Sydney, Nov 11, 2005 (ABN Newswire) - A Joint Venture between Adelaide Resources Limited (ASX: ADN) and Iluka Resources Limited (ASX: ILU) have paid off with the announcement today of a discovery of a rich mineralised sand find about 180 kilometers northwest of Ceduna in South Australia.
Adelaide Resources Chairman, Mr Keith Yates said today that "While considerable work remains to prove up a resource at Tripitaka, these initial results are highly encouraging for this area's continued emergence as one of Australia's richest mineral sands provinces".
The new discovery, located on a Pastoral Lease outside of the Yellabinna Regional Reserve, was identified from laboratory testing on samples from one drill traverse, line 5084SE, with further drilling intersecting visible mineralisation both north and south of the discovery line traverse.
About ILUKA RESOURCES LIMITED
Production of mineral sands.
About MIDAS RESOURCES LIMITED
Midas Resources Limited ("Midas") is an ASX listed resource exploration company based in Perth Western Australia (ASX:MDS/MDSOA). Midas has a significant gold project at Lake Carey in Western Australia and a porphyry copper-molybdenum project at Waitara in Queensland. Active drilling programs are planned for both of these projects in 2008. The Company is also actively pursuing advanced gold, nickel and base metal acquisition opportunities in Australia and China. Midas has an established corporate office in Shenzhen and a regional office near Chengdu in Sichuan Province where the Company has an exploration joint venture with Geological Brigade 405.
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