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MENAFN - ProactiveInvestors - Australia - 06/12/2012

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(MENAFN - ProactiveInvestors - Australia) Archer Exploration (ASX:AXE) has defined 2.572 million tonnes of JORC compliant graphite grading at 12.3% at its Campoona graphite project in South Australia.

It has also defined 310,800 tonnes of contained graphite at a lower cut-off grade of 5%.

The Campoona JORC Resource estimation was done by MiningPlus.

Archer is now conducting scoping study including environmental baseline studies.

The scoping study is likely to transition into a pre-feasibility study starting mid calendar year 2013, which will in turn lead to a definitive feasibility starting in the second half of 2013.

It has made significant progress of defining the optimum processing flow sheet for the extraction of high value graphite product with initial results showing that more than 98% of the graphite concentrates are reproducible with excellent recoveries.

Phase 2 Resource drilling is likely to start in Central Campoona in February 2013.

With 80% of the Campoona strike yet to be drilling, Archer plans drill for resource extension in the North and South of the Campoona Shaft and Central Campoona in April 2013. This will help define the likely exploration target for the combined graphite deposit.

The JORC Resources used data from five diamond drill holes and thirty seven reverse circulation drill holes completed until this September.

The JORC Resource, which has been achieved within 9 months of the discovery drill hole, is estimated to contain almost 400,000 tonnes of contained graphite that occurs as highly graphitic, uniform and steeply dipping schist, which outcrops in the Campoona Shaft area.

Central Campoona graphite pod, located just 2 kilometres south of Campoona Shaft, has been drilled on a 200 metre spacing with onsection drill spacings from 2040 metres.

Central Campoona has a known strike of 1,400 metres. Drill density over a length of 200 metres of the known strike was deemed sufficient to support an Inferred Resource of 0.295 million tonnes grading 12.5%.

Archer will soon start regional drill testing to test a series of known graphite occurrences and a number of additional EM targets identified by the regional airborne EM surveys over Archer's 1,200 square kilometres landholding at Cleve.

The objective of Archer's regional program is to identify those graphite targets likely to translate into future resources for any Campoonabased processing facility.


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