🕐14.01.10 - 03:38 Uhr

EXPLORATION DRILLING TO COMMENCE AT CAPE LAMBERTS LADY ANNIE PROJECT



Cape Lambert Resources Limited ASX Announcement 14 January 2010 EXPLORATION DRILLING TO COMMENCE AT LADY ANNIE PROJECT Key Points: - Exploration drilling to commence at the Lady Annie Project in late February 2010, with the first reverse circulation drill rig scheduled to arrive onsite on or about 24 February 2010, - Initial focus is on upgrading and adding to the defined resources at the Mt Kelly Mining Area and Anthill-Python prospects, - Swick Mining Services Limited (ASX: SWK) awarded a two year contract for surface exploration drilling services, and - Program comprises approximately 70,000 metres of reverse circulation drilling and 10,000 metres of diamond drilling. Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE) ("Cape Lambert" or the "Company") is pleased to advise that exploration drilling is due to commence at the Lady Annie Project in late February 2010, with the first reverse circulation ("RC") drill rig scheduled to arrive at the project on or about 24 February 2010. Swick Mining Services Ltd has been contracted to undertake exploration drilling services over a two year period at the Lady Annie Project, which is located 120km north of Mt Isa, Queensland (refer Figure 1). The two year exploration drilling program comprises approximately 70,000 metres of RC drilling and 10,000 metres of diamond drilling ("DD").

The first of 3 drill rigs, comprising two RC and one DD rig, will arrive at Lady Annie on or about 24 February 2010 and will commence drilling shortly thereafter.

The second RC rig is scheduled to arrive in the second quarter 2010, and a diamond rig in May 2010. RC drilling will initially focus on upgrading and adding to the currently defined resources at the Mt Kelly Mining Area, and upgrading and extending the defined resource at the Anthill -- Python prospects, located to the south of the Mt Kelly Process Plant (refer Figure 2).

The scope of RC drilling will expand significantly with the arrival of the second RC rig, which will focus on testing highly prospective exploration targets on granted mining leases and exploration permits within the project area. The Company is currently divesting its interest in the Lady Annie Project by way of an Initial Public Offering ("IPO") of Q Copper Australia Limited. Patersons Securities Limited is the Lead Manager to the IPO.

The indicative closing date of the IPO is 3 February 2010. Should you wish to participate in the IPO you can do so by completing the application form in the Supplementary Prospectus dated 14 December 2009, which should be read together with the Prospectus dated 16 November 2009.

A copy of the Prospectus and the Supplementary Prospectus can be downloaded from the Q Copper website: www.qcopper.com.au.

Alternatively, you can call Mr Philippe Francois on (08) 9211 0600 to request a copy of the Prospectus and Supplementary Prospectus are mailed to you. "The award of the drilling contract prior to the listing of Q Copper is in line with the Companys strategy of ensuring exploration commences at Lady Annie as early as possible to enable additional mine life to be crystallised," said Cape Lambert Executive Chairman, Mr Tony Sage. Click here to view the whole announcement: http://esp.gewru.com/download/files/12414/1050657/EXploration%20drilling%20to%20commence%20at%20Lady%20Annie%20Project.pdf FOR MORE INFORMATION PLEASE CONTACT: Cape Lambert Iron Ore Limited: Tony Sage Executive Chairman Tel: +61 (0)8 9380 9555 Australian Enquiries: David Tasker Professional Public Relations, Tel: +61 (0)8 9388 0944/ +61 (0) 433 112 936 E: This message has been sent to you as a subscriber of the PPR mail service. If you no longer wish to be a part of the service, please email with the word "REMOVE" in the Subject line.
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