Sydney, Feb 9, 2006 (ABN Newswire) - Korab Resources Limited (ASX: KOR), a diversified resources explorer and an emerging gold producer is pleased to advise that an exploration licence SEL 24855 covering the northern section of the Batchelor Project near Rum Jungle, 70 km south of Darwin in the Northern Territory has been granted on 24 January 2006. Korab is earning 60% equity in the Batchelor Project from its joint venture partner New World Alloys Limited.

SEL 24855 covers the highly prospective contact zone between Coomalie Dolomites and the Whites Formation which is the main zone hosting uranium mineralisation around Rum Jungle complex. The tenement includes several base metals, magnesium and gold anomalies as well as areas with elevated radiometry readings containing uranium, cobalt and copper targets.

As described in Korab Resources Limited Prospectus 2005, prior drilling programs completed within the tenement have produced a number of gold and base metals intercepts, including:

10 m @ 0.69% Zn,
9 m @ 2.10 g/t Au,
14 m @ 1.9 g/t Au,
12 m @ 3 g/t Au,
7 m @ 2.6 g/t Au,
11 m @ 6.4 g/t Au

On 27 January 2006, Korab announced an acquisition of 100% equity in the Green Alligator Project which covers an area of 101 square kilometres adjacent to the Batchelor Project.

Korab is currently developing an exploration program to be undertaken during the 2006 field season (May October) at Batchelor and at Green Alligator. The program will include electromagnetic and radiometric surveys as well as several drilling programs (reverse circulation, aircore and diamond) to followup the previously outlined anomalies and targets and to generate fresh data for future exploration.

Details of the program will be released to the market shortly.