Australian Mineral Fields

April 02, 2007 14:29 ET

Australian Mineral Fields Forms Strategic Alliance With Teck Cominco

PERTH, WESTERN AUSTRALIA--(CCNMatthews - April 2, 2007) - Australian Mineral Fields (the "Company") is pleased to announce that it has formed a strategic alliance with Teck Cominco, Company President and Managing Director Marcus Willson said today.

The alliance, with all tenures initially to be 100% Australian Mineral Fields owned, enables the Company to conduct a comprehensive exploration program in the emerging Albany-Fraser Province in Western Australia.

The Company already has two gold projects in the region. The first, Fraser Range North, is about 275 km southwest of AngloGold Ashanti/Independence Group's Joint Venture Tropicana gold discovery, and interpreted to be along strike from AngloGold Ashanti's Beachcomber discovery. AngloGold-Ashanti CEO Bobby Godsell has announced his company will be spending approximately US$30M dollars on the Tropicana deposit to further define and develop the deposit. The Company's second project in the region, Salmon Gums, is about 500 km southwest of Tropicana at the interpreted southern extension of the Ida Fault. Work is anticipated to commence in both project areas in the very near future. The alliance initially will also bring at least one Teck Cominco project area to Australian Mineral Fields, a single tenement known as Cundeelee East, located approximately 30km NE of the AngloGold-Ashanti Beachcomber discovery.

Australian Mineral Field's initial review of unverified publicly available data suggests significant areas of:

- Arsenic, gold and copper anomalism at Fraser Range North

- Gold anomalism at Salmon Gums, as well as early suggestions of lignite-related uranium potential

"We are very pleased by the prospect of working with Teck Cominco, a global mining leader," said Willson. "It gives us and Teck-Cominco a strong strategic position within the emerging Albany-Fraser Province. Their expertise and resources will provide a clear pathway to development should a major discovery be made. In the event of a smaller resource being defined, the alliance maintains Australian Mineral Fields' ability to advance exploration and potential subsequent development."

About Teck Cominco

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and on the New York Stock Exchange under the symbol TCK. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold, indium and other specialty metals. Further information can be found at

About Australian Mineral Fields

Australian Mineral Fields, headquartered in Perth, Australia, advances the application of industry leading mineral exploration and development techniques in Australia. These techniques enable the Company to quickly and precisely identify opportunities with high economic potential that conventional methods cannot. Australian Mineral Fields' objective is to rapidly develop a balanced portfolio ranging from early to advanced stage properties that offer shareholders the greatest potential for maximizing value while minimizing both exploration and investment risk.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements. These statements relate to future events or to the Company's future performance. The accuracy of these statements is dependent on known and unknown risks, uncertainties and other factors that may cause the Company's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressly or implicitly predicted by the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors, including the risks commonly applicable to the mining industry, which may cause actual results to differ materially from any forward-looking statement. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The Company is under no duty to update any of the forward-looking statements after the date of this news release in order to conform such statements to actual results, whether such results are based on new information or otherwise.

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