is one of the largest copper resources in Australia, where Altona is targeting copper production of up to 40,000 tonnes per annum.

Altona Mining reports Xstrata commences drilling at Roseby project

Thursday, September 09, 2010

Altona Mining (ASX: AOH) has reported that drilling at its 100% owned copper deposits, at one of Australia’s largest copper resources, Roseby, has commenced.

Xstrata will drill 3,500m of reverse circulation and diamond drilling, in up to seven drill holes, at the Scanlan and Blackard deposits.

Xstrata’s target is sulphide mineralisation at depth (200-400m) beneath the Blackard deposit, and a combined geophysical and geochemical anomaly some 1.5km south-east of the Scanlan resource.

Prior drilling at Blackard highlights the potential for significant sulphide mineralisation beneath the Blackard Resource, with significant prior sulphide intercepts include 112m at 0.9% copper and 158m at 0.5% copper.

The Roseby copper project is 100% owned by Altona, and under an agreement dated 11 March 2005, Xstrata may earn 51% of an area beneath and around the large copper resources at Roseby by expending $15 million or completing a Detailed Feasibility Study by 30 June 2012.

Xstrata expenditure to 30 July 2010 is $7.7 million, and should Xstrata earn a 51% interest in this area then it is compelled to purchase 51% of the balance of the Roseby project (Copper resources, reserves and exploration tenure) for an agreed or expert valuer determined fair market value.

Xstrata also have an option until 30 June 2012 to purchase 51% of the entire project (including the earn-in area) for an agreed or expert valuer determined fair market value.

Results from the drilling programme are expected in November 2010.

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