De Grey has agreed to sell its 20% interest in the Beyondie magnetite iron project to Emergent Resources Limited for $6.05 million cash. The sale is effected by sale of the exploration tenements that were subject to the Beyondie Iron JV, with De Grey retaining rights to all non-iron ore minerals on those tenements through a Split Commodity Agreement.

The Beyondie Project covers 841km² on the northern margin of the Archaean Marymia Inlier, 250km north of Meekatharra. The Copper Hills prospect comprises copper mineralisation hosted by sheared metabasalts that are, in many places, blanketed by thin sand cover.

Previous exploration in the early 1970's identified a 7km long copper and zinc soil anomaly 2 to 4km north of the Beyondie magnetite deposits.

Follow-up wide-spaced trenching and drilling by previous explorers returned up to 4.6m at 4.34% copper in trench MPB and 9.1m at 1.01% copper in hole PW07 from a sericite alteration zone.

Copper results from Beyondie Base Metals Project

Reconnaissance rock chip sampling completed by De Grey has returned up to 17.6% copper, 0.54g/t gold, 8g/t silver, 0.12% lead and 0.22% zinc from separate samples of gossanous breccias within the highly foliated schist.

In April 2007 De Grey reported drill results from its first RC drill program at Copper Hills, the figure below shows these results. These early results confirmed the down-dip continuity and geological style of this copper mineralisation beneath the weathered zone. Copper mineralised intersections were returned from this program up to 4m at 1.19% copper from 59m.

Seventy-nine RAB-aircore holes drilled in late 2007 on wide-spaced lines have extended the Copper Hills anomaly to more than 10km strike length and it currently remains open to the east and west.