🕐22.10.09 - 04:36 Uhr

Hannans commences drill testing at Queen Victoria Rocks Nickel Project



ASX Announcement 22 October 2009 Hannans commences drill testing at Queen Victoria Rocks Nickel Project - Vale to drill test Queen Victoria Rocks (QVR) nickel project during October; - A review of historical data by Vale identifies a number of untested targets prospective for nickel that will be drill tested in October (3 holes); and - A recent geophysical survey (MLEM) completed by Vale identifies targets prospective for nickel that will also be drill tested in October (3 holes). Western Australian minerals explorer Hannans Reward Ltd (ASX: HNR) is pleased to confirm that Vale Inco, a wholly owned subsidiary of Vale S.A. (Vale), will commence deep drilling at the Queen Victoria Rocks nickel project, located 50km southwest of Coolgardie in the Goldfields region of Western Australia, during October 2009. A re-interpretation by Vale of the historical geophysical data within the vicinity of the Spargos prospect suggests that: - There were significant conductive targets which had not been tested during previous exploration at the prospect; - It is possible that previous drilling to test some of these targets underestimated the depth of the targets; - A number of the previously drilled holes appear to have been drilled above the modeled targets; - There are two main zones of high conductivity apparent in the ground geophysical data; and therefore; and - A total of 3 drill-holes (each hole approximately 350m deep) will be drilled to test the targets. Furthermore a ground geophysical survey (MLEM) survey was completed by Vale to follow up stratigraphic magnetic features some of which are coincident with a number of geophysical anomalies (generated through Hannans VTEM). The MLEM survey identified two additional targets which will be tested with reverse circulation drilling in October. Shareholders are directed to the ASX release dated 22 October 2008 for the terms of the Vale joint venture.

Any questions in relation to this announcement can be directed to Hannans Managing Director, Damian Hicks on +61 8 9324 3388.
Click here to access the full ASX Announcement.http://esp.gewru.com/download/files/12414/966718/Final%20091022%20Vale%20to%20drill%20test%20QVR%2022%20Oct%2009.pdf
For further information please contact: Shareholder Contact: Damian Hicks Managing Director Telephone: (08) 9324 3388 Fax: (08) 9324 3366 Email: Media Contact: Karen Oswald Professional Public Relations Telephone: 08 9388 0944 Mobile: 0423 602 353 Email: Hannans Reward Limited Summary Hannans Reward Ltd has developed a suite of prospective exploration projects within Australia covering nickel, gold and manganese.

Hannans has joint ventures with Vale (www.vale.com), Kagara Ltd (www.kagara.com.au), St Barbara Ltd (www.stbarbara.com.au) and Triton Gold Ltd (www.tritongold.com.au).

Hannans is the second largest shareholder in Warwick Resources Ltd (www.warwickresources.com.au) and holds equity in Atlas Iron Ltd (www.atlasiron.com.au).

Hannans shareholders are exposed to share price appreciation through exploration success at the following projects: Forrestania -- nickel & gold project 7km north of Western Areas Flying Fox nickel mine Lake Johnston -- nickel & gold project located 25km south east of Norilsks Maggie Hays nickel mine Jigalong -- manganese & base metals project located 150km east of Newman, WA Queen Victoria Rocks - joint venture with Companhia Vale do Rio Doce (Vale),30km south-west of Coolgardie, WA Sunday -- gold joint venture with Triton Gold Ltd, 10kms east of Leonora, WA
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