Sandfire Expects Copper Resources At 1 Mln Tons Next Year -Executive

KALGOORLIE, Australia, Aug 02, 2010 (Dow Jones Commodities News via Comtex) -- Australia's Sandfire Resources NL (SFR.AU) is aiming to increase its copper resource estimate to 1 million metric tons by next year, Managing Director Karl Simich said.

"One million tons is our internal target. I would say we would achieve that within the next twelve months."

The company last month upgraded its indicated and inferred resource estimate for its DeGrussa field in Western Australia state to 533,000 tons of copper, 559,000 troy ounces of gold and 4.3 million ounces of silver, a 35% increase in overall tonnage and a 43% increase in contained copper metal.

Simich said Sandfire also has several "very exciting and prospective" new targets at DeGrussa.

"Maybe we have a monster (mineral deposit) there," he said.