OZ Mineral updates Martabe gold project development and exploration

The following is an excerpt taken from OZ Mineral?s quarterly report released on Friday, updating its Martabe gold project in North Sumatra.

MARTABE
As part of its program to defer projects and reduce operating and capital expenditures, OZ Minerals announced on 25 November 2008 that the Martabe project would be suspended and capital expenditure of approximately US$225 million deferred until after 2009. A number of engineering aspects of the project wilt be completed and OZ Minerals will also take delivery of some long lead-time items of capital equipment.

Exploration focussed on refining porphyry copper-gold targets in the Kapur Gambir district located approximately 30km southeast of the Martabe project. A dipole-dipole IP survey was completed at the Tani Hill prospect and data interpretation is underway. Regional mapping and sampling continued at Gotting Creek where rock chips returned up to 13.5% Cu and 1.2% Pb + Zn.

Surface sampling and alteration mapping commenced at the granted KPs in Sulawesi and Ambon and several porphyry Cu-Au drill targets have been identified. These will be further prioritised in the coming quarter. (end of excerpt)