ABN 42 082 593 235 Electronic delivery No of pages: 8 ANNOUNCEMENT Primary Sulphide Copper Intersection at Mt Watson and Capital Raising Summary Matrix Metals Limited is delighted to announce the following: • A primary sulphide copper drill hole intersection of high grade chalcopyrite and chalcocite has been reported at Mt Watson. The drill hole, MWRC 130, reported an intercept of 20m @ 3.03% Cu from 163m including 8m @ 4.89% Cu from 175m. Intersecting this primary mineralisation, particularly at this high grade, greatly exceeded expectations. The drill hole was terminated in high grade mineralisation due to the depth capacity of the drill rig being reached. This resource grade and width primary copper mineralisation indicates that a sulphide copper resource may be defined at Mt Watson. • Further success has been recorded in the ongoing oxide copper drilling program at Mt Watson. • Matrix has reached in-principle agreement with Hartleys Limited (“Hartleys”) to place $15 million to its international and domestic institutional clients. The Company will also undertake a Shareholder Purchase Plan for up to $5000 per shareholder, to all shareholders registered with Matrix’s share registry as at Thursday 8 April 2004. • The funds raised will be applied to expanded drilling programs in the Mt Watson region, increased exploration at the White Range project area and to proceed with a exploration program to assess the primary sulphide potential over the Company’s Mt Isa inlier tenement holding. Primary Sulphide Intercept Drill hole MWRC130, in which the primary sulphide mineralisation has been intercepted, is located in the Western Zone of the Mt Watson deposit and was collared to intercept mineralisation 50m to 70m down dip of the previously reported intersection of 70 metres @ 1.34% copper. The drill hole intersected significantly higher grade chalcopyrite and chalcocite mineralisation in the target area. The drill hole was terminated in the high grade mineralisation at 183m due to the depth capacity of the drill rig being reached. Drilling equipment appropriate for further testing the mineralisation will be mobilised to site as soon as practicable. The partially complete intersection is highly significant as it is the first intercept reporting primary sulphide copper mineralisation of grades and width which indicate that a primary sulphide copper resource may be defined at Mt Watson.
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