yrr announces final assays this friday

Good news for GPN via YRR announcement after market close today......see the ann' for images.....

5 August 2008
Companies Announcement Office ASX Limited 20 Bridge St. Sydney NSW 2000
Gabanintha Vanadium Project [Western Australia]
It is just over two years since an airborne magnetic survey was flown over the Gabanintha vanadium leases to define continuity and depth of the high grade ore zone.
Just eighteen months ago Yellow Rock Resources Ltd (YRR) acquired the Gabanintha Vanadium Project and listed on the ASX. At that time an Indicated Mineral Resource to JORC standard of 37 Mt @ 0.75% V2O5 had been identified.
Since then YRR has conducted two RC drilling programmes for a total of 99 holes for 7,630 metres. The first RC drilling programme increased the resource to a 90 Mt @ 0.80% V2O5 Indicated Resource.
When the results of this second drilling programme have been included in the resource model it will signal the completion of the exploration and evaluation Phase of this World Class (Gabanintha) Vanadium Deposit.
The recent identification of the Hanging Wall Ilmenite Zone (HWZ) on top of the main Magnetite Zone (MZ) has allowed an order of magnitude change in the tonnage, and this will be defined in the next and final Resource Calculation.
The position and thickness, as well as type of the HWZ will complement the MZ in that it will give a much more flexible mine plan, and allow the production of several definite ore types.
YRR will receive the final assays from this HWZ on Friday 8th August and once this information is entered into the data base the New Resource calculation will follow.
This will take the Company to the “NEW” Resource with Quality Assurance (QA), Quality Control (QC) and Geological Modelling with defined Ore Type Zones (as shown below). The benefit of a single pass Modelling exercise is that it will partition the grades and ore types.
The results that will be released will be ready for Due Diligence and Reserve Calculations. This Final model will place YRR in the position of ready to undertake a Preliminary Bankable Feasibility Study (BFS), with a robust geological model ready to Pit Shell to take it to the Reserve stage.
Page 1 of 1
The conversion of Resource to Reserve is expected to be in the 90% range due to the shape and shallow depth of the deposit, with the HWZ halving the previous waste to ore ratio. This is easily seen in Figure 1.
The following general section shows the results of the definition and the various types of ore that will be quantified and subsequently Metallurgically Tested by any off take partner.