I got an alert (which I get for certain mining stocks when they move or certain news on mining sectors-Moly) and Rio Tinto may be sitting on a potentially world class Moly deposit. Here's the kicker, its pretty darn close to where our "Gold" play Barton Dry forks property is. Wow if we were lucky maybe there's some Moly in our grasp??

From our website:

"Dry Fork/Barton Syndicate

http://www.forexyard.com/en/reuters_inner.tpl?action=2009-09-30T140234Z_01_LU196117_RTRIDST_0_RIOTINTO-EXPLORATION-INTERVIEW-UPDATE-1

INTERVIEW-UPDATE 1-Rio bullish on potential at Bingham Canyon

Thursday October 01, 2009 10:02:14 AM GMT

* Sees potential for cluster of mines at Bingham Canyon

* Deep prospecting uncovering new potential under open pit

* Discovered what may be biggest molybdenum deposit

* Sees flat 2010 exploration spending on cautious outlook

(Adds more details from interview and conference speech)

By Eric Onstad

LONDON, Sept 30 (Reuters) - Miner Rio Tinto is keeping a lid on exploration spending in the near term, but will press on with prospecting at its century-old Bingham Canyon mine that is uncovering new deep-level deposits.

Eric Finlayson, head of exploration, said the group had only recently began to appreciate the huge potential that lies underneath its huge U.S. open pit copper mine in Utah.

"That is really an exciting programme. It is remarkable that even after 100 years you can come up with enormous new targets in such a mature environment," he told Reuters on the sidelines of a mining conference.

The discoveries hold potential for finding a cluster of new large mines in the area. Up until now, prospecting around the current mine has looked for similar deposits near the surface, but recent discoveries elsewhere prompted Rio to probe deeper.

So far, a rich deposit of molybdenum -- a silvery mineral used to strengthen steel -- has been uncovered below the pit.

"We believe this may be the world's largest molybdenum discovery since Climax and Henderson... and there may be more to come," Finlayson said in a speech at the Objective Capital Mining Conference.

He was referring to the two biggest primary molybdenum mines located in the U.S. state of Colorado.

Rio currently produces the metal as a byproduct of copper, but the discovery means Rio could launch molybdenum as a new primary product and may lead to more copper discoveries.

"Recognition of the Bingham Canyon district as a potential cluster of porphyry targets, only one of which is exposed at surface, has rejuvenated our exploration effort there."

Porphyry copper mines are usually low-grade and close to the surface, but recent discoveries have uncovered deeper, high grade porphyry mines.

FLAT EXPLORATION SPENDING

Rio remains wary about sustainable global recovery and so plans to keep exploration spending flat in 2010 after slashing it by half this year, Finlayson added.

"The company is being cautious and so my expectation would be that from an exploration expenditure perspective we will remain prudent. . . and maintain the current level of spend in 2010," he said.

Rio cut its exploration budget on both greenfield and brownfield projects to $115 million this year from $235 million in 2008. Finlayson also said the group had recently sealed some deals with black-owned South African firms regarding nickel exploration in South Africa, but declined to provide details.

Initial prospecting for iron ore in the Democratic Republic of Congo had "gone really well", he added.

In the northern region of Congo, Rio bought up exploration titles late last year from junior firms that had been looking for gold and diamonds, but Rio saw the potential for iron ore. Rio, the world's second biggest iron ore producer, launched prospecting there earlier this year over a land area of about 15,000 square km. (Reporting by Eric Onstad; Editing by David Cowell and Erica Billingham)