Media Release: NEW MINERALS LICENCES FOR BENAMBRA AND WALHALLA

FROM THE MINISTER FOR ENERGY AND RESOURCES

DATE: Tuesday, March 27, 2007

NEW MINERALS LICENCES FOR BENAMBRA AND WALHALLA

Minister for Energy and Resources Peter Batchelor today announced new exploration licences for mineral exploration in the Benambra and Walhalla-Woods Point areas.

On the back of the highest ever recorded quarterly level of mineral exploration expenditure in Victoria in the December 2006 quarter, Mr Batchelor announced successful bidders for the Victorian Government’s 2006 tenders for mineral exploration.

Jabiru Metals Ltd has been awarded priority to explore for minerals in the Benambra area.

Jabiru was one of 13 bidders competing for rights to explore for copper and zinc in the Benambra area reflecting strong international markets for these commodities and the high prospectivity of the area.

Minister Batchelor also announced that companies Flinders Resources P/L, Sedimentary Holdings Ltd, Goldstar Resources NL, and Mr Alan Marlow have been awarded priority to explore for minerals in the Walhalla-Woods Point area.

A number of blocks were tendered in this highly prospective gold area, which is already seeing a resurgence in gold exploration and mining. These companies have committed to spending more than $10 million on gold exploration over the next five years.

The successful companies will be granted exploration licences upon completing Native Title processes.

“This tender process has resulted in increased investment in exploration in Victoria which brings significant economic and social benefits to regional Victoria,” he said.

According to the latest data from the Australian Bureau of Statistics (ABS), the trend estimate for mineral exploration expenditure in Victoria has been growing since March 2005, recording eight consecutive quarters of growth.

In the December quarter 2006, the trend estimate for mineral exploration in Victoria reached $26.4 million, accounting for 6.3 per cent of total expenditure in Australia.

“It represents an increase of 17 per cent over the previous quarter and is 66 per cent higher compared to the December quarter 2005,” Mr Batchelor said.

Mr Batchelor noted the work of Geoscience Victoria to map and characterise mineralisation was key to attracting these high levels of interest and investment.

“We will continue to use world class geoscience, such as 3D regional geological mapping, to help Victoria compete for its share of the global resources market.”

For more information on Victoria’s mapping resources go to www.dpi.vic.gov.au/minpet/