OXR oxiana limited

annoucement - what does it mean ?

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    Can anyone enlighten me on what OXR has found in Cyprus and is this is a significant find ?


    OXIANA RESOURCES NL 2003-06-18 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    MEDIA RELEASE

    EASTERN MEDITERRANEAN MINERALS

    CYPRUS EXPLORATION

    Results received from recent drilling by Eastern Mediterranean
    Minerals (EMM) has confirmed the presence of massive sulphide hosted
    polymetallic (Cu-Zn-Au) mineralisation at the Kallekhades prospect,
    Cyprus.

    Of five holes drilled at Kallekhades, two intersected massive
    sulphide mineralisation. Results from these holes are reported below.
    Three additional holes intersected weak stockwork mineralisation and
    results are pending. Further drilling is required to determine the
    size and grade tenor of the system and hence its significance.

    EMM Cyprus Exploration Program

    Eastern Mediterranean Minerals (EMM), a joint venture company owned
    60% by Oxiana (currently earning to 70%) and 40% by Hellenic Mining
    Company (HMC), is exploring the Troodos Complex of Cyprus for
    volcanogenic hosted massive sulphide (VHMS) copper deposits.

    Drilling (conventional percussion) commenced in late March to scout
    test several high priority targets generated from the reprocessing of
    historical geophysical data during 2002 and 2003. Six anomalies in
    six historical copper producing districts were selected for testing.
    Two prospects, Kallekhades and Petra East have been drilled to date.

    Kallekhades Prospect

    The initial holes of the program were drilled into a strong
    chargeability anomaly that occurs over 300 metres of strike at the
    Kallekhades prospect in the Klirou district (refer attached map).

    The first hole (HKL142) intersected four metres of massive sulphide
    containing chalcopyrite (Cu) and sphalerite (Zn) followed by 5 metres
    of stockwork mineralisation. The hole was terminated at 38 metres due
    to caving. Full hole assay results have been received. A second hole
    (HKL 143) collared approximately 25 metres west of hole HKL 142 also
    intersected 2 metres of massive sulphide containing chalcopyrite and
    sphalerite followed by 19 metres of alteration and stockwork
    mineralisation. Better results received to date are as follows:

    HOLE NO EASTING NORTHING DEPTH MINERAL CU GRADE ZN GRADE AU GRADE**
    FROM INTERVAL* (%) (%) (G/T)


    HKL142 517694 3875492 12 5 0.4 0.4 1.5
    17 9 1.5 0.6 1.1
    including 17 4 2.3 0.8 1.7

    HKL143 517675 3875485 9 2 2.9 5.2 0.3

    All holes vertical, * Interpreted to approximate true thickness,
    ** Fire assay, 1 metre sample intervals Results from the remaining
    three holes are pending.


    PETRA EAST PROSPECT

    Scout drilling (2 holes) was recently completed on the Petra East
    prospect in the Kalavasos District to test IP chargeability anomalies
    and gossans associated with regional faulting. The first hole was
    terminated at 155 metres due to high water inflows with the last 8
    metres intersecting alteration with disseminated pyrite, some
    sphalerite and minor chalcopyrite mineralisation. A second hole
    collared 50 metres to the west of the first, intersected strong
    pyrite alteration from 165 metres to 184 metres with some coarse
    sphalerite and chalcopyrite observed.

    Assay results received to date indicate the presence of a
    sub-economic grade Cu-Zn system however, further drilling is required
    to fully understand the system and its potential.


    Owen L Hegarty.
    MANAGING DIRECTOR
 
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