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Minister welcomes discovery of possible new energy and mineral province.

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Minister for Resources and Energy, Minister for Tourism

MINISTER WELCOMES DISCOVERY OF POSSIBLE NEW ENERGY AND MINERAL PROVINCE The Minister for Resources and Energy, Martin Ferguson AM MP, says the results of a Geoscience

Australia survey being presented today are very good news for the Australian mining and energy sectors.

The Mining 2008 Resources Convention in Brisbane will hear that the discovery of the recently-named Millungera Basin and two major associated geological structures stems from work undertaken as part of the Australian Government’s $59 million Onshore Energy Security Program.

Results of the deep seismic survey conducted in the Cloncurry-Croydon region of northern Queensland indicate there may be potential for new petroleum/gas, geothermal energy, and mineral resources in northern Queensland.

Minister Ferguson said: “This is a magnificent result from the Onshore Energy Security Program and may lead to new energy and mineral discoveries due to the collaborative pre-competitive work being carried out by Geoscience Australia.”

The Millungera Basin, about 100 kilometres east of Cloncurry and up to 15,000 square kilometres in size, is concealed by thinner younger rocks. Interpretations of the seismic data by Geoscience Australia and the Geological Survey of Queensland have identified potential for geothermal energy and also indicate possible potential for petroleum in the basin.

Minister Ferguson said: “The survey also sheds light on the potential for other resources, including hydrocarbons, uranium, gold and base metals in a previously unrecognised geological province.

“I am looking forward to further results from Geoscience Australia's other collaborative arrangements which may identify similar resource potential in other regions.”

Dr David Huston, a mineral deposit geologist with Geoscience Australia, will tell today's Convention: “The presence of major faults in the crust surrounding the Millungera Basin is significant.

"While the region between the faults is a previously unknown geologic province, with un-defined mineral and energy potential, these structural features show similarities to the geological setting of the world-class Olympic Dam copper-gold-uranium deposit in South Australia.”

Media contact: Michael Bradley - 0420 371 744

RET Minister > The Hon Martin Ferguson AM MP

The Hon Martin Ferguson AM MP

29 Oct 2008