Freeport targets Guru Ridge

Vancouver –The mighty Grasberg operation may get just a little bit bigger if Freeport-McMoRan Copper & Gold (FCX-N) can advance the Guru Ridge copper-gold target in Irian Jaya.

The New Orleans-based company has focused its recent exploration efforts on the target, near the IOZ and DOZ ore bodies which are currently in production. The company has defined a geological resource of 100 million tonnes averaging 1% copper-equivalent for 1.1 billion lbs. copper and 2.5 million oz. gold.

A preliminary study of the resource indicates that open-pit mining is promising. The company is studying the feasibility of the new target for possible near-term development. Freeport is also considering the possibility of developing the resource in unison with the IOZ, DOZ, Dom and ESZ ore bodies in what could be a large-scale open-pit and underground mining complex that would encompass more than 500 million tonnes of ore.

Five rigs are turning on surface and two from underground to delineate the grades and geometry of Guru Ridge. Recent drill highlights include:

• Hole 20-1 0.61% copper and 0.64 gram gold over 250 metres;
• Hole 21-7 0.45% copper and 1.44 grams gold over 100 metres;
• Hole 22-1 0.5% copper and 1.65 grams gold over 271 metres;
• Hole 22-2 0.26% copper and 1.35 grams gold over 308 metres;
• Hole 23-8 1.05% copper and 1.89 grams gold over 120 metres; and
• Hole 24-1 0.47% copper and 0.64 gram gold over 147 metres.

Freeport also continues to delineate the mineralization at the ESZ and Grasberg Underground zones.