AUSTRALIAN PROSPECTOR STRIKES GOLD, COPPER IN VANUATU

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PORT VILA, Vanuatu (Vanuatu Daily Post, June 13) – The Directors of Alcaston Mining N.L have revealed to Daily Post that a compilation of exploration data collected by several previous explorers from the Webe Creek in South Santo has revealed a significant new copper target.

Graig Mackay, Alcaston Mining N.L Exploration Director made the confirmation last week saying that this discovery adds to the prospects of the Webe Creek project and also hosts a number of excellent gold targets, that have previously been identified. Alcaston did undertake an extensive geological mapping and rock chip sampling program over the Laonasmata prospect area.

[PIR editor’s note: Alcaston Mining NL, an Australia company, has the following two subsidiary companies: Associated Gold Mines of Victoria Ltd and Bullion Resources Limited.]

"The target area comprises a significant copper-in-soil anomaly with a number of soil samples assaying over 300 [parts per million] copper," revealed Mr. Mackay. "Rock chip results up to 1.5 m @ 12.4 percent copper, 5.5 g/t gold, 12.1 g/t silver and 2.55 percent zinc obtained in the area," he said.

Daily Post understands that due the poor weather condition the company has not commenced drilling although drilling is already under way up to Webe Creek. Commissioner for Mines, Toney Tevi also confirmed to Daily Post that two special lease agreements have been signed by landowners, provincial authorities, representatives of the Ministry for Mines, and Alcaston Mining N.L.

"The special lease agreement are mainly for the two targeted areas and is between Alcaston Mining N.L and landowners of West Patliu and Asar. The specific area identified is where Alcaston Mining is allowed to carry out mineral exploration activities," explained Mr. Tevi.

He added that the special lease is required when a particular area is identified within the greater area of a Prospecting License that requires more detailed mineral exploration methods than that permitted under the specifications of a Prospecting License.

Daily Post was told that the activities included in this agreement include trenching (mechanical and hand-dug), track construction, site clearing for camps and storage facilities, digging of prospecting pits and surface drilling.

"Landowners have agreed to allow the construction of a temporary access road and temporary dirt-filled log crossings to allow exploration activities," said Mr. Tevi.

Despite this Daily Post understands that compensation is payable for any crops and trees damaged or destroyed.

Mr. Mackay said drilling would commence three weeks from now due to unseasonal wet weather and that Alcaston will be using a drilling contractor, Prospect Pacific SARL, from New Caledonia to do the job.

It is understood that Prospect Pacific is also currently drilling for Inco on the Goro Nickel Project [in New Caledonia].

He also confirmed that Alcaston has planned fourteen holes for a total of 2.000m at Webe Creek to test the exciting gold and copper target areas. "The drilling should take approximately 6-8 weeks," he said.

June 15, 2006

Vanuatu Daily Post: http://www.vanuatudaily.com

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