Alinta Gas (30 June 1999)

The WA Government says it will sell up to 49% of its Alinta Gas distribution and retail utility to a 'cornerstone investor' and offer the rest via a public float around March-May. The Energy Minister values Alinta around $1 billion.

BHP Petroleum (30 June 1999)

BHPP has announced further drilling success in the Zamzama field in Sindh province in Pakistan, with Zamzama-2 well showing a 350m gas column - with a stabilised flow rate of 50 million standard cubic feet/day through a 64/64 inch choke over a 24-hour period. The project now remains on standby for extended production testing.

China National Petroleum (30 June 1999)

China National Petroleum, the country's largest oil producer, is planning China's biggest initial public offering to raise US$10 billion. The issue would be made in Hong Kong, New York and/or London.

Consolidated Minerals (30 June 1999)

WA manganese exporter Consolidated Minerals (ex Valiant Consolidated) has re-listed after a 20-month suspension of predecessor Valiant Consolidated, with its stock closing 6 cents down at 24 cents. Debt-laden Valiant went into voluntary administration in October 1997.

Delta Gold / North (30 June 1999)

Delta and North say they expect to save more than $50 milion at their Kanowna Belle gold mine by continuing underground development via truck haulage to access the lower orebody and delineate reserves.

Precious Metals Australia (30 June 1999)

The company's directors and the CEO of our partner Xstrata AG have returned from a visit to the Windimurra project site. Progress of construction is astounding with virtually all heavy equipment now on site. Infact, on the road home we passed the last major equipment, the four huge Caterpillar gen sets on their way to site. The 370km gas pipeline is advancing at 8km per day and is now within sight of the plant. For additional information, and the latest pictures, click here.

Brandrill (29 June 1999)

Bad weather and operational difficulties have forced contract driller Brandrill to revise downwards its 1998/99 pre-abnormal earnings expectations by about 30% on the previous $4.28 million net profit.

Cultus Petroleum (29 June 1999)

Cultus is poised to make an acquisition in Australia or NZ but is being delayed by a takeover bid from OMV. Cultus yesterday released forecasts that oil production would increase from current levels of 5000 barrels/day to 20,000 barrels/day by 2000. This increase includes at least 10,000 barresl/day from the development of the Maari field in NZ and some increased production from the Challis and Jabiru fields in the Timor Sea.

Diamin (29 June 1999)

Ex- diamond explorer Diamin is planning to re-list on the ASX today as an Internet, credit card, e-commerce and biometric security group. It will be renamed Secure-ID Net in 2 weeks.

Hillcrest Resources (29 June 1999)

Hillcrest has commenced drill extraction of samples from the Salmon Gums lignite coal deposit, near Esperance in WA, to confirm its suitability to fuel a proposed 200mW power plant.

Icon Oil (29 June 1999)

USA EXPLORATION PROGRAMME

Icon Oil NL announces that the first well in its two well programme in Montana USA spudded at 12 noon on Sunday 27 June 1999 (USA Time). The well, Indian Creek No.1, is programmed to 5,500 feet (1,700 metres) and will target the Tyler Sandstone, the main producing member in the Sumatra Oilfield which is 12 miles to the southwest and is the largest in the region at 45mm barrels of sweet 32^oAPI crude. The well will take 10 days to drill and the rig will then move to Sand Creek No.1, located 15 miles to the north, with the same primary objective.. For more information, click here.

Robe River / Hammersley iron (29 June 1999)

The Federal Court yesterday found Rio Tinto's Hammersley iron was not obliged to grant North's Robe River iron ore unit access to a section of its extensive rail network in the Pilbara region of WA. If North had been successful it would have significantly reduced the costs of developing the West Angela's deposit.

Ross Mining (29 June 1999)

The Chief Executive of Ross Mining NL, Dr Bertus de Graaf said today that the Gold Ridge Mine was fully operational despite the ethnic tensions in the Solomon Islands. He said that an important step had been achieved with the signing of a Peace Accord by various Government parties last night. The Commonwealth mediator, Major General Sitivani Rabuka, has now taken on the task to present the Accord to the other parties, an activity which has commenced today. For details, click here.

Union Mining (29 June 1999)

The Company announces that a placement of 25 million ordinary shares, credited as fully paid, has been made to Nefco Nominees Pty Ltd at 4 cents per share.
The funds raised are intended as working capital to further pursue interests in mineral resource prospects and information technology/internet investments. For additional information, click here.

Western Minerals (29 June 1999)

Ex-explorer WM stock jumped 365%, topping turnover, after it resumed trading (after a 3-month suspension) following the announcement that it will acquire the Barbarellas sex-store chain for $13 million - and market the products on-line.

Woodside Petroleum (29 June 1999)

Woodside said it would invest $5 million in research outfit Ceramic Fuel Cells. CFC is developing electricity generation technology based on ceramic or solid oxide fuel cells capable of high energy conversion efficiency, low greenhouse emissions and substantially reduced noise levels.

BHP (28 June 1999)

BHP's chief executive is asking investors to keep faith through a possible share buy-back - if BHP cannot put its huge cash-flow stream to good use in new projects.
BHP also said it had made no decision yet on whether to quit its 52% stake in the Ok Tedi gopper-gold mine in PNG.

Copper Price (28 June 1999)

Following BHP's decision to mothball its North American copper operations, the copper price posted its biggest gain in almost 2 years - July delivery rose US2.65 cents to US69 cents/lb on the Comex division of the New York Mercantile Exchange.

De Beers (28 June 1999)

De Beers' Central Selling Organisation said first half sales of diamonds rose 44% to US$2.45 billion.

Amalgamated Resources (26 June 1999)

AR says it has secured additional funding needed to upgrade its Loongana Lime operation at Kalgoorlie. Bankers Trust Australia has extended AR's debt facility by $4 million, after AR agreed to align loan amortisation with cash inflows from Loongana.

BHP (26 June 1999)

BHP has announced the biggest financial loss ($2.3 billion) in its 114-year history after huge writedowns, restructure costs and weak commodity prices adversely affected the bottom line.
BHP has mothballed its Arizona and Nevada copper operations - eliminating 200,000 tonnes of copper supply. BHP has now written down the Magma project by a total of $3.9 billion - $700 million more than they cost. BHP had been accruing losses of between $175-200 million/year by keeping the mines open.

Central Bore (26 June 1999)

Central Bore says it has decided to go ahead with its acquisition of a licence to operate Queste Communications VoiceNet internet telephony network in Australia.

Dragon Mining / Viking Gold Corp (26 June 1999)

Dragon says it will merge with Canadian Viking to gain a controlling stake in the Svartliden gold deposit (434,000 ounces @ an average 5.4 g/t Au) in Sweden. As the first step, Dragon has been granted an option to acquire 37.6% of Viking, and upon due diligence, will seek to issue 3.33 shares for every remaining Viking share.

Giants Reef Mining (26 June 1999)

Giants Reef is pleased to advise that it has entered into an agreement known as the "Short Range Joint Venture", with BHP Minerals Pty Ltd (BHPM). The joint venture area, totalling 1,160 square kilometres in the Tennant Creek region, involves Exploration Licence (EL) 8104 and EL applications, 7811 and 9995 held by Giants Reef and EL application 10180 held by BHPM.

The tenements, which represent approximately 16% of Giants Reef’s holdings in Tennant Creek, cover two large untested magnetic anomalies on the northwestern and southeastern flanks of the field.

Tennant Creek is a high grade gold-copper field of Palaeoproterozoic age, and though the potential for the broader Tennant Creek regional inlier to host very large iron-oxide copper-gold systems has long been recognised, it has not been drill tested. The joint venture provides an excellent opportunity to test for such targets, which are in a proven high grade mineral province that has been significantly underrated and overlooked by modern exploration.

Under the terms of agreement, at commencement, BHPM and Giants Reef are each deemed to hold 50% equity in the tenements with BHPM’s interest being secured by the expenditure of $2 million within five years of access to the tenements being granted. BHPM is the manager and is required to spend a minimum of $400,000 before withdrawal.

International Mineral Resources (26 June 1999)

IMR says it will acquire the right to increase its stake in telecommunications carrier Amcom to 50%. IMR, which agreed to buy 10% for $2 million in May, will acquire the right from Unity Telecommunications. IMR was suspended upon's yesterdays announcement.

Spinifex Gold (26 June 1999)

Spinifex and Ashanti Goldfields have entered into a JV worth $28.5 million - over Spinifex properties in Tanzania. Ashanti has agreed to reimburse Spinifex $8.5 million over 2 years to earn 55% in the Buckreef, Rwamagaza and Kitongo licences, and may earn an extra 5% by bankrolling a bankable feasibility study.

Westgold Resources (26 June 1999)

Westgold is free to pursue failed mining identity Ross Atkins for debts of $7.9 million, after Mr Atkin's creditors yesterday rejected a proposal that wopuld have delivered them less than 0.1 cents in the dollar. The rejection was made possible by St George Bank's decision not to provide proof that it was owed more than $15 million by the former boss of St Barbara Mines, leaving Westgold his next largest creditor.

Michelago Resources / Hargraves Resources (25 June 1999)

Oil Search (25 June 1999)

Oil Search has listed on the Port Moresby Stock Exchange in PNG as an exempt foreign entity.

Petsec Energy (25 June 1999)

Petsec has announced a new producing well in the US - its Ship Shoal 193 B-2 well in the Gulf of mexico will be completed as an oil producer.

WMC (25 June 1999)

Mr Hugh Morgan said that full-year profit would not match last year's profits of $169 million. Lower commodity prices and a higher dollar have outpaced WMC's ability to slash costs, although there was some pick-up in demand from Asia.

Yandal Gold / GCM / Normandy (25 June 1999)

Yandal has ruled out an appeal against a recent Federal Court judgement that found its bid for GCM had breached corporations law.

AGL (24 June 1999)

AGL says it has bought more shares in NZ's Natural Gas Corp Holdings on market - a further 19.4 million shares @ NZ$2 each taking its holding to 38.2%.

Allgas Energy (24 June 1999)

The ACCC has granted interim authorisation to Allgas to allow it to negotiate sales of gas from the PNG gas project.

Beaconsfield Gold (24 June 1999)

The 7.30 Report on Channel 2 on Thursday (24 June) or Friday (25 June) night will include a report on the Beaconsfield Mine. For more information on Beaconsfield, click here.

Delta Gold (24 June 1999)

Delta says it will curtail expenditure in Zimbabwe and foreshadows a drop in exploration in general. Delta has also set time tight budgets and shutdowns could result if mines did not perform up to scratch.

Energex (24 June 1999)

Queensland government owned Energex has successfully bid $102 million for Victoria's Release Gas Program - the final stage of Vic's $6.3 billion privatisation. It allows Energex to purchase about 6% of the State's gas supplies from wholesaler Gascor.

Grange Resources / Golden Tiger Resources (24 June 1999)

Grange has backed the planned marriage between GTR and Internet services provider Geko Internet P/L, agreeing to take a 13% stake in GTR. Grange has subscribed for 3 million GTR shares @ 20 cents each, as GTR prepares to take a 55% controlling interest in Geko and associated Austel Communications P/L.

Perseverance Mining Corp (24 June 1999)

In a cost-cutting exercise, Perseverance has closed its corporate office in Melbourne and set up at its Fosterville mine site, near Bendigo.

Placer Dome (24 June 1999)

Canadian giant Placer has slashed exploration expenditure and staff in response to the low gold price. Exploration expenditure will be cut from $89 million (1998) to $56 million in the current calendar year and about 200 employees would depart by 2000.

ROC Oil Company (24 June 1999)

ROC Oil is planning a $110 - $150 million listing in August. ROC's main asset is a suite of oil and gas producing assets in the UK but it also has a wide portfolio of exploration properties from Malta to Mongolia. ROC will issue a minimum 55 million share @ A$2 each - fully underwritten. The managing director is Dr John Doran.

Shell (24 June 1999)

Shell will continue efforts to end its connection with the unsuccesful Cornea oil prospect by holding meetings with government officials today.

Shell Coal (24 June 1999)

Shell Coal has forward sold 75% of the first year's production from its new Moranbah North mine in the Bowen Basin, Qld. The $460 million underground mine has produced almost 2 million tonnnes since longwall production commenced in February, and was on track to produce more than 4 million tonnes for the full year.

Icon Oil (23 June 1999)

Icon Oil announces that Heidi No.1 spudded at 6.30 pm on Monday 21 June in ATP 562P in the Surat Basin in Queensland and is drilling ahead at a depth of 215 metres. Heidi No.1 is the third well drilled by Icon and Bligh Oil following several wells with strong oil shows drilled over the past few years. The primary objective in the well is the Showgrounds Sandstone with good reservoir characteristics being interpreted at this location. Heidi No.1 will take approximately 10 days to drill. For more information, click here.

New Hampton Goldfields (23 June 1999)

Pan Australian Resources (23 June 1999)

AGL (23 June 1999)

AGL has purchased an additional one-third stake in Natural Gas Corp of NZ from Fletcher Challenge for A$258 million.

Centaur Mining & Exploration (23 June 1999)

Sydney-based Guina Developments has revealed it is behind heavy trading in Centaur, doubling its stake to 10.07% (44.36 million shares).

Kimberley Land Council (23 June 1999)

A memorandum of understanding was signed yesterday by the Kimberley Land Council ( a group representing traditional WA landowners) and Acacia Resources, BHP, Glengarry, Rio Tinto, Shell Development Australia, Tanami Gold and Western Metals Zinc. The agreement will enable the companies to speed up mining exploration while recognising Aboriginal heritage.

Union Mining (23 June 1999)

Re: UNION ITOK INTERNATIONAL AG SIGNS AGREEMENT TO DEVELOP A WORLD CLASS ZINC – LEAD DEPOSIT IN IRAN

Asia Gold Mining Corp (22 June 1999)

AGMC has acquired email service provider PocketMail Australia - and will issue to PocketMail 100 million shares plus 40 million options for an 85% stake, with an option to take 100% control through the issue of an extra 18 million shares.

Boral Energy Resources / Omega Oil (22 June 1999)

Boral has announced a significant oil flow from its Jacaranda Ridge 1 exploration well in the Otway Basin (South Australia's portion). Jacaranda recorded an average flow rate of 408 barrels/day accompanied by gas at 0.8 million cubic feet/day. Omega has a 24.28% interest.

Impress Technologiea (ex Merritt Mining) (22 June 1999)

Impress Technologies Limited and Servcorp have announced plans to form a strategic alliance to operate Unified Messaging applications worldwide. The two companies have signed a confidential Memorandum of Understanding as the basis for the completion of formal agreements. For details, click here.

Kilkenny Gold (22 June 1999)

There are rumours that Kilkenny is about to enter into the IT field.

Mermaid Marine (22 June 1999)

Mermaid successfully listed yesterday - closing at 54 cents, an 8% premium on the float price. Mermaid, chaired by former St Barbara Mines' executive Alan Birchmore, provides marine services in support of offshore exploration and development, primarily in the North West Shelf of WA.

Taipan Resources / Paulsens Gold (22 June 1999)

Taipan's independent directors have recommended shareholders accept Paulsens Gold's takeover offer.

Trans Global Resources (22 June 1999)

The former gold explorer says its half-owned GET Interactive Inc has reached in-principle agreement to provide interactive technology to US-based Celebrity Games Show Group.

Mount Burgess Gold Mining Co (21 June 1999)

Mt Burgess has called a shareholders meeting on 9 July to approve the sale of its 50% interest in the Butcher Well Gold JV to Sons of Gwalia for $14 million in cash, and a net smelter royalty.

Plenty River Mining (21 June 1999)

PRM has issued a Prospectus for a non-renounceable offer of Options to Members of PRC on the basis of 1 Option for every 1 ordinary share at an issue price of 4 cents for each Option - exercisable at 20 cents at any time prior to 31 July 2002.
The funds will be used to reduce creditors and to participate in the completion of a Bankable Feasibility Study in relation to the development of a world scale ammonia/urea project (on the Burrup peninsula, near Karratha in WA) and to maintain its mineral exploration interests.

Reef Mining (21 June 1999)

In a takeover bid, Hudson Resources is offering 7 cents/share.

BHP (19 June 1999)

Output of iron ore in May fell 19% (compared to May 1998) to 3.8 million tonnes - due to weak demand from steel makers.
Production of gold, silver and diamonds increased.

Centaur Mining & Exploration (19 June 1999)

Centaur has cancelled 900,000 ounces of call options amid the plunge in the gold price. The options, with a stroke price of A$500/oz, maturing between December 2003 and 2005, have been cancelled as a result of the gold price falling to 'knockout' levels of A$390/oz.

Climax / Arimco / Billiton (19 June 1999)

Billiton Philippines B.V has completed airborne and ground geophysics on its Claveria property in Northern Luzon and is scheduling drilling in June. This property is a joint venture with Climax –Arimco of Australia.

Cultus Petroleum (19 June 1999)

Cultus says thr revised 76 cents/share takeover bid by OMV AG 'materially undervalues' the company. The directors continue to recommend rejection.
OMV, with just 13.8% of Cultus, yesterday again extended the offer period to 14 July.

Highlands Pacific (19 June 1999)

Highlands Pacific Limited and Nippon Mining and Metals Co., Ltd, Japan, have announced an agreement to jointly explore tenements held by Highlands Pacific covering the Kainantu Goldfield in Papua New Guinea.
Managing Director, Mr Ian Holzberger, said that Nippon could acquire up to 50% of the project by sole funding exploration expenditure of US3.5 million (K11 million), with a minimum of US$500,000 to be spent in the first year.
In commenting on the project, Mr Holzberger said that "previous drilling has intersected some high-grade gold sections, and that the proposed program will seek to expand on this earlier work with a final objective of defining a high-grade multi-million ounce gold resource".

The Kainantu goldfield includes several high-grade quartz pyrite gold vein systems, which can be individually traced for over 1,000m. For details, click here.

Lafayette Mining (19 June 1999)

Lafayette Mining has reported excellent drilling results on their Rapu Rapu property in Albay Province. This property is a joint venture with TVI Resources Development Corp. and Goldrush Mineral Exploration Corp. Drilling is continuing with three rigs operating on the property.

Southern Exploration Corporation (19 June 1999)

Southern Exploration Corporation, an associate company of Indophil Resources N L of Australia, is scheduled to commence drilling in June on the Manat Property in Mindanao. This is a joint venture with Aldevinco, a wholly owned subsidiary of the Alcantara Group of Companies.

Alkane Exploration (18 June 1999)

Alkane has mopped up ownership of exploration licences surrounding its Peak Hill mine for $500,000.

AMX Resources (18 June 1999)

The gold slump has resulted in Zurich Bay Holdings pulling out of a plan to buy the company's Davyhurst gold treatment plant for $4.5 million. Zurich said the deal was no longer attractive at the current gold price of about A$391/oz.

BHP (18 June 1999)

BHP has announced encouraging exploration results from the Norte deposit, 5km from its huge Escondida copper mine. Norte's indicated sulphide was now 676 million tonnes @ 1.03%Cu. Oxide material delineated indicates about 1 million tonnes pf copper to be extracted through the cheaper SX-EW process.

Great Central Mines (18 June 1999)

Stock in GCM rose 14 cents yesterday to $1.55 as investors cashed in on the spoils of a $28.5 million bonus after Yandal Gold's takeover bid fell foul of the Federal Court - pushing the takeover price up to a potential $1.65/share. One analyst suggests Normandy may move soon to control GCM.

Aquarius Platinum (17 June 1999)

Aquarius plans to restructure before listing on the London Stock Exchange as it battles a slump in local investment interest. Aquarius, which holds a 45% stake in South African platinum miner Kroondal Platinum Mines, plans a 1-for-1 share swap with Bermuda-incorporated Strategic Platinum Mines. This would make Aquarius an unlisted subsidiary of Strategic, which in turn would apply for listing on the ASX and the London stock exchanges. Aquarius also plans an equity placement to raise $7.3 million to fund a bankable feasibility study for its 100%-owned Marikana platinum project near Rustenberg in South Africa.

Great Central Mines / Normandy Mining (17 June 1999)

GCM minority shareholders have emerged winners from Yandal Gold's disputed takeover after the Federal Court ruled the bid breached Corporations Law. GCM shareholders who accepted Yandal's $1.50/share bid earlier this year are to receive an additional 17 cents/share in compensation - to be paid within 21 days.

Henry Walker (17 June 1999)

HW says it will buy back 17 million shares (9.9% of its issued capital) on market over the next 6 months from 1 July.

PT Freeport Indonesia (17 June 1999)

The company has delayed plans to increase gold-copper production at its Grasberg mine in Irian Jaya until prices improve.

Shell Chemicals / Dow (17 June 1999)

The WA Government's dream of a petrochemical plant in the Pilbara has taken another step forward after a feasibility study by the JV partners forecast a modest return from the $2 billion project. The planned capacity would be increased from 450,000 tpy to 625,000tpy, and pencil in another $2 billlion of associated plants. More work has to be done to improve the viability of the project.

Welcome Stranger Mining (17 June 1999)

Welcome Stranger has acquired 5% of IT systems developer CommSecure for $125,000 and may acquire 35% for $1.4 million in 30 days. CommSecure has developed 'fast, direct and secure' on-line links to banks for Internet merchants and service providers.

ABARE (16 June 1999)

Despite a fall in the gold price, ABARE predicts domestic production will rise in the short term - and forecasts the A$ gold price will average A$428/oz in 1999-2000, based on a US$285 average. Mined gold production is expected to rise to 312 tonnes in 1999-2000, from 304 tonnes in 1998/99. However, total gold exports are forecast to plunge 22% to $5 billion.

Alinta Gas (16 June 1999)

Completion of the sale of Alinta Gas' WA distribution network is still at least 12 months away. Book value is A$300 million.

BHP / Rio Tinto (16 June 1999)

BHP and Rio have confirmed they are talking re a possible merger of their iron ore operations in the wake of falling world prices.

Golden West Refining Corp (16 June 1999)

Asset writedowns of $3.12 million have slashed full-year net profit by 15% to $3.39 million, despite a $3.1 million abnormal gain on the sale of 50% of its Australian assets to the WA Mint.

Monto Minerals (16 June 1999)

Monto is making a 1-for-1 share offer to raise at least $2.4 million to complete a final feasibility study on a central Queensland ilmenite project (the Goondicum Crater project). The issue, fully underwritten, will see Monto issue 53.7 million shares at 7 cents each, raising $3.758 million if fully subscribed.

North Ltd (16 June 1999)

North says it has cut carbon dioxide emissions by 10.6% since 1996. In the 5 years to 2001, North expects to reduce overall annual emissions by 99,600 tonnes and says its Robe River and Northparkes operations achieved significant reductions.

Ross Mining (16 June 1999)

GOLD RIDGE PRODUCTION UNAFFECTED BY SOLOMONS UNREST

The Chief Executive of Ross Mining NL, Dr Bertus de Graaf said today that production at the Gold Ridge Mine in the Solomon Islands was proceeding despite ethnic tension in the region.

Dr de Graaf said that the Solomon Islands Government was working to resolve the conflicts between the indigenous people of Guadacanal and the people of Malaita which have led to the recent unrest. He said that while there had been some civil disorder and disruption in the capital, Honiara and outlying areas, tension had not been directed towards other islanders within the Solomons, nor to the expatriate community and business houses. For additional information, click here.

Ocean Resources (15 June 1999)

Ex explorer Ocean Resources, which traded at 1.6 cents a share before suspension, is set to resurface online after shareholders approved an e-commerce direction. Ocean - to be renamed Bambuu Ltd, is set to acquire Internet website goalmap.com, which aims to provide resources for free to help people attain aspirations. Sales are forecast at $9.6 million by 2001, with $3.66 million earnings.

Auridiam Consolidated (14 June 1999)

Following good drilling results, Auridiam expects production at its Orapa diamond project in Botswana to commence by early 2000. 5 holes into the BK16 Kimberlite Pipe yielded 25 macrodiamonds for a total of 4.99 carats valued at US$86/carat, incvluding 4 stones each weighing in excess of 0.5 carats.
A bankable feasibility study is planned for completion by September 2000.

Croesus Mining / Gindalbie Gold (14 June 1999)

Croesus and Gindalbie are confident the Ankatell gold project will yield a major copper-gold deposit, following further encouraging high-grade drill results.

Fimiston Mining (14 June 1999)

Fimiston has pushed forward scoping studies for its proposed Julia Creek Vanadium project and is moving to complete all pre-feasibility studies.

Gilt-Edged Mining (14 June 1999)

GEM has had further encouraging drilling results from its East Kundana project in WA. 3 different prospects all returned good results, including 16m @ 48 g/t Au, 3m @ 14.2 g/t Au, 11m @ 10.13 g/t and 6m @ 18.13 g/t.

Kalrez Energy (14 June 1999)

Next year, Kalrez expects Kuwait Petroleum Co to develop the 160 million barrels Seram exploration area. When combined with the production from the Bula field, Kalrez expects to produce between 1000 and 1500 barrels/day of oil.

Pan Australian Resources / BHP (14 June 1999)

Pan Aust has signed a JV agreement with BHP to seek Broken Hill-style mineralisation at its Grass Patch project in the Albany-Fraser region in WA. BHP can earn up to 70% by spending $2.5 million over the next 5 years. For more information on Pan Australian, click here.

WMC (14 June 1999)

WMC has donated $50,000 to thr Rockingham Regional Environment Centre in WA to help create a wtlands and thrombolite display in its interpretive learning centre.

BeMaX Resources (11 June 1999)

Bemax - who has discovered potentially significant heavy mineral sand deposits in the Murray Basin - has launched its new web site, developed by Digital Reflections. To gain access - click www.bemax.com.au.

Hillcrest Resources (11 June 1999)

Hillcrest has agreed to pay up to $2.5 million to advance the work project at Salmon Gums, 100km north of Esperance (WA), in a deal which will deliver it 50% control of project owner Australian Power and Energy Corp. APEC, on JV with US giant Texaco Inc, plans to develop a 200Mw power station fuelled by about 2 million tonnes/year of lignitic coal from the large O'Sullivans deposit. Hillcrest will need to complete an equity raising to fund the feasibility study.

Minotaur Gold (11 June 1999)

Cultus Petroleum (11 June 1999)

Austrian group OMV yesterday increased its bid for Cultus (from 66 cents/share to 76 cents/share) and immediately secured additional acceptances from institutional shareholders. Cultus continued to reject the offer.

Gold Sales (11 June 1999)

Fears that an unnamed central bank is secretely selling its gold reserves has resulted in the continuing fall in the gold price - to a low of US$257.15/oz.

North Ltd (11 June 1999)

North has launched court action in an attempt to avoid calling a meeting sought by a small group of shareholders opposed to the development of the Jabiluka uranium mine.

Ross Mining (11 June 1999)

SLATER & GORDON ORDERED TO PAY DAMAGES TO ROSS MINING

The Chief Justice of the High Court of the Solomon Islands today found that law firm Slater & Gordon and entrepreneur Denis Reinhardt had failed to defend proceedings for conspiracy to injure, abuse of process, champerty and maintenance brought against them by Australian gold mining company Ross Mining NL. Slater & Gordon and Denis Reinhardt were ordered to pay damages to be assessed and costs to Ross Mining. For more information, click here.

BHP / Rio Tinto (10 June 1999)

There are rumours that BHP and Rio are in talks about merging their iron ore operations in WA.

Also, BHP says the restart of its Magma San Manuel copper smelter in Arizona has been delayed by 2 weeks due to unseasonably strong winds.

Gold Price (10 June 1999)

The gold price fell overnight to a new 20-year low, closing at US$259.10/oz. The Australian gold price fell to below A$400.00/oz.

Henry Walker (10 June 1999)

Shares in Henry Walker fell about 7% yesterday following a downgrading of its profit expectations for the 1999 financial year.

Impress Technologies (ex-Merritt Mining) (10 June 1999)

Leo Shield Exploration (10 June 1999)

The directors believe that one of the significant factors effecting the recent decline in the Company’s share price has been the decline in commodities prices in general, and the gold price in particular. The Company has recently been presented with a number of opportunities in both the resources and technology sectors, and the directors are keen to be in a position to pursue one or more of these should the appropriate opportunity arise. Subject to shareholder approval, it is therefore proposed that the Company change its status from that of a no liability company to a limited liability company, in order to be able to pursue opportunities outside the resources sector. The directors advise that the Company’s primary focus remains the development of its West African mineral assets, and at present no transactions outside the resources sector have been entered into. For additional information, click here.

Portman Mining (10 June 1999)

Portman is to raise $50 million - through a placement of 16 million shares at 78 cents each to Thiess Contractors and a 5-for-11 renounceable rights issue at 66 cents/share. Portman will be looking for acquisitions.

BeMaX Resources (9 June 1999)

NEW ISSUE ANNOUNCEMENT

The Company has agreed to raise $500,000 working capital through the issue of 5,000,000 ordinary shares at 10 cents per share. The issue represents 14.82% of the current issued capital of the company. The managing director, Mr Stephen Everett, has offered to subscribe for 1,000,000 of these shares subject shareholder approval at the next appropriate general meeting of shareholders.

Beaconsfield Gold (8 June 1999)

BEACONSFIELD GOLD MINE - DEVELOPMENT UPDATE

Caltex (9 June 1999)

Caltex has forecast lower half-year earnings than the interim $40.3 million in 1998, impacted by a collapse of refiner margins out of Singapore to record lows of US$1.16/bbl in May and poor margins in June.

Gold Price (9 June 1999)

The gold price fell to a new 20-year low overnight, closing at about US$261.90/ounce.

Lihir Gold (9 June 1999)

Lihir says a new deal with contractors Thiess-Roche will cut contract mining costs by 11%, or annual savings of about US$6 million. A new deal with explosives services contractor Orica will also cut blasting costs by 24% - saving an additional US$1.5 million/year.
Lihir has also taken advantage of the weak gold price to restructure its hedgebook, realising US$29 million.

Union Mining (9 June 1999)

Union Mining NL (Union) advises that it has signed a joint venture with Ehya Sanaya Khorsassan Company (ESKCO), a major private investment company based in Mashad in NE Iran, to explore for gold, copper and other minerals over two very strategic Exploration Licences covering approximately 9850 square kilometres in an area referred to as the North East Copper and Gold Belt of Iran.

Union’s geologists consider that the area, where very little previous work has been undertaken, holds significant potential for epithermal gold mineralization and gold-rich porphyry copper systems. A number of areas prospective for gold rich porphyry copper and epithermal gold mineralization have already been delineated.

Union will spend $US 1 million to earn a 50% interest in the Exploration Licences and then will have the right to earn additional equity up to 90% if ESKCO elects not to contribute after Union has earnt its initial interest. Union has up to 5 years to find an economic mineral deposit. For details, click here.

The Korea National Oil Corp (8 June 1999)

A natural gas field holding deposits estimated to be worth up to $1.2 billion has been discovered off South Korea's southeast coast. The field is estimated to hold up to 250-300 billion cubic feet of natural gas.

Gold Price (7 June 1999)

Industrty consultants Gold Fields Mineral Services say South Africa's average cash cost in 1998 was US$246/oz, compared to US$190/oz in Canada, US$205/oz in Australia and US$185/oz in USA.

Kimberley Resources (7 June 1999)

Kimberley has applied for an exploration licence over the mothballed Ellendale diamond field in WA. Ashton and Rio Tinto already hold a licence over the ground but there are claims that they have not spent any money on the tenement in 8 years. The case will have an initial hearing on 18 June.

Lynas Gold (7 June 1999)

Lynas has locked in minimum cashflow from its 35%-owned Paraburdoo gold project. It has fixed a set level of remuneration for its services as production manager which would ensure it received at least $4.22 million over the next 3 years.

Murchison United (7 June 1999)

Tin miner Murchison has raised $800,000 from the close-out of put options on tin production.

BHP (5 June 1999)

BHP is examining its involvement (52%) in the Ok Tedi copper-gold mine in PNG after new studies have raised fresh concerns over the project's environmental impact. Preliminary results from a study indicate a greater impact on the environment than previously thought from alternative plans for disposing of waste and tailings from the mine. The findings show that none of the 4 alternative disposal plans offers a clear solution to mine environmental problems.

Centaur Mining & Exploration (5 June 1999)

Centaur's share price fell about 26% (from 36.5 cents to 27 cents) following it's bid for Australian Gold Resources, Astro Mining and Quantum Resources. The Centaur bid values the 3 targets at approx. $100 million, a sum criticised by some analysts as too great a premium.

Golden State Resources (5 June 1999)

Golden State has announced drilling over a 1.1km strike length at its King Bore project has delineated a gold halo of up to 40m thickness and 150m width, with a 300m central zone grading 1-11 g/t Au to 80m.

Grange Resources (5 June 1999)

Grange is set to take management control of pooled fund Greenchip Resources Ltd. Grange has agreed to subscribe for 36.4 million shares at 2 cents (A$730,000), representing 30% of the expanded issued capital of Greenchip. Greenchip currently has net assets of about $1.7 million - primarily in the Victorian gold industry.

Oil Search (5 June 1999)

Following recent asset sales, Oil Search is cashed up and well-placed to fund its involvement with US energy giant Chevron in the $5.5 billion PNG to Qld gas pipeline. In the past 5 months Oil Search has reduced its gearing from more than 100% to less than 50% and could be debt free by 2003.

Union Mining Union Capital Limited (5 June 1999)

Woodside Petroleum (5 June 1999)

Woodside says agreement has been reached with native-title claimants over land on the Burrup Peninsula required for the giant North West Shelf gas project off WA.

Centaur Mining & Exploration (4 June 1999)

Centaur will bid for Australian Gold Resources, Astro Mining and Quantum Resources by way of all-scrip offers, closing in 2 months.
Centaur is offering 1 of its shares for each AGR share, 2 for every 3 Quantum shares and 3 for every 2 Astro shares.

Cultus Petroleum (4 June 1999)

Cultus moved closer to production in the Timor Sea, after 2 blocks covering the Tenacious oil field were declared 'locations' preliminary to securing production licences.

OPEC (4 June 1999)

OPEC achieved 91% of its promised oil output cuts in May as part of a wider effort to eliminate a global surplus and to lift prices.

Texaco / Chevron (4 June 1999)

Texaco has ended buyout talks with Chevron because the bid was too low and the legal obstacles created by its petrol sales allianc with the Royal Dutch-Shell Group were too great.

Trans-Global Resources (4 June 1999)

Trans-Global, with a reconstruction and a $3 milion capital raising completed, will complete its transformation to an online gambling and home entertainment entity next week when it relists on the Australian, Canadian and US Nasdaq stock exchanges. Trans-Global was suspended on 13 April at 4.6 cents.

Union Mining (4 June 1999)

Further to the announcement last week of our investment in the Internet Security Company Identikey, the Board of Union Technologies commissioned an independent report and market assessment to be conducted by a senior industry expert. Mr Ramin Marzbani, the author of the report, is the principal of www.consult, which is widely recognised as the leading Australian authority on the internet industry. www.consult publishes research on Internet Usage, the development of e-commerce and new directions and trends in the growth of the industry.

Presented below are some of the key elements of Mr Marzbani’s Report:

"The Identikey product offering is a suite of Internet and Intranet server software working with a secure, compact challenge/response token. The provision of these services, such as those delivered for Ray White Real Estate, appears to have the greatest revenue potential in the short-to-medium term for the company". For more, click here.

BHP / Zimplats / Delta Gold (3 June 1999)

BHP has sold its interest in the troubled Hartley platinum mine to partner Zimbabwe Platinum Mines for just US$3 million. Delta spin-off Zimplats will only pay up to US$3 million for BHP's 67% stake in Hartley, along with its 61.3% equity in the Mhondoro platinum exploration project.
Hartley operations will be suspended but BHP has a commitmtnt to meet care-and-maintenance costs for up to 20 months.
This sale will result in a A$300 million plus asset writedown for BHP.

Energex (3 June 1999)

Qld government-owned energy utility Energex yesterday launched a formal move into NSW as part of an aggressive campaign to double its market share.

Geographe Resources (3 June 1999)

Geographe proposes to sell the unmarketable parcels of shares in the company (as at 11 May) unless the holders notify the company by 7 June.

Lihir Gold (3 June 1999)

Canada's Vengold has reduced its stake in Lihir by selling around $25 million of shares. Vengold now holds, directly and indirectly, about 15.8% of Lihir and does not expect to make any further reductions in its holding.

Novus Petroleum (3 June 1999)

Novus has boosted its proven and probable oil reserves by 7% to 130 million barrels of oil equivalent. Total proven reserves are 70.4 million barrels.

Straits Resources (3 June 1999)

Shaw Stockbroking issues short-term BUY and Long Term Outperform recommendations for Straits. For details, click here.

Anaconda Nickel (2 June 1999)

Anaconda says its proposed Stage 2 expansion at Murrin Murrin has received environmental approval. The expansion will increase capacity to 115,000 tonnes of nickel and 9000 tonnes of cobalt a year, up from 45,000 and 3000 tonnes respectively. Commissioning activities are expected in the last quarter of 2000.

BeMaX Resources (2 June 1999)

BeMaX has appointed Gold Mines of Australia ex-chief executive Stephen Everett as Managing Director.

BHP (2 June 1999)

Silver production at BHP's Cannington mine in Qld is expected to be slightly higher next year. Costs have fallen below $400/tonne of concentrate and the mine should produce about 23 million ounces in 1999.

BHP has alos appointed Marcus Randolph as president of BHP Minerals Development. Since 1996, Marcus has been president and chief executive of Canadian miner First Dynasty Mines.

Icon Oil (2 June 1999)

Icon Oil NL announces that the drilling programme in Montana USA will commence on 10 June 1999. The first well, Indian Creek No.1, is programmed to a depth of 5,500 feet (1,700 metres) and has as its main target the Tyler Sandstone member. The Tyler Sandstone is the main producing member in the Sumatra Oilfield which is the largest oilfield in the region at 45,000,000 barrels of sweet crude with a gravity of 32o API. The Sumatra Oilfield is located 12 miles southwest of Indian Creek No.1. The well will take 10 days to drill and the rig will then move to Sand Creek No.1. Sand Creek No.1 is located 15 miles north of Indian Creek No.1 and has the same primary objective as Indian Creek No.1

Icon will contribute 62.5% of the cost of these wells to earn a 50% working interest in 18,000 acres with an option over an additional 30,000 acres.

The Operator for the wells is Macum Energy who has over 30 years experience in drilling wells in and around Montana. The drilling programme was developed by Hancock Enterprises of Billings Montana.

In other developments Icon plans to commence drilling Heidi No.1 in the Surat Basin Queensland in late June/July 1999.

Negotiations are continuing to acquire an interest in a development and exploration project in Louisiana USA. Icon’s due diligence is in progress and negotiations to finance the project are continuing. These negotiations have been a top priority item for several months and are close to completion. For details, click here.

Lihir Gold (2 June 1999)

Rumours are that Merrill Lynch is attempting to place Vengold's 20 million shares in Lihir at 93-98 cents/share. Lihir's share price closed at A$1.04, down 10 cents.

Noranda Inc (2 June 1999)

Noranda has given firm commitment to its exploration program in Australia. Noranda recently re-entered the market here last year by buying into the promising lady Loretta zinc project in Qld, and is looking for Joint Ventuire opportunities.

New Hampton Goldfields (2 June 1999)

Red Back Mining (2 June 1999)

African gold explorer Red Back has blamed the plummeting gold price for the forced cancellation of a $1.89 million capital raising (1-for-10 issue @ 35 cents/share). Its share price has fallen to 31 cents.
Red Back will retain $1.9 million raised from the placement of 5 million shares @ 38 cents each to 4 institutions last month.

Rhodes Mining (2 June 1999)

JB Were have been buying Rhodes shares - the price rose 1.5 cents to 5.1 cents on high turnover.

Tin Australia (2 June 1999)

Tin Australia relisted on the ASX on Monday. The company is planning to quickly resume tin mining in the Mt Garnett region in north Qld where it has a production plant.

BHP / Zimplats (1 June 1999)

A new ownership structure for the Hartley platinum mine in Zimbabwe is likely to be announced tomorrow amid speculation that Anglo American Platinum could still emerge as a key shareholder. Zimplats yesterday advised the ASX it was meeting Zimbabwean President Robert Mugabe about a transaction related to its local operations.

Kingstream Steel (1 June 1999)

Kingstream says it can now 'get on with life' after clearing a major hurdle in regaining 100% control of its $1.5 billion Midwest Iron and Steel Project in WA. Kingstream can proceed with the buy-back of at least 330.8 million shares held by Taiwanese ex-partner An Feng Steel. A further 104.9 million shares will remain off-limits until released by An Feng's Taiwanese creditors. In the meantime, Kingstream will retain 22.2% of An Feng.
Kingstream plans to cancel all the shares held by An Feng, as it attempts to revive the MIS Project.

Pasminco (1 June 1999)

Pasminco has urged fellow zinc producers to take a cautious approach on new smelter developments such as the one in Townsville. Talk of new smelter projects in South Africa and expansion in Latin America could adversely affect the market.

Portman Mining / Heron Resources (1 June 1999)

Portman has acquired iron ore resources at Bungalbin, near its Koolyanobbing operation in WA. Portman will pay Heron Resources $5000 in cash and $20,000 in 18 months, and will pay a royalty on ore transported from the site.