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Redbank Copper in trading halt pending announcement on financial position

Last updated: 04:02 22 Nov 2011 GMT, First published: 03:02 22 Nov 2011 GMT

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Redbank Copper (ASX: RCP) has been granted a trading halt by the ASX pending the release of an announcement about the board's review.

The company expects to make an announcement on or before the commencement of trading on Thursday 24 November, 2011.

The company has a significant ground position of 5,167 square kilometres of tenements within the McArthur Basin region of the Northern Territory. The region hosts significant economic copper mineralisation and is highly prospective for copper, cobalt, phosphate, manganese and uranium.

The tenement package includes numerous advanced copper targets and has an indicated JORC Resource of 2.76 million tonnes at 1.6% copper for 43,100 tonnes of copper metal and a total inferred and indicated resource of 6.24 million tonnes at a grade of 1.5% copper for 95,900 tonnes of contained copper metal.

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