Coppermoly Limited Stock Market Press Releases and Company Profile

Brisbane, Oct 2, 2008 AEST (ABN Newswire) - Peter Swiridiuk, Managing Director of Coppermoly Limited (ASX:COY), commented "the intersection of copper sulphide mineralisation at Nakru-1 at 97m depth is very encouraging, as it provides us with potential for significant grades of copper beneath a blanket of gold mineralisation. The ground geophysics will help us target further holes to determine tonnage potential of copper. We are also now quite excited about the potential of significant mineralisation at the Nakru-2 polymetallic system and will begin drilling this month to test for depth extensions of mineralisation in a potentially large 700m diameter area of mineralisation".

NAKRU 1

From both historical (pre-2008) and current exploration, eighteen drill holes totalling over 1,900m have been completed including over 400m drilled in six holes this year.

Deeper diamond drill holes, planned to continue to at least 300m depth, are testing for extensions of copper-gold-molybdenum mineralisation in a blind porphyry system beneath a thick layer of gold mineralisation hosted in stockwork breccia with disseminated sulphides, which has been intersected in the upper 50m of some of the drillholes.

The first deep diamond drillhole at the Nakru-1 prospect (NAK017A) intersected massive copper sulphides below about 90m depth.

Table 1: Nakru Drill Hole Summary (2008)
--------------------------------------------------Hole   Prospect Easting Northing Azimuth Dip Depth                                 (deg)  (deg)--------------------------------------------------NAK013 Nakru 1  222062 9338936   0      -90  33.8NAK014 Nakru 1  222073 9338900   0      -90  54.6NAK015 Nakru 1  222101 9338906   0      -90  55.4NAK016 Nakru 1  222029 9338884   0      -90  51.4NAK017 Nakru 1  222009 9339024 190      -60  175m--------------------------------------------------
The three dimensional ground geophysical I.P. survey over Nakru-1 has been completed and will help define extensions of copper mineralisation and further drill targets. Surface trenching has been completed in order to define structurally controlled gold targets at surface.

Assay results of the trenching and drilling are expected this month.

NAKRU 2

At Nakru-2 prospect, historical (pre-2008) trenching exposed significant copper and gold mineralised intervals including 25m at 1.44% copper and 10m at 1.16g/t gold and 155 ppm molybdenum. Rock chip sample grade results included 19.9% copper. Upon completion of drilling at the Nakru-1 prospect this week, two drillholes, A and B are planned to test these trench intersections. The intersections occur within a 700m diameter circular structural feature, interpreted to be related to an intrusive breccia system. Historical airborne Dighem geophysical data and preliminary results from the yet to be modelled three dimensional I.P. survey indicate a 400m by 250m wide zone of high chargeability (>20 m.s) and conductivity in this same area, interpreted to represent copper sulphide related mineralisation.

Recent rock samples taken from Nakru-2 were interpreted by petrology examination as occurring from a hydrothermal breccia containing various proportions of quartz, sericite and copper sulphide. Rock sample NAK-01 contains up to 10% copper sulphide (chalcopyrite, covellite and chalcocite), indicating potentially significant copper mineralisation at depth.

Contact

Peter Swiridiuk
Managing Director
Coppermoly Ltd.
Phone (07) 5592 1001

Bernadette Sukkar
Associate Director
Novus Capital Ltd.
Phone (02) 9375 0114


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