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Balamara Resources: New Drilling to Commence at Bogdan

Contributed by Fox-Davies Capital

Balamara has received approval to drill a further nine holes at its Bogdan copper project in Poland. The initial programme will comprise three deep diamond holes, with additional holes to be drilled subject to results. Drilling is expected to re-commence in early February, subject to weather conditions, with the entire programme likely to take approximately five months to complete.

The initial holes were drilled to prove that the same Kupferschiefer mineralised zone which is mined by KGHM extends into the Bogdan tenement. This was successful, but the intersections, including 8.5m grading 0.36% copper and 11.6g/t silver, including 1.3m grading 0.60% copper and 13.5g/t silver were too low grade for underground mining, especially at a down hole distance of around 350m. Every hole drilled by Balamara to date has intercepted the Kupferschiefer mineralised zone.

The Phase Two Bogdan drilling programme is designed to test for the presence of a higher grade copper system around Hole B4. The first three holes within the next programme will test the area between Hole B4 and a historical KGHM hole which had mine-grade material. The KGHM hole is located just to the west of Balamara's lease boundary.

Balamara's exploration activities during the March 2013 Quarter will be focused at Bogdan, with further results also expected from the completed 2012 drilling programme at the Monty zinc-silver project in Montenegro where an updated JORC resource is being worked on.