Renegade Exploration Limited has met its $500,000 expenditure commitment at the North Isa Project, as the company explores the emerging potential of high-grade copper mineralization at the Lady Agnes prospect and other advanced prospects just north of Mount Isa. Renegade has achieved its full 75% interest in the North Isa Project within 12 months of commencing work on the project. In the process, Renegade has drilled Lady Agnes and is now completing follow up programs with a view to further drilling in the current quarter.

Work has progressed on other targets as well and collation of historical and recent data is being interpreted with a view to generating drill targets in the current financial year. The North Isa Project is located just 25km north of the globally significant Mt Isa Zn-Pb-Ag and Cu mines and only 17km north of Glencore's world-class George Fisher Zn-Pb-Ag mine. It controls circa 20km of the Western Fault, which together with associated faults, host the Lady Agnes Mine together with numerous other historical workings.

Additionally, Lady Agnes Mine lies within an embayment along the thrust-faulted Eastern Creek Volcanic and Mt Isa Group sediment boundary which hosts several existing copper minerals occurrences. The area is subject to some issues around the current wet season but, in general, drains well and upcoming programs shouldn't be subject to significant weather delays. In accordance with the terms of achieving the expenditure milestones 1 and lodgment of all necessary documentation with the Queensland Department of Mines, Renegade will now: Issue 10m ordinary shares to the vendor; and Issue 25m Performance Rights (converting to ordinary fully paid shares in the Company on a one for one basis) subject to satisfaction of one of the following performance milestones: Measured JORC compliant open pit Inferred Resource (verified by Independent Third Party) utilizing a cut off of 0.3% to define a minimum 1Mt @ minimum copper grade, or its equivalent, of 1% for 10,000t of contained copper, or its equivalent; or Measured JORC compliant underground Inferred Resource (verified by Independent Third Party) utilizing a cut off of 0.3% to define a minimum 2Mt @ minimum copper grade, or its equivalent, of 3% for 30,000t of contained copper, or its equivalent; and The Performance Rights will expire if the performance milestones have not been satisfied within five years of issue and will also lapse in other certain circumstances such as sale or withdrawal from the project by Renegade.