Matrix Metals | Copper Production and Exploration

Matrix Metals Limited is pleased to announce that a program of drilling to test parts of the strike extension areas to the east and west of the current Mt Watson copper resource commenced today.

The rotary air blast (RAB) drilling program, comprising 80 holes for approximately 2000m, will test the strike extensions adjoining both the east and west extremities of the current resource areas. This area extends from Eastings 9,500 to 10,500, a distance of some 2 kilometres.

The purpose of the drilling is to confirm the zones of mineralisation to a depth of 25m to allow additional inferred resources to be estimated.

A further program of geological mapping completed in recent days has confirmed the mineralised zones continue for significant distances past the area to be drill tested in this program. The current program is likely to be extended to at least partially test these newly identified extension areas.

In addition, excavation of the drill pad areas in recent days has uncovered zones of oxide copper mineralisation that were not visible at surface.

It is expected the results of the program will be available in early January 2002.

Yours sincerely,

Andrew Chapman
Chief Executive Officer