The Company has a 20% interest in a strategic alliance with the Anglo American Group (Anglo) to explore for large porphyry copper-gold deposits in the Papua and West Papua provinces. The interest is fully funded by Anglo through to a development decision.

Aisasjur, the first project in the alliance, is located in West Papua at the western end of the Medial Papua-New Guinea magmatic arc, host to the giant copper-gold deposits of Grasberg and Ertsberg. The original Exploration KP licence in this project covers 9,486 ha. Two new KP’s with General Survey status were granted to our Indonesian partner late in 2008. These add another 51,410 ha to the Aisasjur Project.

Final results were received for the remaining two holes, ASD-29 and ASD-30, from the deep diamond drilling program completed by Anglo on the Aisasjur Prospect last year. Best mineralised intercepts were calculated by Anglo and are reported in the following table at a 0.1 g/t Au cut-off.

Anglo proposes to undertake an airborne magnetics and radiometrics survey over the entire project area in the second half of 2009.

AISASJUR PROJECT
Table of Best Mineralised Intercepts from Late 2008 Drilling Program

Hole ID	From (m)	To (m)	Interval (m)	Au g/t	Cu ppm	As ppm	Comments
ASD-29	21.1	32.6	11.5	1.08	43	533	Epithermal-style, qtz-carb-clay-sulphide veins associated with argillic-altered diorite porphyry & muddy matrix breccia dykes cutting metasandstone
	219	233	14	3.23	41	942
	Including
	225	230.1	5.1	5.10	42	2096
ASD-30							No significant intercepts in metasedimentary rocks cut by fresh to weakly altered diorite porphyry

The information in this report that relates to Exploration Results is based on information compiled by Mr. Brad Wake, who is a member of the Australian Institute of Geoscientists. Mr. Wake has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr. Wake consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Sample Ore in Anari Mountains, Tambrauw Regency

This report is dated 30 July 2009. For further information please contact:

Andrew J. Cooke
Company Secretary
Tel: + 61 2 9419 8044
Email: andrewcooke@arx.net.au