Brisbane, Mar 10, 2008 (ABN Newswire) - Queensland Ores Limited (ASX: QOL) today announced that the final results have now been received from its drilling programme at the Mount Cannindah Mine copper-gold-silver prospect and that interpretation has indicated the potential for increased resources at depth.

Queensland Ores Chief Geologist Andy Border confirmed that with the last results returned and the interpretation completed a new resource evaluation for the deposit was underway.

"The last drill hole in the programme (QOLMCMD025) returned encouraging result from around the base of the current conceptual pit," Mr Border said.

The final drill-hole returned an intersection of 29m (estimated true width 22m) at 1.35%Cu, 0.34g/tAu and 19.2g/tAg from 201-230m.

The deposit is approximately 200m long and the mineralised envelope is around 50m wide on average. Drilling has shown the deposit to extend at this width beyond 200m below surface.

Former workings which were based on higher grade supergene-enriched portions of the deposit were confined to within 35m from surface.

"It is clear that a number of holes drilled by previous explorers and used in earlier resource estimates did not intersect the whole of the mineralised envelope," Mr Border said.

"These past drill programmes often stopped short of the footwall lens and hence underestimated the full potential of the deposit."

A new resource estimate based on the latest data from the Project is being undertaken by Golder Associates and is scheduled to be completed before the end of the quarter.

As reported previously, Queensland Ores has identified the potential for relatively higher-grade mineralisation associated with an intrusive stock at depth. A proposal is being considered to drill initially one hole on each of four sections at 50m intervals (Figures 1 to 4) to intersect the target zone at 100m down-dip from the current deepest intersections.

Should this programme be undertaken and encouraging results returned, a second phase involving holes a further 100m down dip on each of the four sections will be considered.

The information in the presentation that related to Exploration Results and Mineral Resources was based on information compiled by Mr. Andrew Border who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute's codes and recommended practices. Mr. Border is a full-time employee of Queensland Ores Limited. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Border consented to the inclusion in the presentation of the matters based on his information in the form and context in which it appeared.

>>> QUEENSLAND ORES LIMITED