HERON RESOURCES LIMITED

HERON RESOURCES LIMITED
ASX / Media Release 24 JULY 2006
HERON ANNOUNCES LISTING PLANS FOR GOLD AND BASE METALS SUBSIDIARY -
RUBICON RESOURCES LIMITED
EXPERIENCED MANAGEMENT TEAM AND BOARD
21 Close Way, Kalgoorlie WA 6430
PO Box 1280, Kalgoorlie WA 6430
Phone 618 9091 9253
Facsimile 618 9091 9256
Email heron@heronresources.com.au
Website http://www.heronresources.com.au
ABN 30 068 263 098
Heron Resources (ASX: HRR) (Heron) is pleased to announce the appointment of a high calibre management
team to Heron’s 100% owned subsidiary Rubicon Resources (formerly Regent Resources)
Details of the management team and projects are included in the attached announcement from Rubicon.
It is Heron’s intention that a significant proportion of the vendor share consideration will be placed in trust and
distributed to Heron Shareholders as an in specie distribution during the 12 months after Rubicon’s listing. The
record date for the Rubicon in specie distribution will be 4 days after the Heron Shareholder meeting to approve
the spin out of the gold and base metal assets. A notice of meeting is in preparation.
N. Mathew Longworth
Chief Operating Officer
Heron Resources Limited
For more information please contact;
Mat Longworth
Chief Operating Officer
T: (+61 8) 9091 9253
M: 0418935636
Paul Downie
Porter Novelli
T: (+61 8) 9386 1233
M: 0414 947 129
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Rubicon Resources Limited – Prepares for IPO
Rubicon Resources Limited, the renamed gold and base metal focused subsidiary (100%) of Heron
Resources Limited, is pleased to announce the appointment of a high-calibre management team as it
prepares an Initial Public Offering (IPO) to list on the Australian Stock Exchange towards the end of 2006.
Formerly known as Regent Resources, Rubicon controls a large gold and base metal-focused groundholding
primarily in Western Australia, with the potential for significant discovery.
To drive the Company through the IPO process and onto exploration and development, Rubicon has
appointed a board and management team with a strong portfolio of corporate, mining, exploration, project
development and commissioning experience.
Former President of Barrick Gold Corporation’s Australia Africa Business Unit and KCGM Superpit General
Manager, John Shipp has been appointed as Chairman of Rubicon, while former Aditya Birla Minerals
Limited General Manager (Geology and Business Development) Peter Eaton has been appointed
Managing Director of Rubicon. During his tenure at Birla, Mr Eaton was part of the commissioning team for
the Nifty underground copper mine
Rubicon has also appointed Sam Middlemas as Chief Financial Officer and Company Secretary and Heron
Managing Director Ian Buchhorn will remain as a non executive director.
Mr Shipp said the appointment of such a well-credentialed board and management team was a great
achievement that laid a solid foundation from which to drive company value.
“Significantly, the individuals that make up the board and management have important core competencies
and expertise in exploration, mining and project development that are tried and proven,” Mr Shipp said.
“This is not only a critical determinant to successful mining projects, with long lead times and numerous
variables, but it is also something that is currently in very tight supply in the Australian resources sector.”
Mr Eaton said the Company was now uniquely placed to take advantage of the large and highly prospective
ground-holding that Heron has compiled.
“It is expected that Rubicon will list with six major project areas as well as the non-nickel exploration rights
over parts of Heron’s Kalgoorlie Nickel Project, much of which is also particularly prospective for gold
mineralization,” Mr Eaton said.
“Heron has built this fantastic project portfolio and now Rubicon, once we list, will be well armed to capitalize
on these projects through exploration and development success.”
Rubicon’s key projects include the 3000km² Warburton Iron Oxide Copper Gold (IOCG) project in the
Musgrave province, the 1500km 2 gold and Volcanic Massive Sulphide (VMS)-style base metal Yindarlgooda
Project located east of Kalgoorlie and the Kalgoorlie North Project, which comprises some 2000 km 2 square
kilometres of prospective gold and base metal tenements between Kalgoorlie and Leonora.
For more detailed information on Rubicon Resources please see below or contact:
Peter Eaton
Managing Director
T: 0407 983 484
Paul Downie
Porter Novelli
T: +61 8 9386 1233

Board of Directors and Senior Management
John Shipp (Chairman) - a mining engineer with nearly 40 years of international experience in Australia,
Africa, Fiji and Europe involving open cut and underground mining for gold and base metals in a range of
environments.
Prior to joining the Rubicon Board he was President of Barrick Gold Corporation’s Australia Africa Business
Unit and was recently involved in the corporate acquisition of Placer Dome to form what is now the largest
gold mining company in the world. Before this he had been General Manager of both the KCGM Superpit in
Kalgoorlie and the Boddington joint venture, respectively Australia’s largest and second largest gold mines.
Mr Shipp has also been involved in plant design, construction and commissioning. In recent years his
direction has been towards business development and the determination of strategic direction at corporate
level.
Peter Eaton (Managing Director) - a geologist with more than twenty–five years of experience in
exploration, mining and acquisitions roles in Australia and internationally (principally in the Asia–Pacific
region). Prior to joining Rubicon, he was General Manager – Geology and Business Development with
Aditya Birla Minerals Limited and was the technical lead in the recent $300m capital raising and ASX listing
of that company. During his tenure, Birla Minerals completed a feasibility study on, and commissioned the
Nifty underground copper mine.
Mr Eaton previously held technical and senior management positions with WMC Limited, including site–
based chief geologist roles and senior regional exploration roles and has also had significant corporate
experience in a number of listed exploration companies, including the previous role of Managing Director.
Ian Buchhorn (Non-Executive Director) - currently the managing director of Heron Resources Limited.
A mineral economist and geologist, Mr Buchhorn, has overseen the growth of Heron’s major Kalgoorlie
Nickel Laterite Project into one of the world’s largest undeveloped nickel resources since the Company’s
inception some 10 years ago.
Mr Buchhorn has also worked on nickel, bauxite and industrial mineral mining and exploration, gold and
base metal project generation and corporate evaluations. He has over 30 years experience as an economic
geologist and has operated as a Registered Mine Manager, which has included the commissioning of
several open cut gold mines.
Sam Middlemas (Chief Financial Officer and Company Secretary) – a chartered accountant with more
that 15 years experience in various financial and company secretarial roles with a number of listed public
companies operating in the resources sector. He is the principal of a corporate advisory company which
provides financial and secretarial services specializing in capital raisings and initial public offerings.
Previously Mr Middlemas worked for an international accountancy firm leaving a management position. His
fields of expertise include corporate secretarial practice, financial and management reporting in the mining
industry, treasury and cash flow management and corporate governance.
Key Projects
1. The Warburton Project comprises some 3,000 km 2 within the western Musgrave Province. The area
has demonstrated potential for Iron Oxide Copper Gold (IOCG) mineralization (eg. Olympic Dam,
Ernest Henry and Prominent Hill) through previous exploration by WMC Limited (1966-71) and a limited
campaign by BHP Billiton (2000-01). Approximately 200 copper occurrences were noted by WMC,
which drilled 12 diamond holes. Four of the holes intersected significant copper mineralization
associated with pervasive red hematite alteration, typical of the IOCG systems. The best intercept was

3.5m @ 8.22% copper. Significantly, this exploration predated the recognition of this mineralization
style with the discovery of Olympic Dam.
Re-sampling of this drill core stored at the GSWA library in Kalgoorlie by Heron confirmed high grade
copper mineralization, with a best result of 14m @ 1.26% copper (including 4m @ 2.78% copper). A
number of regional gravity-magnetic targets have been identified.
2. The Yindarlgooda Project comprises some 1,500 km 2 centred 55 km east of Kalgoorlie on a felsic
volcanic centre around Lake Yindarlgooda. The project comprises both gold and VMS-style base
metals occurrences and contains two small non-JORC compliant gold resources at Queen Lapage and
Taurus as well as a significant strike extent of the Yindarlgooda VMS horizon considered prospective
for economic copper and zinc mineralization.
3. The Kalgoorlie North Project comprises a group of tenements covering 2,000 km 2 located between
Kalgoorlie and Leonora, which can be sub-divided into two sub-groups.
The Desdemona sub-project comprises a large group of tenements to the south of Leonora. This
includes leases adjacent to the historical gold mining centres of Cosmopolitan (300,000 ounces),
Butterfly (100,000 ounces), Orient Well, Niagara and Yerilla. This area is also considered prospective
for VMS-hosted base metals and in part contains the same rock sequence that hosts the Teutonic Bore
and Jaguar VMS deposits.
The Bardoc Tectonic Zone (BTZ) sub-project comprises Rubicon tenements and the gold rights to
Heron tenements located along the gold-prospective Bardoc Tectonic zone south of Menzies.
Significant gold occurrences and anomalies occur within this tenement group.
4. The Bencubbin Project is located 70km north of Merredin and comprises tenure covering the entire
Bencubbin greenstone belt. CRA generated a strong auger geochemistry anomaly that returned up to
12m @ 2g/t gold from surface in drilling. Sampling of ferruginous quartz breccias to the north of the
drilling by Heron returned up to 12g/t gold from rock chip samples.
5. The Boddington South Project, located 200 kilometres southeast of Perth, consists of two exploration
licenses covering the southern extension of prominent north north-east trending faults passing through
the 25 million ounce Boddington gold camp. The licenses also coincide with geochemical targets from
CSIRO laterite sampling.
6. At the Canobie Project in Queensland, Rubicon has recently applied for five large Exploration Permits
over magnetic, gravity and structural targets in the northeastern part of the Mt Isa Inlier, targeting IOCG
and Mt Isa style base metal deposits. Previous exploration data compilation will now commence.