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Bondi Mining reveals phase two drilling confirms uranium potential at Northern Territory project

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Brisbane-based uranium explorer company Bondi Mining (ASX: BOM) has unveiled encouraging results of phase two drilling at its Murphy Uranium Project in the Northern Territory.

The phase two program was aimed at testing for the presence of reduced basement metasediments of the Murphy Metamorphics under the Westmoreland Sandstone, as well as testing for the presence of Siegal Volcanics and mafic intrusives.

Rick Valenta, managing director of Bondi Mining, said the presence of reduced basement rocks was a very important component of the model for formation of high grade unconformity-related uranium deposits.

“These are the first four holes in the previously unexplored Murphy West area, and their objective was to help us gain an understanding of the geology of that area and its prospectivity for unconformity uranium”, Dr Valenta said.

“The fact that we have proven the presence of reduced metasediments in the basement is a big boost to the prospectivity of the area, and it is even more encouraging to have intersected anomalous uranium and a typical suite of associated elements right at the unconformity”.

Drilling has confirmed extensive areas of untested unconformity with underlying basement metamorphics and confirmed modelled depths to the unconformity.

A ground magnetic program has been completed over the planned area of phase three drilling at the UC19 target where a wide zone of anomalous uranium and copper in hematite alteration was intersected in phase one drilling.

The results of the phase two drilling will be used to plan for further programs in the Murphy West region in 2010.

The start of phase three drilling has been delayed due to the delay in availability of the contracted drill rig. The drill rig is now expected to be available in time to begin the program in late November.

The Murphy project is the subject of a Letter of Agreement between Bondi and Japan Oil, Gas and Metals National Corporation (JOGMEC) wherein JOGMEC can earn a 51% undivided interest in the project by sole funding AUD $3 million in exploration over four
years.

Bondi is the operator of the exploration program, with the program also receiving the support of two drilling grants of $100,000 each from the NT Government under the Bringing Forward Discovery Program.

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