INTERVIEW WITH RICK VALENTA, MANAGING DIRECTOR, CHESSER RESOURCES LIMITED (CHZ)

“Solid Progress at Sisorta Project”

http://www.brr.com.au/event/48875

FRIDAY, AUGUST 1, 2008, 11:50 AM.

            BRR    Good morning and welcome to Boardroom Radio. Today we are speaking with Mr. Rick Valenta, Managing Director of Chesser Resources. Thanks for

10                    joining us today, Rick.

            CHZ     No, thank you, Eddie.

            BRR    Rick, in your quarterly you stated that you are now well into the drilling program at Sisorta in Turkey. Tell us about the results to date.

15        CHZ     Well, we're still at an early stage in the drill program but we're now well underway and I'm happy to say that the results are solid, so far. It's worth remembering that Chesser's target at Sisorta is an oxide open pittable heap leached ore body, so the intersections that we're getting were on one gram per ton gold, exactly the sort of grades we were expecting and they're typical

20                    of some of the best examples of this sort of mineralization. So we're very encouraged by the results, so far. So we reported the first five holes of what's gonna be a program of 70 holes or so. So there's lots of remaining high priority target to test out of the 1.6 kilometer by 500 meter area where we have the strong gold signature and alteration that really gathers into that

25                    property. We're on track in terms of our objectives there to put together significant resource by early 2009. Even though we've got three weeks operating on that property right now and we expect the fourth, even though the fourth rig is a little bit delayed, this is an offset by faster drilling rigs drilling's faster than we expected. So we're still on schedule to complete the

30                    planned program in the period running up to November. We're getting good production now and we expect a pretty good study flow of results going forward from hereon.

            BRR    Rick, you've also been doing geophysics and surface sampling at Sisorta.

35                    What can you tell us about that?

            CHZ     Yes, we're carrying out an induced polarization survey over a large part of the property and we've also been getting some encouraging values from sampling of new road cuts opened up by the drill access roads. The reason we're doing the induced polarization survey is that in addition to the gold

40                    deposit that we're drilling out at Sisorta.  We think that the property has very good potential to host a porphyry copper-gold deposit that could actually even turn out to be much larger than the deposit that we're currently drilling. The IP survey is the sort of thing you carry out to help to define targets to test of that type, so that's why we're carrying it out. With that in mind, it's also probably

45                    worth mentioning that this round of drilling, even though we're at an early stage, has already turned up our best ever copper intersection on the property of 13.5 meters of 2.24% copper. So we're really increasingly encouraged about the porphyry copper potential of the project as a second string to the near-surface open pittable heap leached ore body that we're devoting the bulk of our efforts to. It's worth pointing out as well that we're also doing metallurgical studies and actually, our first set of bulk samples of oxide gold mineralization that we took on earlier on this year have just arrived at the labs of Kappes, Cassiday in the US where they're going to carry out a

5                      series of tests to examine the gold recoveries through leaching. We already have information that suggest that those leach recovery should be very good but we're going to tie that down as part of our studies this year. So there’s a lot going on when you add up the drilling with geophysics, the extra sampling, these metallurgical studies.

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            BRR    And just lastly, what is Chesser doing a part from the Sisorta Project in Turkey?

            CHZ     Well, the Sisorta Project is currently our flagship project but as part of our strategy, Chesser is continuing to look at other opportunities with a strong

15                    focus on advanced projects where we can move quickly to drill stage and on to feasibility-type studies. I am happy to say that we're at an advanced stage of negotiations on our few exciting properties and we hope to be able to announce some very solid additions to our portfolio in this quarter.

20        BRR    Well, thank you very much for that, Rick. I am sure our listeners will appreciate those insights into what's happening at Chesser at the moment

            CHZ     Well, thanks very much, Eddie.

            BRR    That was Rick Valenta, Managing Director of Chesser Resources. If you have

25                    any questions about this broadcast or any  other broadcasts, please feel free to contact us on brr@brr.com.au. I'm Eddie(inaudible) (00:04:15) and thank you for listening to Boardroom Radio.

INTERVIEW CONCLUDED

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