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Queensland Coal Project - Highlights/Summary

Coal exploration targets have been estimated, totalling some 405 to 540 Million tonnes

Altera Resources Ltd has a total of 13 Exploration Permits for Coal (EPC) – Queensland Coal Project in the Surat/Clarence-Moreton Basin in South East Queensland and Bowen Basin in northern Queensland covering an area of over 5,600 km2. A total of five EPC’s out of the thirteen, have now been granted and a further three EPCs are going through the Native Title process prior to being offered for grant by the DME Queensland.

The Company has signed an agreement to enter into a Joint Venture (“Inglewood Coal JV”) with Dragon Energy Ltd (Dragon) on its Queensland Coal Project and the commencement date of the JV is 1st July 2010. The terms of the “Inglewood Coal JV” involve an expenditure of at least $3.5 million over 3 years to earn an 85% interest. The first year’s commitment by Dragon will be $0.5 million in exploration expenditure plus rents and environmental bonds, with second and third year expenditure commitments of $1.5million each. Once Dragon has earned an 85% interest, Altera has the option to sell the remaining 15% interest in the Project to Dragon for an amount as agreed between Dragon and Altera and failing an agreement an amount determined by an independent expert. Subject to the above option, Altera will retain a 15% free carried interest until decision to mine.

A detailed open file data review and geological compilation completed on the EPC’s in the Surat/Clarence-Moreton Basin has highlighted that:

· Altera’s tenements cover a strategic area with actual and potential for large tonnages of thermal coal.

· A large Inventory coal tonnage has been established, from which several Exploration Targets have been estimated, totalling some 405 to 540 Million tonnes.

· Whilst these Exploration Targets are conceptual in nature, there is potential for both open cut and underground mining in each area.

· Expected product coals range from domestic to export thermal and perhaps a semi-soft coking coal.

A number of Exploration Target areas that have been identified will be the subject of follow up exploration drilling programs with the aim of converting the Exploration Targets into coal resources suitable for reporting to the JORC Standard.

The Company is reviewing new coal opportunities to complement its Queensland Coal assets.

Gascoyne Base Metal Project

Potential New Base Metal Discovery in the Gascoyne Province

Results of up to 2.3% Pb and 0.9% Cu returned from first pass RC drilling at the Gascoyne Base Metal Project, has proven the Company’s geological model of base metal mineralisation being associated with coincident soil geochemistry and “thumbprint” magnetic anomalies.
Drilling has defined two areas of base metal mineralisation 9 km apart. Mineralisation remains open in all directions.

o Area 1 – Base metal mineralisation outlined over 100m strike length.

o Area 2 - anomalous Zn values of up to 0.17%.

An Induced Polarisation (IP) survey covering an area of 300 m X 400m at Area 1 is expected to outline conductors representing base metal mineralisation at depth. Conductors identified by the IP survey will be tested by a program of RC and or diamond drilling. The IP survey is expected to commence by the end of June Quarter 2008.
A number of “thumbprint” magnetic anomalies have yet to be explored by systematic soil geochemistry within the project area.
A deeper and larger chargeable zone indicated from the IP dipole-dipole data which warrants further investigation with additional IP surveys. Two-dimensional modelling suggests that this zone lies below 100 m depth.
Several iron/manganese-stained outcrops identified; these are of great interest and may prove to be gossanous, have been identified by interpretation aerial photography data.

Rock chip sampling program

A program of rock chip sampling was completed during late 2009 at GBMP. A total of 20 rock chip samples were collected. All samples were collected from outcrop or float and are, predominantly, of vein quartz and ferruginous/gossanous material. Assaying was directed towards the discovery of stratabound lead-zinc-(copper) mineralisation of a Broken Hill style.

Assays from four samples stand out as having greater concentrations of several elements in their assemblages than others and which are ferruginous/gossanous. All have significantly elevated levels of one or more of Cu, Pb, Zn and Mo. Pb value of 690ppm has been returned from the sampling program. These, and a few other samples, have elevated Ba and Mn levels (as much as 4100ppm Ba and 12600ppm Mn) which are typical “gangue elements” at Broken Hill. The results of this program are compatible with the rock chip and drill sampling programs completed previously on the project.

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About Us Corporate Directory Board of Directors Gascoyne Base Metal Project Queensland Coal Project Library ASX Announcements Annual Reports Half Yearly Reports Quarterly Reports Contact Us	Queensland Coal Project - Highlights/Summary Coal exploration targets have been estimated, totalling some 405 to 540 Million tonnes Altera Resources Ltd has a total of 13 Exploration Permits for Coal (EPC) – Queensland Coal Project in the Surat/Clarence-Moreton Basin in South East Queensland and Bowen Basin in northern Queensland covering an area of over 5,600 km2. A total of five EPC’s out of the thirteen, have now been granted and a further three EPCs are going through the Native Title process prior to being offered for grant by the DME Queensland. The Company has signed an agreement to enter into a Joint Venture (“Inglewood Coal JV”) with Dragon Energy Ltd (Dragon) on its Queensland Coal Project and the commencement date of the JV is 1st July 2010. The terms of the “Inglewood Coal JV” involve an expenditure of at least $3.5 million over 3 years to earn an 85% interest. The first year’s commitment by Dragon will be $0.5 million in exploration expenditure plus rents and environmental bonds, with second and third year expenditure commitments of $1.5million each. Once Dragon has earned an 85% interest, Altera has the option to sell the remaining 15% interest in the Project to Dragon for an amount as agreed between Dragon and Altera and failing an agreement an amount determined by an independent expert. Subject to the above option, Altera will retain a 15% free carried interest until decision to mine. A detailed open file data review and geological compilation completed on the EPC’s in the Surat/Clarence-Moreton Basin has highlighted that: · Altera’s tenements cover a strategic area with actual and potential for large tonnages of thermal coal. · A large Inventory coal tonnage has been established, from which several Exploration Targets have been estimated, totalling some 405 to 540 Million tonnes. · Whilst these Exploration Targets are conceptual in nature, there is potential for both open cut and underground mining in each area. · Expected product coals range from domestic to export thermal and perhaps a semi-soft coking coal. A number of Exploration Target areas that have been identified will be the subject of follow up exploration drilling programs with the aim of converting the Exploration Targets into coal resources suitable for reporting to the JORC Standard. The Company is reviewing new coal opportunities to complement its Queensland Coal assets. Gascoyne Base Metal Project Potential New Base Metal Discovery in the Gascoyne Province Results of up to 2.3% Pb and 0.9% Cu returned from first pass RC drilling at the Gascoyne Base Metal Project, has proven the Company’s geological model of base metal mineralisation being associated with coincident soil geochemistry and “thumbprint” magnetic anomalies. Drilling has defined two areas of base metal mineralisation 9 km apart. Mineralisation remains open in all directions. o Area 1 – Base metal mineralisation outlined over 100m strike length. o Area 2 - anomalous Zn values of up to 0.17%. An Induced Polarisation (IP) survey covering an area of 300 m X 400m at Area 1 is expected to outline conductors representing base metal mineralisation at depth. Conductors identified by the IP survey will be tested by a program of RC and or diamond drilling. The IP survey is expected to commence by the end of June Quarter 2008. A number of “thumbprint” magnetic anomalies have yet to be explored by systematic soil geochemistry within the project area. A deeper and larger chargeable zone indicated from the IP dipole-dipole data which warrants further investigation with additional IP surveys. Two-dimensional modelling suggests that this zone lies below 100 m depth. Several iron/manganese-stained outcrops identified; these are of great interest and may prove to be gossanous, have been identified by interpretation aerial photography data. Rock chip sampling program A program of rock chip sampling was completed during late 2009 at GBMP. A total of 20 rock chip samples were collected. All samples were collected from outcrop or float and are, predominantly, of vein quartz and ferruginous/gossanous material. Assaying was directed towards the discovery of stratabound lead-zinc-(copper) mineralisation of a Broken Hill style. Assays from four samples stand out as having greater concentrations of several elements in their assemblages than others and which are ferruginous/gossanous. All have significantly elevated levels of one or more of Cu, Pb, Zn and Mo. Pb value of 690ppm has been returned from the sampling program. These, and a few other samples, have elevated Ba and Mn levels (as much as 4100ppm Ba and 12600ppm Mn) which are typical “gangue elements” at Broken Hill. The results of this program are compatible with the rock chip and drill sampling programs completed previously on the project.