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                                          Magmatic starts with 'technical' drilling success at Lady Ilse

                                          MAGMATIC Resources has incurred the almost stock standard wrath of the market for not achieving immediate exploration success with the stock dropping about 30% after its maiden drill hole at Lady Ilse near Alkane’s Boda discovery in New South Wales was deemed a ‘technical’ rather than ‘economic’ win.

                                          Magmatic starts with 'technical' drilling success at Lady Ilse Magmatic starts with 'technical' drilling success at Lady Ilse Magmatic starts with 'technical' drilling success at Lady Ilse Magmatic starts with 'technical' drilling success at Lady Ilse Magmatic starts with 'technical' drilling success at Lady Ilse

                                          Lady Ilse, NSW

                                          Magmatic said the hole was similar to the first one drilled at Boda in that the indications were it had "intersected the margin of a large gold-copper porphyry system".

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