VOLGA ELDERBERRY

The Volga Copper Project is a joint venture where Malachite is farming in to an exciting copper property held by private interests. Malachite may earn a 50% interest at Volga Elderberry by spending $3 million over three years, with a minimum expenditure of $1 million. Field work by Malachite at Volga Elderberry to date has comprised mainly ground geophysical surveying (EM technique). Earlier drilling by the present holders has produced some very encouraging results and Malachite’s drilling program, scheduled for May 2008, will follow up on those.

Key features of the Volga Elderberry property are as follows:

• Volga Elderberry is located about 35km north of Mt Lidster, or about 40km north of the old Mary Kathleen uranium mine.
• It is a large property, comprising MLs, MLAs and EPMs, together covering about 215 km².
• Malachite is farming in to Volga Elderberry and can earn a 50% interest by funding $3 million in exploration over three years.
• There is a minimum commitment of $1 million in not more than 18 months.
• Numerous copper prospects are known on the property, only a few of which have been drilled.
• Earlier drilling by the current holders at the Volga prospect intersected some encouraging mineralisation, including 13.8m @ 2.9% Cu and 0.5g/t Au. This included a very high grade copper-gold zone of 2.5m @11.9% Cu and 1.9g/t Au.
• Elsewhere the project contains untested copper and magnetic anomalies that require follow up.
• Targets include high grade lodes like those already intersected in existing drilling and large scale copper-gold deposits of iron-oxide copper-gold (“Ernest Henry”) type.
• Part of the Volga Elderberry property is prospective for uranium deposits of Mary Kathleen type.
• Drilling by Malachite was interrupted prematurely in December, 2007.
• Drilling is scheduled to resume in May, 2008, after the current wet season.