Gold Anomaly (ASX:GOA) Confirmed Porphyry System At Crater Mountain, PNG

Sydney, Dec 14, 2011 AEST (ABN Newswire) - Gold Anomaly (ASX:GOA) is pleased to announce positive results from initial petrological studies completed on a sample of core from its first 1000m+ hole targeting a possible feeder system at depth at the Nevera Prospect at Crater Mountain, PNG.

The studies indicate that the intrusive intersected by hole NEV027 is a porphyry and bears all the hallmarks of a typical porphyry system, some of which are responsible for some of the largest copper gold deposits in PNG and the world.

The petrological analysis indicates that the intrusive exhibits strong phyllic alteration, which has overprinted an earlier potassic alteration event. Both of these styles of alteration are associated with major porphyry deposits such as Xstrata's FreidaRiver and Newcrest's Wafi Golpu.

The intrusive also contains some chalcopyrite (a copper sulphide) in the rock groundmass, which is thought to represent remobilisation of copper from an earlier magmatic event.

Commenting on the study, Executive Chairman Mr Greg Starr said, "the past month has seen great progress made at Crater Mountain, capped off by our maiden resource of 790,000 oz gold at Nevera.

"The study provides further confidence in our belief that Crater Mountain ultimately hosts a much larger gold deposit. Given that the resource to date is based only on a 400m by 150m by 150m mixing zone starting about 200m from surface, the confirmation of a porphyry system at depth could lead to the discovery of the prized feeder zone as postulated by Exploration Director Peter Macnab."

Drilling Update

All the samples from NEV027 have completed sample prep in Lae and are either in SGS in Townsville or en-route to the laboratory. The company anticipates reporting the results for NEV027 before Christmas.

Samples from NEV029 targeting a south-western extension to the Main Zone are currently undergoing sample prep with results anticipated by years-end.

Two holes are currently being drilled at Crater Mountain. As illustrated in Figure 2, NEV030 is targeting the intrusive identified by NEV027at a depth 200m lower in the system, and is currently at a depth of 444m. NEV031, testing the north-eastern extent of the mixing zone, is currently at 587m depth, and is expected to be completed in the next couple of days.

For the complete announcement including figures, please view:
http://media.abnnewswire.net/media/en/docs/70996-ASX-GOA-238357.pdf

Contact

Pat Smith PNG Exploration and Country Manager P +675-532-1994 Greg Starr Executive Chairman P +61-2-9241-4224 http://www.goldanomaly.com.au