Korab Resources updates its profit target June 15, 2009

Korab Resources’ (ASX: KOR) wholly owned subsidiary, Geolsec Phosphate Operation Pty Ltd, is aiming to commence production in 2010 with a targeted first year output of 10,000 tonnes p.a. to generate a projected pre-tax gross profit of around $3 million.

It will be targeting a 2nd year profit of $8 million, and $11 million in the 3rd year of operation. This represents a targeted gross profit of $22 million over 3 years commencing 2010 . Subject to there being no capital dilution and to meeting the targeted sales revenue and operating expenses, this revenue stream represents a potential gross profit of 32 cents per share over 3 years commencing 2010.

Click here to read the full announcement.

For further information, please contact:

Andrej K Karpinski
Executive Chairman
Australia: (08) 9474 6166
International: +61 8 9474 6166