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Oxiana's Board approved development of the Martabe gold mine in December 2008. Subject to receipt of government approvals this operation will be in production in 2010.

Significant exploration upside exists at Martabe with the potential to add to the Resource inventory from extensions of the Purnama deposit (the first deposit which will be mined at Martabe), prospects close to the Purnama area and mineralised zones elsewhere in the COW area.

Exploration in 2007 was mainly limited to the Purnama, Baskara and Pelangi deposits which are in the immediate development area.

With further drilling of the Purnama deposit there is the potential to upgrade Resource confidence and to extend known mine-life in the short-term.

The Baskara and Pelangi deposits located close to the Purnama pit also require systematic drill testing, with both having potential to add additional oxide Resources to the Martabe inventory.

Also present at Martabe is primary style gold mineralisation, below the oxide material, which provides a potential future project development.

In the larger COW area to the north and south of Martabe a number of other targets remain to be tested. The exploration focus for 2008 will be prospects close to the Purnama pit including Baskara, Gerhana and Kejora. Encouraging results from Gerhana have included 112m at 4.15g/t gold and 42m at 1.94g/t gold. Also a priority is the Kapur-Gambir district, approximately 30km to the south of Purnama, where previous drilling has returned results including 109.7m at 2.7g/t gold and 55.1m at 2.9g/t gold.

A number of additional targets including high and low sulphidation epithermal systems and copper anomalous copper in drainage samples require follow-up.