Anchor Resources Ltd - ASX Announcement 22 January 2010 1
ASX/MEDIA RELEASE
FRIDAY, 22 JANUARY 2010
Exploration update
Anchor Resources Ltd (ASX code: AHR) is pleased to announce encouraging results from
rockchip sampling on projects in New South Wales and Queensland, while the next stage
of drilling at the Wild Cattle Creek antimony project is expected to commence in
February.
• Planning for next phase of drilling at Wild Cattle Creek well advanced
• Encouraging results from Wild Cattle Creek reconnaissance sampling
• High grade gold, antimony and tungsten rockchips from Greenvale East
1.

Greenvale East Sampling Results
Results from rockchip sampling at Anchor"s 100% owned Greenvale East project (Qld)
have identified high grade zones of gold, antimony and tungsten on separate prospects.
The project continues to produce encouragement that is expected to lead to the
identification of numerous drill targets for testing in the current year.

Follow-up is
scheduled for after the current wet season.
Jack"s Creek prospect - a partly concealed structural zone has returned values including
10.95g/t, 5.63g/t and 3.48g/t gold with corresponding high grade antimony values of
44.6%, 41.95% and 50.0%, respectively.
Wolfram Hill prospect - sampling continues to reveal high grade tungsten results
associated with old workings.

Results received from the latest round of sampling were up
to 1.9% tungsten, 0.56g/t gold, 1.9% antimony, 0.12% zinc and 438ppm tin.
Clayholes Dam prospect - sampling to the north of Anchor"s gold-copper drilling
discovery (2008) has identified further anomalous zones with rockchip sampling results up
to 1.17g/t gold, 25.5g/t silver, 0.17% tungsten and 834ppm copper.
Perry Creek prospect - this is a greisen style tin-tungsten prospect.

The latest round of
sampling has confirmed the existence of high grade eluvial tin with results up to 6.73% Sn.
In addition, cassiterite-bearing primary quartz veins with tin values up to 2.21% Sn were
identified.

Tungsten values within the greisen zone reached as high as 460ppm.
Anchor Resources Ltd - ASX Announcement 22 January 2010 2
2.

Wild Cattle Creek Reconnaissance Results
In 2009, Anchor successfully expanded the JORC compliant antimony resource at its
100% owned Wild Cattle Creek antimony deposit (NSW).

This was Anchor"s maiden drill
program at the historical mine site.

The deposit forms part of the Bielsdown Project.
The Wild Cattle Creek deposit is situated within a linear regional structure that is reported
to extend for some kilometres both east and west of the deposit.

Anchor has recently
undertaken initial field reconnaissance along parts of this structure, particularly in an
easterly direction, where evidence of old workings (pits, shafts, trenches) have been
identified both in historical reports and on the ground.

Anchor is testing the potential for
extensions or repetitions of the Wild Cattle Creek antimony-gold-tungsten mineralisation.
Recent reconnaissance to the east of the main Wild Cattle Creek resource has identified
surface outcrops representing the extension of the host structure.

Silicified breccia
material within a meta-argillite host rock has been recorded displaying evidence of
alteration and sulphide mineralisation, including the antimony-bearing mineral stibnite.
Sampling of outcrops some 400m east of the Wild Cattle Creek resource returned assay
results up to 6.0% antimony, 1.63g/t gold and 0.37% tungsten.
At the old Fletchers workings, 2.9km west of Wild Cattle Creek, stibnite rich samples
returned antimony values of 8.22% and 4.40% Sb.

Further detailed reconnaissance of
these prospects is scheduled to determine the nature and extent of exposed
mineralisation.
3.

Wild Cattle Creek Drill Program
Anchor is well advanced with plans to commence its second round of drilling at the Wild
Cattle Creek antimony deposit.

In 2009, Anchor provided an upgraded JORC compliant
resource estimate for the deposit following its maiden drill campaign (see ASX
announcement dated 23 November 2009).
Three dimensional modelling of the resource has identified drill targets to test for potential
resource expansion, both down dip and along strike.

In addition, the proposed program
will test some areas previously drilled in the 1960s and 1990s to confirm antimony results as
well as quantifying gold and tungsten, as identified in the latest Anchor campaign.
The proposed program will consist of approximately 2,000 metres of combined reverse
circulation pre-collar and diamond tail drilling.

While Anchor is currently awaiting
regulatory approval for the program, the tender process to select the drill contractor is
well advanced and is expected to be finalised within coming days.

Following successful
completion of these processes, drilling is expected to commence before the end of
February.
For further information, contact Trevor Woolfe (Managing Director) at Anchor Resources
Limited in Sydney on 02 9279 1231.
Yours sincerely
ANCHOR RESOURCES LIMITED
Anchor Resources Ltd - ASX Announcement 22 January 2010 3
Trevor Woolfe
Managing Director