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Jul 10, 2007
DRILLING CONTRACT AWARDED FOR MULGA TANK NICKEL-URANIUM PROJECT, W. AUSTRALIA
Mr. Ian Rozier, President & CEO of Newport Exploration Limited (the "Company") reports that through its joint venture partner Golden Cross Resources Ltd, ("GC") (GC having recently bought out King Eagle Resources Pty Limited) ("King Eagle"), Raglan Drilling Pty Ltd of Boulder, Western Australia, have been contracted to conduct the 2007 drilling program at the Mulga Tank nickel-uranium project in Western Australia.
Drill targets at Mulga Tank were identified from an extensive geophysical survey and from further geological analysis of two vertical diamond holes drilled in 2005 by the Company. Following on the discovery of uranium at Mulga Rock (50 km to the east) and the 'tracking' of anomalous units into the Mulga Tank Exploration Licence ("EL"), uranium anomalism around the Mulga tank EL was detected by Tempest Airborne Geological Survey. The proposed drilling will target these anomalies.
The Mulga Tank tenements comprise an EL covering 210 km and an Application for Exploration Licence ("AEL") over 153sq km. Under the terms of the agreement with King Eagle, the Company has an option to earn an 80% interest in the EL and an option over a 75% interest in the AEL.
The "three mines" policy, introduced in 1984, has until recently restricted uranium production to three specific sites in Australia. A recent decision by the Federal Government in Australia to lift long standing curbs on uranium mining in the country has triggered enormous activity in uranium exploration; much of this activity is taking place in the Mulga area of Western Australia.
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