De Grey Mining Limited's new Yandeyarra Joint Venture with Chalice Gold Mines Limited was announced on 16th November 2007 . The exploration Joint Venture covers a 503km2 area immediately south of De Grey's Turner River Project in the Pilbara of Western Australia, 100km south of Port Hedland (Figure 1).

Assay results from 42 rock samples collected during geological reconnaissance in December 2007 have now been received and confirm the potential for gold, silver and copper mineralisation in the project area.

Sampling of the Pilbara Well East copper occurrence (Figure 2) listed in the Geological Survey of Western Australia's WAMIN database returned up to 7.33% copper from malachite stained chlorite schist collected from two shallow prospecting pits. The new sampling shows that significant levels of silver and gold accompany the copper mineralisation with up to 50g/t silver and 1.01g/t gold returned from the copper rich samples. The sub vertical mineralisation has not yet been drill tested and the base metal potential of the 15 kilometre strike continuation of this stratigraphic horizon is completely untested to the northeast.

Sampling of a pyritic quartz vein within ultramafic rocks from the historic Teichman gold workings returned an assay of 25.5g/t. The prospect has not been drill tested to date.

Another WAMIN gold occurrence at Pride North Northeast was reported during nickel exploration in the 1970's. A gossanous quartz-carbonate vein 1-2m in width can be traced over a distance of at least 100m. The single sample collected returned 32.3g/t gold, 4.5g/t silver and 0.14% copper. This gold mineralisation and surrounding area over a 6km strike length has not been tested by drilling or even gold in soil surveys.

Elsewhere, soil sampling (for copper and nickel only) during the 1970's identified a high tenor Copper Anomaly of up to 825ppm over 700m strike length open to the north over strongly weathered felsic tuff. Four rock samples collected from this area during the recent reconnaissance work confirm copper anomalism up to 1,900ppm in weathered saprolite but also identify previously unknown associated gold mineralisation of up to 7.13g/t. As previous soil sampling was assayed for copper and nickel only and there is no drilling in the area, the gold potential of this new prospect remains to be assessed.

The Pilbara Well Greenstone Belt is a somewhat 'forgotten corner' of the Pilbara in terms of modern mineral exploration. These early results together with other known gold and base metal occurrences confirm the prospectivity of the Yandeyarra Project and present De Grey with immediate follow-up targets. Soil sampling, geological mapping and further sampling are scheduled to commence in early 2008 in order to define priority gold and base metal targets for early drill testing.