Korab Resources Ltd is an Australian mining company listed on Australian Securities Exchange (ASX:KOR) and traded on ASX and Berlin Stock Exchange (BSE).  Our corporate strategy is to locate, acquire, advance and crystallise value from resources projects. Korab group operates several development projects in Australia and overseas. It also operates several exploration projects in Western Australia and the Northern Territory (see below) with potential for potash, rare earths, tin, copper, lead, zinc, nickel, phosphate rock, iron ore and several industrial metals including vanadium, titanium, wolfram, manganese and cobalt.

DEVELOPMENT PROJECTS
Korab operates a gold mining project in Ukraine (Bobrikovo), gold exploration/development project in Western Australia (Melrose) and 2 mining and quarrying projects in the Northern Territory's Rum Jungle Mineral Field where it is working to commence development of organic phosphates project (Geolsec) and magnesium project (Winchester).

Bobrikovo Gold & Silver
Bobrikovo gold and silver mine is located in the Lugansk region in eastern Ukraine. Bobrikovo has a JORC Code compliant resource of 1,012,000 ounces of gold. Approximately 500,000 ounces are in measured and indicated categories. Bobrikovo deposit also contains silver as a accompanying metal. The average silver content is 45.2 g/t, however in some parts of the deposit grade reaches over 400 g/t. Silver resource has been estimated at between 12,250,000 and 14,500,000 ounces. It should be noted that silver credits have not been included in the previous economic assessments of Bobrikovo deposit. Inclusion of the silver credits further enhances the economics of this project.

Deposit is open at depth and along strike. Some parts of the deposit are constrained by depth of drilling. Several deeper holes drilled in the central section have shown that Bobrikovo deposit has excellent exploration potential with mineralisation extending from surface to below 3,200 meters.  Government geologists have estimated that Bobrikovo contains between 2.3Moz and 3Moz Au in oxide and primary ores *.  Bobrikovo is currently mining and stockpiling oxidised ore. It is expected that, subject to to the completion and commissioning of processing plant, the mine will commence production of gold concentrate from oxide ore in 2011. Oxide ore zone, which contains around 130,000 ounces of gold, has low strip ratio and high grade and can be concentrated at low capital and operating cost using a simple gravity circuit. Bobrikovo is targeting operating costs for the oxide zone around US$250 - $280 per ounce.

Geolsec Phosphate

Organic farming is the fastest growing sector of the global economy. Its' resilience to economic slowdown has been proven recently when organic farming grew at 17% annual rate while the global economy went through the worst recession in decades. Australia is the largest organic producer globally with 12 million hectares under organic cultivation. Organic phosphate fertiliser is environmentally and nutritionally superior to chemical fertilisers and can be used on a wide variety of crops and pastures. Geolsec is planning to commence production of organic rock phosphate fertiliser within months from receiving all regulatory approvals.

Winchester Magnesium

Magnesium is the metal of the 21st century. Stronger than steel yet lighter than aluminum. It is widely used in aerospace and military applications, steel making, super conducting materials, automotive sector and building and construction. Experts believe that the growing demand for lighter, fuel efficient vehicles, super conductors, steel, advanced alloys and eco-friendly building materials will ensure demand for magnesium continues to increase at historical rate of 7% pa.  Korab's Winchester magnesium project is one of the best located magnesium deposits in the world with ~17 million tonnes of JORC Code compliant resource @ 91% MgCO3. Winchester is located just 75 km south of the port of Darwin. Project is serviced by excelled infrastructure including, rail, sealed highway, gas pipeline, high voltage power and potable water.

* This range should be viewed as an exploration target.

JOBS @ KORAB
If you are seeking employment in the mining sector please send your application and current CV in strict confidence to:
jobs@korabresources.com.au

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TWITTER

ANNUAL REPORT
Korab Group Annual Report 2011

ASX ANNOUNCEMENTS
Korab on ASX - 2012
Korab on ASX - 2011
Korab on ASX - 2010
Korab on ASX - 2009
Korab on ASX - 2008
Korab on ASX - 2007
Korab on ASX - 2006
Korab on ASX - 2005

Melrose Gold
Melrose gold project which contains around 340,000 ounces of gold in JORC compliant resource. Mineralisation at Melrose is open at depth and along strike offering excellent exploration upside with a potential for additional resource nearby where drilling has discovered near-surface gold mineralisation. Scoping study completed by independent experts shows that Melrose project may be developed as a stand alone operation or the ore may be trucked to the nearby mills at Bronzewing, Darlot or Thunderbox

EXPLORATION PROJECTS

Ashburton Downs Project
Ashburton Downs is significant new copper complex in the Ashburton Basin just 20 km south of Paraburdoo. This project covers Green Elephant Complex comprising North Mount Elephant, Green Elephant, East Elephant and Mount Elephant. Green Elephant copper anomaly covers two square kilometers (2,000,000 square meters) with some 970,000 square meters of visible copper mineralisation and with multiple assays grading 5% to 20% copper. Several trenches cut through the area averaged between 3% and 5% copper. Additional four trenches averaged greater than 5% copper. Mount Elephant assays returned up to 45% (450,000 ppm) copper. EM surveys show 2.5 km long conductor coinciding with high grade copper assays.

The setting and the mineralisation style of project bears close similarity with those of the Zambian copper belt where similar rock types host the copper mineralisation. Korab believes it is highly likely that our 5 copper anomalies, which cover an extensive area, form part of the same mineralised structure. The extent of the mineralisation can only be determined following extensive drilling, however the initial, early stage exploration results highlight the potential for the to be one of Australia’s most exciting copper prospects. (click here for diagram)

Batchelor and Green Alligator Projects
Batchelor and Green Alligator projects are located in the Rum Jungle Mineral Field in the Pine Creek orogen of the Northern Territory, 70 km south of Darwin. Past exploration shows that target stratigraphies at Batchelor and Green Alligator projects in Rum Jungle Mineral Field have a potential to host gold, tin, copper, lead, zinc, phosphate, rare earths, nickel, cobalt and banded iron formations. (click here for diagram)

Tucker Creek Project
Tucker Creek project is located in the Gascoyne region of Western Australia, 25 km from West Coast Highway and 100 km from the coast. The area under exploration is prospective for copper, lead, zinc, gold and other minerals and has recently attracted interest from FMG and RIO (see diagram below). Korab has acquired past exploration data for the project area and evaluation of this data is nearing completion. Early results indicate significant potential for polymetallic deposits as well as potential for commercial quantities of other minerals. (click here for diagram)