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Prosperity Resources shares spike on further gold potential at Aceh


Prosperity Resources (ASX: PSP) has reported significant new trench and rock chip sample results from the Mutiara Prospect, located within its MKM IUP exploration license in south Aceh, Indonesia, with more widespread and continuous gold/copper mineralisation from its 410km2 tenement package.

In the first trenching carried out at Mutiara, located 1.5km to the north west of the Panton Luas Prospect, results indicate it may be part of one large mineralised porphyry system at least 4km long.

Better results include:

- Trench M1: 18 metres @ 2.61g/t gold and 0.71% copper;
- Trench M23: 12 metres @ 4.77g/t gold and 3.62% copper; and
- Trench M26: 18 metres @ 1.39g/t gold and 0.42% copper.

Drilling at Mutiara is expected to commence in September 2010. These Mutiara results follow the previously reported surface sampling results from this area and confirm continuous zones of mineralisation.

Mo Munshi, chairman, said “our licenses in Aceh continue to produce excellent results as evidenced by the helimag and Mutiara rock chip sampling and trenching results."

"These results confirm that potential exists for the delineation of significant porphyry gold/copper systems and indicate that Mutiara and Panton Luas could be part of the same large porphyry system covering 4km by 1.5km.”

A detailed helicopter-borne magnetic survey is being flown over Prosperity’s Aceh licenses. The preliminary data from this magnetic survey is very encouraging and the results from this survey will be released in the coming weeks.

Prosperity Resources has 261.4 million issued shares and 70.8 million unlisted options.

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