Carpentaria Resources Ltd Stock Market Press Releases and Company Profile
Carpentaria Exploration Limited (ASX:CAP) Announce Glen Isla Farm-Out To Ramelius Resources Limited (ASX:RMS)
Carpentaria Exploration Limited (ASX:CAP) Announce Glen Isla Farm-Out To Ramelius Resources Limited (ASX:RMS)

Brisbane, Jan 27, 2010 AEST (ABN Newswire) - Carpentaria Exploration Limited (googlechartASX:CAP) announced today an Agreement with gold producer Ramelius Resources Limited to farm-in on Carpentaria's 100% owned Glen Isla Project, located near Dubbo, New South Wales.

Under the Agreement, Ramelius Resources needs to spend A$1 million to gain a 51% stake in Glen Isla, with a minimum required expenditure of A$100,000 before they can withdraw from the Project. Should exploration at Glen Isla lead to the decision to proceed to a bankable feasibility study (BFS), Ramelius will manage and fund the BFS to earn a 75% interest in the project. On completion of the BFS Carpentaria will have a right to participate and thus have a 25% interest in any mining project.

Carpentaria will conduct the next phase of exploration on behalf of the Joint Venture, which will comprise a detailed induced polarisation (IP) survey to identify targets for follow up drilling.

The Glen Isla Gold Project represents the interpreted upper level of an epithermal gold system with potential for higher grade gold mineralisation at depth. Previous exploration drilling has identified broad zones of anomalous gold mineralisation including 79m @ 0.40g/t Au from 3m plus 345m @ 0.14g/t Au from 12m (Geopeko 1991 drill results) and 6m @ 1.91g/t Au from 4m (Carpentaria 2008 drill result) within a silica-sercite-pyrite+adularia alteration envelope associated with bimodal volcanics and an exposed epithermal sinter horizon.

Carpentaria Executive Chairman Nick Sheard said "Ramelius Resources is an expanding gold producer and we welcome their investment in Glen Isla, and their contribution of technical and operational know-how. This Agreement will ensure continued exploration at the project, which is located only 15 kilometres from the Peak Hill Gold Mine," Mr Sheard said.

"Carpentaria is focused on advancing the potentially company-making Hawsons Iron Project and the recent tin discovery at Euriowie near Broken Hill. The Ramelius farm-in to Glen Isla provides Carpentaria with exposure to any future exploration success, while enabling the Company to focus on other assets that have the potential for adding shareholder value."

About Carpentaria Resources Ltd

Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.

The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.

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Contact

Nick Sheard
Executive Chairman
Tel: +61-7-3161-3801
Email: info@capex.net.au



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