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Mineral discoveries on Yorke Peninsula

14 January 2009

Significant discoveries of uranium, copper and gold mineralisations have been made on South Australia's Yorke Peninsula.

Minister for Mineral Resources Development Paul Holloway has welcomed the announcement by Rex Minerals to the ASX that drilling by the company at its Hillside project on Yorke Peninsula has indicated potential for discoveries with characteristics similar to copper/gold/uranium mines at Olympic Dam and Prominent Hill.

"The announcement by Rex Minerals is a further sign South Australia's mining industry is weathering the international economic storm and again registering significant discoveries," Mr Holloway says.

"This Government continues to be heartened by the strong interest in mineral exploration in this State, including the search for uranium deposits.

"We expect mining companies to look through the short-term weakness in the market due to the current global downturn and continue to work toward the long-term goal of tapping South Australia's huge mineral potential."

Mr Holloway says the continued strong interest in uranium exploration is possibly due to the Australian Labor Party's decision to abandon its 'no new mines' policy, a move supported by the South Australian Government.

"By insisting all uranium mining is conducted at the highest standard, South Australia is able to play a key role in supplying the growing world demand for low-emission fuels such as uranium," he says.

South Australia has a number of copper, gold and uranium mining projects in the pipeline. BHP Billiton is considering an expansion of Olympic Dam - already the world's largest copper mine.

Uranium is only a by-product of copper mining at Olympic Dam, but still makes up 40% of the world's known resource.

Uranium One has been approved to develop the Honeymoon mine and Heathgate Resources has been given the go ahead by the South Australian Government to expand its Beverley mine.

Primary Industries and Resources SA is also considering applications to mine uranium deposits at Four Mile and CrockersWell.