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Oz drills for copper following gold strike

MINING firm Oz Minerals has completed a shallow drilling programme at a prospective copper deposit in Cambodia, its first-quarter report revealed Thursday.

Around 50 drill holes have been completed at the O Anlong project, in Mondulkiri province, its results stated. Findings from the 2,600 metres of drilling carried out so far are said to be “pending”.

The business is also searching for gold in the Kingdom. Last month, it announced initial inferred gold resources of 8.1 million tonnes at its site in Mondulkiri’s Okvau district.

The company, according to the report, considers the Okvau district interest to be “the asset from which to build its resource base”. Drilling is now planned at another nine regional sites.

Outside of Cambodia, the Melbourne-based company recorded encouraging results. The Q1 report states that the business raised guidelines for its gold output for 2010 to 2012 from 80,000 to 90,000 ounces up to 110,000 to 120,000 ounces, after gold production exceeded expectations at its Prominent Hill site in Australia.

On Tuesday, OZ signed a joint venture agreement with IMX Resource Limited to develop copper and gold projects in Mount Woods, South Australia.

However, the positive results did not affect stock price in Sydney. After an initial price rally of 3.69 percent on the Australian Securities Exchange Thursday, shares slid 2.37 percent to close at AU$1.235 on Friday.

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