OZ Minerals updates Indonesian ops

The following is an excerpt taken from Australian mining firm OZ Minerals Limited (OZL)?s quarterly report ended 31 March 2009, released on Wednesday.

MARTABE
On 24 April 2009 OZ Minerals announced the sale of the Martabe project to Hong Kong listed China Sci Tech Holdings Limited (CST) for US$211 million in cash. OZ Minerals will also be reimbursed by CST for an estimated expenditure of US$7.5 million since 1 April through to the completion date. The sale is conditional upon the consent of certain of OZ Minerals lenders, CST?s shareholders and Australia?s FIRB.

During the quarter a number of engineering aspects of the project were completed and delivery of some long leadtime items of equipment continued.

Resource drilling has continued at a reduced rate during the quarter. Drilling focused on Barani and Ramba Joring prospects.

EXPLORATION

Martabe
Exploration continued to focus on the Kapur Gambir district, 30 km southeast of the Martabe project. Recently collected IP geophysical data has outlined a porphyry copper-gold target at the Tani Hill prospect and drilling is planned. At the Baning prospect 5km west of Martabe, rock chips returned up to 4.7g/t Au and 3gIt Ag in silicified breccias, and further work is planned in this area.

NEW DISCOVERY PROGRAM
Surface sampling, alteration mapping and ground magnetic surveys continued over porphyry copper-gold targets on granted tenements in Sulawesi and Ambon.

At the Tapadaa prospect, extensive alteration zones coincident with board copper, gold and molybdenum soil geochemistry indicates the presence of a large porphyry system. Peak values of 2500ppm copper and up to 7.8 g/t gold represent a high priority drill target.

Two tenements were granted over a porphyry copper-gold target in the Wonogiri regency of Central Java in joint venture with local partner (OZL 90%). Surface exploration work will commence shortly. (end of excerpt)