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herald resources rising on balfour project announc

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    Balfour Project Tasmania

    HERALD RESOURCES LIMITED 2003-05-15 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Herald Resources is pleased to announce that it has entered into an
    agreement giving it exclusive rights to negotiate, for a period of
    six months, an option to purchase 95% equity in mining tenement EL
    4/2002, situated in the Balfour region in NW Tasmania. The cost of
    this agreement was $10,000 and was signed with the owner of the
    tenement, New Challenge Resources Pty Ltd ("NCR"). The basic terms of
    the option to purchase have been agreed and will be announced when
    and if signed.

    During the intervening period Herald shall have access to a large
    database of information compiled by NCR. EL 4/2002 is a 110sqkm
    tenement which covers approximately 17kms of the 35kms strike of the
    Balfour copper belt.

    New discovery potential has been enhanced by a recent electromagnetic
    (EM) survey flown in early 2002 by the Tasmanian Government. This
    survey has defined specific drill target conductors. The principal
    conductors are located adjacent to where the best known
    mineralisation occurs.

    Conceptually, the Proterozoic geology in the Balfour area is
    prospective for major sediment hosted copper and zinc deposits. The
    district is one of the most mineralised in Tasmania, with copper,
    zinc, lead and tin-tungsten occurrences and anomalies existing.

    The district falls within one of Tasmanian Government's Strategic
    Prospectivity Zones, which are backed by legislation that provides
    strong guarantees to mineral explorers.


    M P Wright
    EXECUTIVE DIRECTOR

 
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