copper resource up 250% - matrix metals

Matrix Metals copper resource up 250pc
11:35, Tuesday, 20 July 2004

Sydney - Tuesday - July 20: (RWE) - Matrix Metals Ltd has
announced the results of the re-estimation of the copper resource at the
company's 100 per cent-owned Mt Watson project following the drilling
program completed during the period February to June 2004.
The leachable copper component of the Mt Watson resource has
increased by 250 per cent to 6.54 million tonnes at 1.0% copper.
This represents an increase in the contained leachable copper
metal from 26,000 tonnes to 65,000 tonnes.
The leachable component of the copper resource forms the
foundation for an SX/EW development at Mt Watson, with a Bankable
Feasibility Study scheduled to commence before the end of the year.
Importantly, the drilling has confirmed the continuity of the
deposit and has now linked the previously identified semi discontinuous
resource areas.
The deposit continues to remain open to the west, east and at
depth.
Drilling is currently continuing at Mt Watson testing further
extensions to the oxide and transitional zones targeting additional
leachable copper resources.
The total Mt Watson copper resource, which now includes a
primary sulphide resource, has increased by in excess of 300% for a
total combined oxide, transitional and sulphide resource of 8.03 million
tonnes at 1.01% copper.
Based on the successful results of the MIMDAS geophysical survey
assessing the primary sulphide zone at Mt Watson, diamond drilling of
this zone is scheduled to commence late this month.
Matrix shares rose 0.5c to 9.5c.