Carnaby Resources Limited announced further drill results from the Greater Duchess Copper Gold Project in Mt Isa, Queensland. GREATER DUCHESS COPPER GOLD PROJECT: Exploration drilling at the Greater Duchess Copper Gold Project is currently predominantly focussed on the Mount Hope Prospect, where new results announced continue to define a very material discovery. Due to continuing excessive delays in receiving laboratory assay results, portable XRF readings continue to be reported by Carnaby as a prelude to receiving actual assay results.

It should be noted that pXRF readings are spot readings and are only a guide to actual results. Portable XRF readings of 1m intervals in RC holes are taken through the calico sample bag or through the green plastic residue sample bag are generally conservative and have been shown to under-report actual copper grades by between 30 and 110%. Portable XRF readings from diamond core are likely to be more variable due to the non-homogenised nature of the core.

Strong copper sulphide mineralisation continues to be intersected in new step-out drilling at Mount Hope Central extending the high-grade lode at depth by 150m in hole MHDD048 and by 180m in hole MHDD060. Numerous drill assay results remain outstanding. The long section outlines the continuous copper gold mineralisation in the vein and interpreted intrusion host which has been split into a NE vein and NW vein orientation.

The NE and NW vein orientations represent late and intersecting structural zones in a jog like geometry which forms an overall "boomerang" appearance. The mineralisation is interpreted to have formed simultaneously late utilising a strong structural overprint of the pre-existing vein /intrusion host. The mineralisation discovered to date at Mount Hope extends close to the mining lease boundary at several locations.

The exact location of the mining lease boundary is currently being evaluated by the Queensland Department of Minerals as part of a normal process and may therefore be subject to small scale boundary changes. Diamond hole MHDD060 was drilled as a large step-out and has intersected the main vein approximately 180m down dip of MHRC050. Strong copper sulphide mineralisation was intersected over a 10m downhole intersection within a broader zone over 36m down hole and consists of chalcopyrite and minor pyrite.

Laboratory results from the mineralised core are pending, however pXRF readings throughout the mineralised core yielded the following guide to the quantum of copper assays which are pending. MHDD060 36m @ 1.6% Cu from 302m; Including 10m @ 4.0% Cu from 306m And 5m @ 1.5% Cu from 357m. MHDD048 Results have been received from the RC pre-collar where actual copper grades have increased by 108% from previously reported pXRF readings, from 11m @ 1.4% copper to 11m @ 2.9% copper from 250m to the bottom of the RC pre-collar.

A re-entry of RC pre-collar hole MHRC048 (re-named to MHDD048) which ended in mineralisation was diamond core tailed, significantly extending the main mineralised zone. MHDD048 has intersected a very broad 46m down hole zone of copper gold mineralisation within the NW vein lode. High grade mineralisation within the hole consists of chalcopyrite and chalcocite breccia infill.

It remains uncertain as to whether the chalcocite is a secondary supergene zone or whether hypogene style chalcocite is present. Samples for detailed petrology and first pass metallurgy are being collected. Results for MHDD048 are summarised as: MHDD048 6m @ 2.3% Cu, 0.2g/t Au from 192m Including 3m @ 4.2% Cu, 0.4g/t Au from 194m And 10m @ 0.4% Cu, 0.02g/t Au from 210 And 46m @ 1.6% Cu from 237m Including 33m @ 1.9% Cu from 250m.