Dwyka Resources Limited ('Dwyka' or the 'Company')
Muremera Nickel Project Update
Further to the announcement made by Dwyka on 11 September 2007, the
Directors of the Company announce that both the drilling and
heliborne VTEM surveys have commenced at the Muremera nickel project
in Burundi, which is owned by the Company's wholly-owned subsidiary
Danyland Limited.
Drilling
Drilling of previously identified targets has commenced and the drill
rig is currently at a depth of 210 metres. As previously announced,
it is expected that drilling will continue until November and that
subsequent results analysis will take place through to December 2007.
VTEM Surveying
All survey equipment, including the survey helicopter and personnel,
has arrived on site and VTEM surveying has commenced. It is
anticipated that VTEM operations will be completed towards the end of
October, with interpretation of the resultant data to occur by end of
2007.
For further information please contact:
In Australia
Melissa Sturgess
Dwyka Resources Limited
(+61) (0)8 9324 2955
In United Kingdom
Richard Brown
Ambrian Partners Limited
(+44) (0)20 7776 6417
Press enquiries
Charlie Geller or Leesa Peters
Conduit PR
+44 (0)20 7429 6604/ +44 (0)79 7006 7320
Or visit: http://www.dwyresources.com
Notes to editors:
Dwyka is focusing on the diversified minerals sector, primarily
nickel and gold, in order to achieve maximum value for shareholders
during the ongoing resource boom.
Nickel
Dwyka has a major nickel exploration project underway in Burundi.
Dwyka acquired all of the shares in Danyland Limited ('Danyland'),
the owner of the Muremera Nickel Project in Burundi, Africa, in
January 2007. The Muremera project is located within one of the
world's principal nickel provinces, only 2 kilometres from and almost
adjacent to the Kabanga deposit in Tanzania, which is being developed
by Xstrata plc and Barrick Gold Limited. Kabanga currently has an
inferred resource of 36mt @2.8% Ni (Xstrata New Release: Toronto,
February 15, 2007).
The Kabanga deposit is thought to be the world's largest undeveloped
nickel sulphide deposit and has similar geophysical anomalies to
those at Muremera. An exploration permit has been granted in
relation to Muremera and access for exploration activities is good.
The project's prospectivity has led to a commitment from BHP
Billiton to spend at least US$5.2 million as part of sole funding
arrangements to earn up to a 50% interest in Danyland.
Gold
Pursuant to a Shareholders and Earn-in Agreement dated 16 July 2007,
Dwyka has the right to earn up to a 90% interest in Swaziland Gold
(Pty) Ltd ('SwaziGold'), which in turn owns the Swazigold Project in
Swaziland, Africa. The project is a large (435 square kilometre)
gold exploration play in the highly prospective Archaean Barberton
Greenstone Belt in Swaziland, historically a producer of 11.5 million
ounces of gold.
In the Barberton Greenstone Belt, extensive, shallow, historic
workings, plus a lack of modern exploration, have presented Dwyka
with an ideal opportunity. Previous owners drilled some 13,500
metres of the project area, providing the Company with a drill
database that includes numerous gold intersections. These have
allowed Dwyka to establish immediate targets for both infill drilling
and the development of extensions to established zones of
mineralization. In the current favourable resources climate, it is
believed that Dwyka's gold exploration activities will accelerate.
Diamonds
Dwyka has a shareholding of 50.09% in KimCor Diamonds Plc, an
AIM-listed diamond explorer and producer with a portfolio of projects
in Southern Africa.
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