As previously advised, a sizeable portion of the "Stanley" prospect (in the order of 20 percent) is located within the boundaries of PPL 202. The Stanley-1 well was completed on March 6, 1999. The well encountered a significant gas column, overlying water. The size of this discovery is yet to be assessed.

HIGHLIGHTS - MARCH QUARTERLY REPORT

OVERVIEW - MARCH QUARTERLY REPORT

GOLD EVALUATION AND DEVELOPMENT

• Mining at Stage 1 Golden Ridge was very successful and the Stage 2 pit was commenced during the quarter. Dawns Hope pit was affected by rain but mining will be completed this quarter. Promising underground planning continues for Dawns Hope.
  
  
• The White Hope pit has been opened and trial parcels of ore have been delivered and processed by the Jubilee mill.
  
  
• Evaluation and planning for an underground development at Dawns Hope continues, despite delays caused by cyclone flooding.
  
  
• At Golden Ridge multiple supergene horizons extend approximately 400m northwards from the current Stage 2 pit design. Resource drilling will commence this Quarter.

EXPLORATION

• Drilling of Enigma has returned a number of spectacular gold intercepts from a steeply plunging bedrock lode. This lode varies in true width from approximately 8 to 20m and has a minimum strike length of 85m. It remains open down plunge and along strike to the south.
  
  
• RAB and RC drilling programmes were maintained during the quarter with continuing positive results on a number of properties.

PROJECT ACQUISITION

• The 235,000 ounce Trojan project has been purchased from Titan Resources and mine planning is now being undertaken.

Highlights For The March Quarter : Windimurra Project 31% complete Total committed expenditure to date $70.1m Project construction on schedule and within 1% of budget 100,000 man-hours worked at site without a lost time incident Vanadium price reaches cyclic lows Bridging finance provided by Xstrata (Südelektra) Debt finance not yet completed

QUARTERLY REPORT TO 31 MARCH 1999

HIGHLIGHTS

• A fully underwritten 1 for 2 rights issue at 2 cents per share raised approximately $500,000.
  
  
• Most Government authorities have given consent to the acquisition by Michelago of the Parkes Gold Mine. RC drilling on the Nibblers Hill and Waterhouse prospects at Parkes is planned for early May.
  
  
• At the Tomingley North prospect within the Peak Hill project two RC percussion drill holes were completed. Hole TO38 returned gold intercepts of 1m @ 4.6g/t, 2m @ 2.1g/t and 1m @ 2.0g/t.
  
  
• On the Wisemans Creek project, Allstate Explorations NL, following extensions to the soil sampling grid on the Gils Zone, completed a programme of 36 RAB holes totalling 1,406m of drilling. Assay results included 2m @ 4.9g/t gold at the Ryan target area.
  
  
• At Mount David, Herald Resources Limited has identified two major mineralised structures as a result of a reassessment of past exploration. Soil sampling on the Dads Millions - Chain of Ponds trend has produced nine gold anomalies. RC drilling is expected in the June quarter together with additional soil sampling.

The Directors of Straits Resources Limited (ASX Code: SRL and SRLG) announced today that Lynas Gold NL has withdrawn from the previously announced conditional agreement to purchase the Whim Creek Copper Project from the Company. Lynas cited unfavourable market conditions as reasons for their withdrawal.

The receivers are drawing up an Information Memorandum for the sale of Australian Resources' gold and copper assets.

BHP remains on track to develop the $1.8 billion high-grade nickel deposit on Gag Island in Irian Jaya. A feasibility study is underway.

HIGHLIGHTS - QUARTERLY REPORT TO 31 MARCH 1999

• Scoping study for a silver heap leach operation at Kempfield produced a positive result. The potential cash flow would help to fund the company's exploration activities. A prefeasibility study is underway, together with a fourth drilling programme to obtain large diameter core, for further metallurgical testing, and infill holes at the McCarron Zone.
• Results from the third drilling programme at Kempfield silver-barite project confirmed grades and tonnage at the BJ Zone and extended the McCarron Zone from 400m in strike length to 800m in strike length.
• At Cargo the fourth hole intersected a high grade vein, assaying 114 g/t gold over 1m from 27m, believed to be an extension of the Dalcoath/Spur gold zone where previous drilling gave an indicated resource of 147,000 oz at 1.24 g/t. Further assays awaited.
• At Narragudgil copper-gold area, West Wyalong, Newcrest reported the discovery of porphyry-style mineralisation at Yiddah North prospect. A 400m follow-up diamond core hole has just been drilled beneath the intersection (assays awaited).
• At Copper Hill copper-gold project Newcrest has just completed a 570m diamond drill hole at Vale Head. The core will be logged and sampled in detail.
• Drilling scheduled on four GCR prospects during the June 1999 Quarter - Kempfield, Narragudgil (West Wyalong), Ken Glasson prospect (West Wyalong) and Copper Hill.
• GCR will send quarterlies by email from June 1999 - please use the form, back page.

ENIGMA PROJECT

After a short break in the drilling programme to allow completion of a detailed aeromagnetic survey, two diamond rigs have recommenced coring at Enigma on continuous shifts. These rigs are targeting extensions to the bedrock lodes and another rig will commence work later this week to drill out the high grade core of the supergene horizon to reserve status. Planned expenditure at Enigma until the end of June 1999 is in excess of $600,000.

DAWNS HOPE

At the Dawns Hope Mine, a programme of five reverse circulation drill holes was completed in March, 1999. The drilling pattern was designed to test the down plunge extent of the southerly plunging high grade shoot which is targeted for underground mine development later this year.

Highlights - March 1999 Quarterly Report

• High-grade veins discovered underground at Ballarat East
• Further exposure of potential open-pit grades and widths at Pearl-Croydon

Exploration activity through the quarter has been particularly focused on the Company's most readily-accessible mineralisation discoveries within the Ballarat and Maryborough Goldfields. At Ballarat, very encouraging grades have been encountered in an exploration drive off the Woolshed Gully decline. At Maryborough, potential open-pit grades have been encountered in trenching at Pearl-Croydon while at Long Gully, further trenching and diamond drilling is helping with development of the structural interpretation necessary for resource estimation. Work has also continued on drill core re-logging and computer modelling of the Ballarat West project and on regulatory reporting on other projects.

Ed Eshuys has resigned as exploration director of the Gutnick group of companies.

Normandy Mining (28 April 1999)

Normandy has announced a $510 million alliance with Canadian group TVX Gold Inc - which has 5 producing gold mines in Canada and Latin America. A new company, TVX Normandy Americas, owned 49.9% by Normandy, will be formed. This will boost Normandy's gold production by 240,000 ounces to 1.8 million attributable ounces.

Pacmin has reported a 6% increase in gold production in the March quarter to a record 49,228 ounces at the Tarmoola gold mine in WA. Cash costs fell $6/ounce to $301/ounce. Pacmin expects to produce at least 180,000 ounces in 1998/99.

There are rumours that a Canadian company, possibly Iam Gold, may make a $1.35/share takeover offer for Resolute.

New Hampton Goldfields / Titan Resources (28 April 1999)

New Hampton Goldfields is pleased to announce the purchase from Titan Resources NL of the Trojan orebody located in the Eastern Goldfields region. Trojan lies 37 kilometres east of our current mine at Golden Ridge and when developed, will use the Golden Ridge haul road to allow processing at the Jubilee treatment plant.

• Excellent drill results were received from the Crater Mountain Project, Papua New Guinea; 24m at 6.55g/t Au including 2m at 52.6g/t Au and 2m at 19.01g/t Au; 14m at 1.66g/t Au; 8m at 1.5g/t Au including 4m at 2.17g/t Au; 4 m at 4.25g/t Au; 6m at 2.22g/t Au. A previous drill hole had intersected 115m at 1.83g/t Au including 3m at 14.16g/t Au. MACMIN is very encouraged by these results as they appear to indicate that most holes have intersected the envelope or upper parts of a major gold bearing hydrothermal system and the narrow gold zones may indicate "leakage" along structures from a major gold orebody at depth.
  
  Very limited trenching gave results of: 35m at 3.1g/t Au; 15m at 1.45g/t Au and 20m at 1.1g/t Au. Previous surface sampling by an earlier explorer had given 30m at 1.95g/t Au. Most prospective areas have not yet been trenched.
  
  Re-evaluation of previous soil and stream geochemistry has defined three new prospect areas in the general Nevera area at Crater Mountain. The Nevera South Prospect (2 to 3 kms south of Nevera) has visible gold in two pan concentrates samples, which assayed 256g/t Au and 86.3g/t Au. At Nevera Southwest, rock samples contain up to 33% Zn and 453 g/t Ag, and at Nevera West, a 3km long zone west of Nevera, gold in soils of 46g/t Au and 15g/t Au have been recorded in addition to many anomalous arsenic values to 860ppm.
  
  The entire Nevera area is known to cover at least 12 sq kms and is thought to extend even further to the south. The drilling, trenching and geochemical results indicate the hydrothermal system is very large, has widespread gold mineralisation as indicated by soil and drill holes and probably hosts a number of separate or semi-separate gold mineralised bodies which could be of economic grades. A comparison of early stage exploration at Crater Mountain, Porgera and Mt Kare (see Section 2.5 for full comparison) shows similar results for each property. In view of this comparison MACMIN considers exploration progress to date at Crater Mountain is extremely encouraging.
  
  The program has been temporarily suspended to allow a review of all results and to determine how the next phase of exploration should be financed.
  
  
• A wide intercept of encouraging epithermal gold mineralisation has now been confirmed at Kabang Northeast Prospect, Feni Project, Papua New Guinea. MAD hole 1, previously reported to have intersected 52m at 1.65g/t Au in its upper part, was extended to 256.5m and returned approximately 1 g/t Au over the entire extension, including 6m at 4.11 g/t Au and 38m at 1.27g/t Au. The hole terminated in gold mineralisation. It is 300m NE of the last drill hole at Kabang; and this hole, together with geophysical and geochemical evidence suggests the gold system at Kabang/Kabang northeast is a minimum of 600m long by 200/400m wide. It may be much larger and the potential to define an economic gold deposit is excellent. Additional drilling is on hold until J/V partner New Guinea Gold raises additional funding.
  
  
• At Texas Project in southeast Queensland, excellent column leach test results were achieved which suggest in excess of 70% of the silver and 60% of the gold can be recovered by heap leach processing using cyanide alone. Further testing is proceeding to determine optimum crushing size for leach purposes using existing RC drill samples. Diamond core holes to provide additional mineralogical, assay and metallurgical samples will be undertaken in the near future, possibly followed by laboratory or on site bulk testing. Site investigations are underway. A major engineering company is undertaking a scoping study to determine the probable economics of the project and a critical path to development.
  
  
• Cyprus Amax have commenced on site exploration at Mt Nakru Papua New Guinea, using bulldozer trenching, sampling and mapping and will commence on site exploration at Whiteman Range and Simuku in the near future.
  
  
• MACMIN’s strategy at present is as follows:
  • conserve existing funds by limiting work mainly to the Texas development, which has the capacity to yield a significant cash flow to the company within 18 months. The capital cost of a heap leach development would be relatively low and substantially less than a CIP/CIL operation.
  • Seek joint venture partners for most Papua New Guinea projects or some form of strategic alliance with a cashed up company so that MACMIN is not obliged to use its own funds in Papua New Guinea in the near future.
  • Discuss joint venture of Crater Mountain with interested parties but not accept opportunistic offers which do not reflect its value.
  • Sell some assets to raise additional cash (plus $1.0M)
    
    
• Implementation of the above strategy is well underway with significantly reduced company overhead and operating costs; preparation of summary reports on 6 projects to assist in seeking joint venture partners (copies available to shareholders on request); initial metallurgical testing at Texas completed with excellent results; financing/joint venture discussions in progress with several companies; discussions in progress with interested parties re possible sale of MACMIN's 100,000t/annum gold plant; mobile plant equipment in Papua New Guinea; and MACMIN's 1-megawatt power station.

Heritage Gold NZ (26 April 1999)

Heritage Gold has raised $350,000 to buy into the Thackaringa cobalt operation near Broken Hill in NSW. The depressed gold price had forced the company away from its "promising" epithermal gold projects in NZ.

Herald Resources (24 April 1999)

• SALE OF INTEREST IN INDONESIAN COMPANY
• COMINCO PLACEMENT AND JOINT VENTURE

Sale of interest in Indonesian company

Herald Resources Ltd (Herald) has reached agreement with its 57% owned subsidiary, Vancouver-listed International Annax Ventures Inc (IAX), whereby it will sell its Indonesian, 100%-owned subsidiary company, PT Herald Mining Services (HMS) to IAX.

HMS' main assets are cooperation and loan agreements with Indonesian company PT Kurniadi Florentia, which has a Kuasa Pertambangan (KP) (mining tenement) surrounding the Sopokomil zinc/ lead discovery owned by IAX in North Sumatra under a 7 ^th Generation Contract of Work (CoW).

The Directors believe the consolidation of the KP and CoW areas within IAX will enhance the development of this project, with Herald's interest in the project being through its 57% (prior to the sale) shareholding in IAX.

The consideration for the sale is 1,200,000 IAX shares. 300,000 shares will be issued on acceptance of the transaction's formal filing under Policy 18 with the Vancouver Stock Exchange, and the remainder in three tranches of 300,000 shares each, the issue of which is conditional upon reaching various successful exploration phases. Usual escrow provisions also apply.

Cominco placement and joint venture

In addition to the above, IAX has today released a press release. It involves Cominco Ltd of Canada subscribing for up to C$1,250,000 of IAX shares at C$1.00 each and the expenditure of up to US$10,000,000 (C$15,000,000) on exploration on the Sumatra CoW and KP areas.

The Directors of Herald and IAX view the developments with Cominco as highly significant and a vindication of their belief in the significance of the Sopokomil discovery .

The placement price of IAX shares to Cominco of C$1.00 is significantly higher than the recent trading in IAX shares prior to the announcement of around C$0.50. Herald presently owns 6,429,124 shares in IAX and 2,750,000 warrants exercisable at C$0.20.

Icon Oil (24 April 1999)

Icon Oil NL has signed a Letter of Intent with Bayou Choctaw Inc and Warren Resources Inc from the State of Louisiana to acquire a direct working interest varying from 8.33% to 100% in various properties with an overall average of 42% in Bayou Choctaw area and 10% in the balance. Negotiations are proceeding to settle on an average working interest of about 25% in the combined area.

The working interests comprise leases, options and permits covering an area of 570 square kilometres (141,000 acres) which is equivalent to 28 Gulf of Mexico offshore blocks. Additional lease options are available. The area is covered by new 3-D seismic data acquired at a cost of $A 54,000,000 during the past four years. The processing and interpretation of this 3-D seismic data is still proceeding but early processing results indicate that a substantial proven petroleum resource remains undeveloped and possible reserves subject to exploration drilling are significant.

Macmin (23 April 1999)

A wide intercept of highly encouraging epithermal gold mineralisation has been returned over the entire diamond core extension to the first drill hole at the Kabang Northeast Prospect in PNG. Feni Project is a joint venture between MACMIN and Vancouver listed New Guinea Gold Corporation.

BHP (22 April 1999)

BHP plans to close its representative office in Vietnam on 31 May.

Dominion Mining / Resolute (22 April 1999)

Dominion has taken a major step toward the development of its Challenger gold project in the Gawler Craton in SA with plans to begin a feasibility study. $4 million will be spent on underground development work as a prelude to a full mining operation. The study is expected to be completed by June 2000.
Shareholders also voted in favour of a proposal to buy back North's 16.1% stake in Dominion.

New Guinea Gold / Macmin (22 April 1999)

A wide intercept of highly encouraging epithermal gold mineralisation has been returned over the entire diamond core extension to NGG's first drill hole at the Kabang Northeast Prospect in PNG.

• The 97.5m extension was drilled from 159.0 to 256.5m downhole and it returned 1.0 g/t Au over it's entire length (including 38.0m of 1.27 g/t Au).
• The entire bedrock intersection in the hole (+extension) is gold mineralised and the 188.5m intercept (68.0 to 256.5m) also averages 1.00 g/t Au .
• The hole was still in gold mineralisation when it was terminated, due to drill related depth limitations, at 256.5m downhole.
• Gold intercepts from hole 1, such as 6m of 4.11 g/t, show that the potential to locate higher gold grades within this very large system is good and possibly this hole intersected the edge of such a zone.
• The drill hole was designed to test across the strike of a combined mercury /arsenic geochemical anomaly and induced polarisation/ geophysical anomaly, which are co-incident with the Kabang Structural Zone (KSZ). However, 65% of the width of the KSZ and the anomaly, at this location, remains to be drill tested.
• Hole 1 is located approximately 300 metres to the northeast of the gold mineralisation in the previous closest core hole at the Kabang Prospect, showing there is probable strike continuity with that zone and the potential for a large resource (see previous results and discussion in preceding news releases).
  
• The Kabang gold system is now confirmed to be more than 600m long based on limited drilling (still open ended in both NE and SW directions), between 200 and 400 metres in width and thus could be very large. The gold mineralisation potential is excellent.

It is important to note that NGG's hole 1, is located approximately 100m to the NE of the "I.P. Core" to the Kabang system and is drilling away from it's projected northern boundary. Significantly, this means that there is excellent potential for gold mineralisation anywhere within the very large alteration zone and as noted by the consultant geophysicist "apart from surface geochemical sampling, this alteration zone remains virtually untested".

Joint venture partner MACMIN N.L. has proposed rationalisation of ownership of the J/V, whereby New Guinea Gold (NGG) can acquire an immediate 70% interest in both Feni and Tabar Projects. Ongoing funding of these projects would then be 70% NGG and 30% MACMIN, with NGG as Operator. A majority equity in both these projects would assist NGG in raising further funds to capitalise on the exciting drill results noted above. Discussions are ongoing between the partners and further details will be released in due course.

Precious Metals Australia (22 April 1999)

Asian Ferro-Alloys '99 Conference

Santos (22 April 1999)

Santos will probably commit to an agreement 'fairly soon' re supplying gas from its share of the Hides field to the proposed $5.5 billion PNG to QLD pipeline project.

Southern Pacific Petroleum / Central Pacific Minerals (22 April 1999)

The Stuart Oil Shale Project's $250 million Stage 1 demonstration plant (4500 barrels/day) is on track to achieve reliable production in late 1999.

Yandal Gold / Great Central Mines (22 April 1999)

Yandal (49.9% Normandy and 50.1% Edensor Nominees) has received more than 90% acceptance of its bid for GCM - and will now move to compulsorily acquire the outstanding shares.

BeMaX Resources (21 April 1999)

The Murray Basin Joint Venture (MBJV) has now received all the grain size determinations of bulk samples taken. The results show that the Heavy Mineral sands prospects at Pooncarie South are coarse grained with greater than 96% being greater than 75 microns typical of a beach strand environment.

BeMaX believes that these results are a further indication of the potential high quality of any resources to be defined in the Pooncarie South region. The coarse grained nature and low slimes and fines contents provide encouragement that these deposits will be treatable by conventional processes. Following receipt of the Valuable Heavy Mineral determinations of each of the bulk samples BeMaX will be in a better position to assess the potential of the Pooncarie South prospects.

APPEA (19 April 1999)

Australian Petroleum Production & Exploration Association executive director Barry Jones has warned that the future of billions of dollars of new investment is under threat from proposed changes to the taxation system.A report released yesterday by APPEA and the West Australian Government shows the upstream oil and gas industry created 20,000 direct and indirect jobs and had invested $21 billion, or $3.2 million/day, since 1980. It says it has the potential to substantially increase its $5 billion a year revenue from oil and gas production.

Ashton Mining (19 April 1999)

Ashton says recent drilling at its Buffalo Hills JV in Canada has discovered 6 new kimberlites, bringing the total number discovered to 32.

Resolute Resources (19 April 1999)

Resolute has purchased the remaining 50% interest it did not own in the Golden Pride gold mine in Tanzania for $61 million. Production at Golden pride is being scaled up and next year is expected to produce 180,000 ounces @ US$200/ounce.

Sydney Gas Co (19 April 1999)

Sydney Gas Co plans to begin fracturing its first well in the Camden Coal Bed methane project this week. The program consists of an initial 5-holes over the Bulli coal seam, with the success of those wells resulting in an additional 20 holes over the next 6-9 months. The first 2 wells are at target depths and intersected coal seams on schedule.

Aurora Gold (17 April 1999)

Aurora will defer the development of its Toka Tindung gold project in Indonesia until after the general elections there on 7 June. The project is awaiting the final feasibility approval from the Indonesian Gov't.

Australian Resources (17 April 1999)

Normandy Great Central Mines, Geographe and CIBC Wood Grundy are close to reaching an agreement for the restructure Australian Resources (in administration).

Petroz (17 April 1999)

Petroz advises that it has withdrawn from Service Contract Area SC-42, in the Philippines. This follows Petroz' assessment of the exploration potential of the area.

Gilt-Edged Mining (16 April 1999)

GEM has advised that a combined program of RC (5,000 metres in 55 holes) and diamond core (320 metres at 7 pre-collared holes and 2 holes from surface) drilling has commenced at the highly prospective East Kundana gold project (Rubicon and Hornet deposits) located 25km west of Kalgoorlie. Planned hole depths will range from 30m to 240m for the RC drilling and from 42m to 180m for the diamond core. Drilling is expected to take 4 weeks.

Glengarry Resources (15 April 1999)

Glengarry has begun an initial $1 million drilling program at its Larranganni project in WA's Tanami desert.

Oil Search (15 April 1999)

Oil Search has reached agreement with Exxon to ensure ample gas supplies for the proposed PNG to Qld gas pipeline, should appropriate commercial terms for gas contracts be agreed. This removes the need for Comalco to commit as a customer. The pipeline could be operational by 2002.

BHP (14 April 1999)

BHP has has sold its 42.61% stake in the Bayu-Undan gas-condensate field in the Timor Sea to Phillips Petroleum - for an estimated $300 million, yielding an abnormal profit of about $110 million.

Eastern Goldfields (14 April 1999)

Eastern Goldfields is asking the ASX for a change of classification tomorrow from its status as a mineral explorer - possibly re;lated to the IT industry. Shares in Eastern have risen from 6 cents to 14 cents this week.

Sovereign Resources (14 April 1999)

Sovereign has approved the development of a $78 million manganese project following positive results from a feasibility study. The project is forecast to produce 15,000 tonnes of electrolytic manganese dioxide and 10,000 tonnes of manganese sulphate a year to generate annual revenues of $44 million and an estimated operating surplus of $22.4 million.

WMC (14 April 1999)

WMC Resources Ltd will spend $11 million building Australia's largest talc mill in Western Australia. The mill will have an initial annual capacity of 35,000-45,000 tonnes.
WMC owns and operates the Three Springs Talc mine in Western Australia and numerous talc mines and plants within the Mondo Minerals Joint Venture in Europe. Presently the Three Springs mine produces and exports only lump talc.
Executive General Manager Industrial Minerals and Fertilizers, Andrew Michelmore, said the favourable market outlook, particularly in South East Asia, made it feasible to process the lump talc in Western Australia.

Woodside Petroleum (14 April 1999)

Woodside has purchased News Corp's interests in the undeveloped gas fields in Bass Strait - a 10% interest in the Kipper field and a 23.53% interest in the adjoining Basker-Manta-Gumy fields for $18 million.

BHP Petroleum (13 April 1999)

BHP has announced a potential 800 million barrel oil equivalent discovery in the Gulf of Mexico. Well testing at the Mad Dog prospect had delineated 100 metres of hydrocarbons, primarily crude oil.

Bougainville Copper (13 April 1999)

BC said it was unlikely to reopen the Panguna copper-gold mine in PNG as it would cost about $1 billion and take 3 years.

New Hampton Goldfields (13 April 1999)

New Hampton Goldfields Limited is pleased to release more encouraging drilling results and to present a summary plan from our 100% owned Enigma / Phobos Project, 4.5km west of the Jubilee Mill.

Key Points

• The Enigma project area has been extended to include the Phobos area to the north where significant mineralisation has now been identified. Both areas are located on 100% owned freehold land where a relatively quick development can take place.
• At Enigma and Phobos significant supergene gold has been intersected along with an indication of gold in a paleochannel.
• In the bedrock below the supergene mineralisation at Enigma a series of steeply plunging primary lodes have been intersected. Understanding of these lodes is at an early stage. To date only limited deep drilling has been done at Phobos.
• To date most of the deeper drilling has been concentrated in the vicinity of a high grade lode, which has previously returned intersections of 32m at 23.2 g/t gold from 175m, 18m at 5.9 g/t from 188m, 27m at 9.42g/t from 154m and 7m at 12.52 g/t from 208m , further significant reverse circulation and diamond drill hole intercepts have now been returned including:-
  • 17m @ 9.97 g/t from 64m,
  • 8m @ 14.31 g/t from 232m,
  • 4m @ 12.66 g/t from 212m,
  • 4m @ 15.15 g/t from 223m.
• The Enigma system remains open in most directions and we are encouraged by the depth extent encountered to date.
• More encouraging results have also been returned from the partially completed air core drilling programme which is designed to test the full extent of the supergene anomalies at both Enigma and Phobos. Recent results from the air core programme include:-
  • 6m @ 6.76 g/t from 84m,
  • 3m @ 3.59 g/t from 58m,
  • 4m @ 3.00 g/t from 12m.

Boral / Omega Oil (12 April 1999)

Technology developed at South Australia's Ladbroke Grove power station to burn off carbon dioxide emissions in gas turbines has added life to a group of fields at Katnook being developed by Boral and Omega. The construction of the power site has increased the value of the gas reserves from virtually nil to at least $80 million.

Emperor Gold Mines (12 April 1999)

Emperor is trialling a technoloy, developed by Anglo American, using a diamond-studded chain to cut free narrow bands of high-grade rock which could revolutionise underground mining by significantly reducing waste material. The Vatakoula gold mine consists of narrow, high-grade, veins.

Mt Burgess Gold Mines (12 April 1999)

Mt Burgess has entered into a JV to explore for diamonds in Namibia. Earlier aeromagnetic work defined several possible kimberlite pipe targets.

Beaconsfield Gold / Allstate Exploration (9 April 1999)

Initial mining below old workings at the Beaconsfield mine had returned an average grade of 25.8 g/t Au, with individual assays up to 466 g/t.

Carnegie Minerals (9 April 1999)

Carnegie is embarking on a large mineral sands venture in the West African nation of The Gambia - where mineral sands were mined by the British during the 1950's. Resources identified indicate 660,000 tonnes of ilmenite, 135,200 tonnes of zircon and 30,500 tonnes of rutile.

GME Resources (9 April 1999)

A successful drilling program at the Mt Kilkenny project (near Murrin Murrin in WA) had boosted its nickel laterite resources by 150% to 30 million tonnes @ 1.07% Ni and 0.08% Co.

Apache Corp (8 April 1999)

Apache has increased its stake in the East Spar and Harriet oil fields off WA's coast by buyiong out British Borneo Oil & Gas plc's interests there (10% & 8.4% respectively) for a cash consideration of $127 million and interests in 11 leases in the Gulf of Mexico.

Africwest Gold (7 April 1999)

Iscor, South Africa's seventh largest industrial company, will take a 57% stake in Africwest and give it exploration interests in return for 70 million Africwest shares. The exploration licences are in Tanzania, Uganda, the South Pacific region and Kazakstan.

BHP Coal (7 April 1999)

BHP has welcomed the Queensland Government's decision to scrap royalties - up to 19% - on some of its coal mines. The change to a uniform royalty of 7% for all coal mines in Qld will see other miners' royalties jump as much as 75%.

Woodside Petroleum (7 April 1999)

Woodside has committed to more exploration work in the waters off Cambodia - it will conduct exploration over an 18,000 sq.km area in the Gulf of Thailand over 15 months.

The Sage#1 well between Mobil Exploration and Production's Wandoo oil development and Woodside's proposed legendre project in the Carnarvon Basin in WA, has flowed oil at the rate of 1180 barrels a day and gas at 328 million cubic feet/day through a 24/64 inch choke.

ARC Energy (6 April 1999)

ARC Energy, together with British-based Amalgamated Scottish Oil, will begin a $32 million drilling program on the old Dongara/Barrow Island field in the third quarter.

BHP Petroleum (6 April 1999)

BHPP is looking at a sweeping review that may lead to its Australian operations being cut by up to 300 employees.

BP Amoco / Atlantic Richfield (6 April 1999)

BP Amoco has acquired Atlantic Richfield (ARCO) for $42 billion..

Carpenter Pacific (6 April 1999)

CP has received additional encouraging drill results from its Mt Kare gold project in PNG, including..."the presence of high-grade gold associated with quartz roscoelite" - a common occurrence at the nearby Porgera mine.

Glengarry Resources / New Hampton Goldfields (6 April 1999)

Glengarry has entered into a JV with NHG to sell its Coolgardie gold project in WA for $475,000.

Macmin (6 April 1999)

The initial bench scale, column leach test of silver bearing ore from Twin Hills Project at Texas has confirmed the encouraging silver recovery announced on 1 March 1999. 72.4% of silver was recovered from a 30kg column test over a leach period of 17 days.
Pre-feasibility studies of mining, crushing and other costs relating to heap leach extraction of silver at Texas are underway.

Gawler Gold (2 April 1999)

DINGO RANGE GOLD PROJECT

The Directors of Gawler Gold and Mineral Exploration NL ("Gawler") are pleased to announce that the Company has entered into a legally-binding Heads of Agreement dated March 29, 1999 whereby it will acquire a 50 percent interest in the Dingo Range Gold Project (the "Project") and take a placement of shares in Julia Mines NL - ASX code: JLA ("Julia"), a current equal owner of the Project.

The Project is located approximately 400 kilometres north of Kalgoorlie, Western Australia in the highly-prospective Yandal region of the North-Eastern Goldfields. The Project is currently controlled equally by Julia and Money Mining NL - ASX code: MOM ("Money").

TECHNICAL INFORMATION

The Dingo Range Gold Project delivers to Gawler a 50 percent equity participation in advanced exploration and development of known gold resources located in the Yandal region of Western Australia. Exploration within the Project area to date has intersected significant gold mineralisation including estimated inferred resources of 8 million tonnes at an average grade of 1.5 g/t gold representing insitu 388,000 ounces of gold. Drilling programs are planned to commence in mid-April 1999 to test and quantify extensions of known resource mineralisation.

The Project area comprises a tenement group covering approximately 500 square kilometres in part encompassing the Wonganoo Greenstone Belt, some 35 kilometres to the east of the Yandal Greenstone Belt and Great Central Mines Ltd.'s Bronzewing gold mining operations.

Acacia Resources (31 March 1999)

Acacia is seeking to increase its gold output by acquisition and is prepared to look offshore, according to chairman Peter Wade.

BHP (31 March 1999)

BHP has moved to shut down the open-pit operation at its troubled Hartley platinum mine in Zimbabwe after grades at the supplementary operation continued to decrease. Underground mining continues to be plagued by geological and personnel problems.
It is rumoured that BHP is preparing to sell its 67% stake, possibly to Anglo American Platinum for about $111 million. Anglo would probably close the mine and use the smelter to process its own concentrate.

Golden Cross Resources (31 March 1999)

• FURTHER DRILL RESULTS FROM KEMPFIELD AND COMMENCEMENT OF PRE- FEASIBILITY STUDY ON OXIDE SILVER
  
• GOLD INTERSECTION AT KEN GLASSON ANOMALY, W.WYALONG

Kempfield Silver Project

GCR recorded positive initial drill results from its third drill programme at its 100% owned Kempfield silver property near Blayney, NSW. Kempfield hosts significant silver and barite resources along a 3 km strike length in Silurian Volcanics.
The programme consisted of 18 reverse circulation percussion holes, numbered GKF-43 to GKF-60 inclusive. The 1,219m drill programme had two aims; the first 10 holes, GKF-43 to GKF-52, were aimed at locating new silver-barite zones or extensions and holes GKF-53 to GKF-60 were aimed at filling in or extending oxide and supergene mineralisation in the BJ Zone. All holes were at a declination of 55 degrees and an azimuth of 110 degrees.

• West Wyalong

RAB drilling of the Ken Glasson gold geochemical soil anomaly one kilometre south of the Wyalong Goldfield intersected 1.5m at 2.26 g/t gold at the bottom of the hole (18m downhole). A four hole reverse circulation drilling programme is scheduled to commence next week to determine if the intersection represents the top of a gold-mineralised shear zone covered by transported soil.

Newcrest Mining (31 March 1999)

The NSW Government has approved Stage 2 of the Ridgeway Underground gold-copper mine. Successful completion of Stage 2 should result in a proposal for full development of the Ridgeway project being considered by the Newcrest Board later in 1999.

WMC (31 March 1999)

WMC and Uzbekistan Agencies Sign Agreement

Government agencies of the Republic of Uzbekistan and a subsidiary of the Australian-based minerals resources company WMC Limited have signed a Joint Venture Agreement (JVA) for the evaluation and development of the Zarmitan gold deposits, 90 km northwest of the ancient Uzbekistan city of Samarkand.

The JVA was signed in the Uzbek capital Tashkent and provides for the establishment and operation of a joint
venture company, to be formally known as "Closed Joint Stock Company Zarmitangold" (ZGC).
Shareholders in ZGC will be WMC (Zarmitan) Ltd (50%), the State Committee of the Republic of Uzbekistan on Geology and Mineral Resources (25%) and the Uzbek Association of Gold Mining and Diamond Processing Enterprises (25%).
The JVA covers the development of the Charmitan and Guzhumsai gold deposits which host an indicated resource of 20 million tonnes, grading 10 grams of gold per tonne of ore.

Tanami Gold (29 March 1999)

Tanami has just concluded an agreement with Aboriginal owners and the Central Land Council allowing it to begin exploration immediately around Mt Davidson, 60km from the Granite gold mine. Tanami regards Mt. Davidson as among the most prospective of all its tenements.

Gawler Gold & Mineral Exploration (27 March 1999)

GOLD EXPLORATION

COMMONWEALTH HILL GOLD JOINT VENTURE

During the six-month period ended December 31, 1998, RAB and RC drilling programs were completed to further evaluate geochemical and geophysical anomalies the Mars, Comet, St. Andrews, Eaglehawk and Birthday prospects. Significant gold mineralisation has been demonstrated at the Comet and Mars prospects.

Mars Prospect

RAB and follow-up RC drilling programs were completed to test at depth coincident gold and arsenic anomalism previously revealed within gold-in-calcrete sampling programs. Gold mineralisation is interpreted as being associated with a shear zone adjacent to a northeast trending banded iron formation.

An RC drilling program, comprising fourteen holes, was completed during the reporting period to test at depth gold anomalism revealed by the RAB drilling programs and further confirmed the presence of gold mineralisation associated with an interpreted shear zone adjacent to a northeast trending banded iron formation.

Comet Prospect

RC drilling has revealed significant gold mineralisation exceeding 100 metres strike length related to a steeply east dipping structural zone within basement rocks. The zone of mineralisation is interpreted to have an average width of about 10 metres. Additional drilling is being planned to further test the extensions of the zone.

Drilling completed at the Birthday, Eaglehawk and St. Andrews prospects did not reveal any significant mineralisation.

BIBLIANDO VENTURE - South Australia
(Gawler Gold: 50 percent; Minotaur Gold, Manager: 50 percent)

The Bibliando Venture has selected three target locations which exhibit lineament conjunctions and coincident magnetic, gravity and geochemical anomalies to be tested by deep drilling during 1998-99.

Deep drilling commenced during December 1998. MBD-1, was completed at a vertical depth of 753 metres within Adelaidean sediments and revealed visible strata-parallel, structurally controlled, basemetal sulphide mineralisation. The presence of this Telfer style sulphide mineralisation is further supported by incomplete core analyses that report anomalous zinc, lead and copper values. Epigenetic sphalerite, galena chalcopyrite, pyrrhotite and pyrite occur within carbonate stockworks and as strataform replacements. Analytical results include 5 metres of 0.5 percent zinc and 0.2 percent lead from 141 metres depth. Additional analyses and mineralogy studies are awaited.

Hole MBD-1 was targeted within anomalous gravity and magnetic features adjacent to an interpreted strong northeast trending shear corridor. The epigenetic basemetal sulphide mineralisation identified within the drill core is considered very encouraging and will be further investigated by additional drilling. Basement rocks were not intersected within the drill hole and consequently the Olympic Dam style mineralisation model was not tested.

PLATINUM EXPLORATION

WIRRIDA PLATINUM JOINT VENTURE - South Australia

Calcrete sampling and subsequent aircore drilling at the Focus 4 target area located at the interpreted basal contact of the Wirrida Igneous Complex, returned cohesive groupings of elevated platinum values of up to 60 ppb Pt with accompanying elevated base metal values. RC drilling of the Focus 4 target zone returned disappointing analyses and does not warrant additional drilling at this location. The remaining 10 target zones are being re-evaluated and may be subject to RC drill testing in 1999.

Lakes Oil (27 March 1999)

Half-Yearly Report To 31 December, 1998 - Review of Operations:

A review of the Company's operating activities undertaken during the period follows.

Gippsland Basin (Victoria)

• PEP 135 - Onshore
  (Lakes Oil N.L., Operator: 100 percent)

  Attempts to produce from the gravels overlying basement at the Hunters Lane-1 well have thus far been unsuccessful due to hole blockage caused by sloughing Greensand section. It is planned to clean out the hole and install a slotted liner before resuming testing. Bailing tests at Hunters Lane-1 subsequently commenced on March 10, 1999 and are continuing.

Otway Basin (South Australia)

• PEL 57 - Onshore
  (Lakes Oil N.L., Operator: 80 percent)

  Interpretation of the Mulcrest seismic survey results confirms the presence of a sizeable culmination at Waarre Formation level near the western margin of the permit, approximately 10 kilometres northwest of Mt. Gambier. Subsequent to balance date, Lakes Oil has reached an agreement with a member of the Boral group of companies, whereby they will earn a 40 percent interest in the permit from Lakes Oil. Acquisition of 34 kilometres of seismic lines within PEL 57 should commence on, or about, March 18, 1999. This program is designed to further mature the Mulcrest prospect, located approximately 10 kilometres northwest of Mt. Gambier.

• PEL 62 - Onshore
  (Lakes Oil N.L., Operator: 50 percent)

  Oil Company of Australia has commenced production testing of its Killanoola-1 well, in the neighbouring permit PEL 27, which had previously flowed oil from the Sawpit Sandstone member of the Pretty Hill Formation. The results of this testing will have significant implications for the potential of the adjacent structures (Porthos, Athos and Aramis) in PEL 62.

Papuan Basin (Papua New Guinea)

• PPL 213 (formerly PPL 106) - Onshore
  (Lakes Oil N.L.: 5 percent; Operator: Barracuda Pty. Limited)

  The compulsory relinquishment required at the end of the second term of this permit has been submitted to the P.N.G. Government, and a new permit, PPL 213, has now been issued, incorporating most of the area covered by the former permit. The drilling of the Tumuli-1 prospect is now scheduled to commence in mid-April 1999, following the release of the drill rig from the Stanley-1 well. The Tumuli feature is capable of hosting several hundred million barrels, with a median target size of 350 million barrels recoverable.

• PPL 202 - Onshore, Papua New Guinea
  (Lakes Oil N.L.: 5 percent; Operator: Barracuda Pty. Limited)

  The Stanley-1 well, which is located in the neighbouring permit PPL 157, reached a total depth of 3,219 metres on March 4, 1999 after encountering approximately 11 metres of net gas/condensate pay in the Toro Sandstone. The well has been cased but will not be tested at this time.

Newcrest Mining / Sedimentary Holdings (27 March 1999)

Recent drilling of the Klondyke epithermal vein at Cracow in Qld has returned encouraging gold values in 2 of 3 holes. Intersections included 12m @ 3.7 g/t Au, 8m @ 35 g/t (including 1m @ 215 g/t), and 8m @ 16 g/t (including 1m @ 38 g/t). Drilling is continuing to delineate the dimension and overall grade of the mineralised "shoot".

Shell Australia (27 March 1999)

Shell will seek Government approval to walk away from its involvement in the non-productive Cornea field as the company prepares to slash exploration expenditure in 1999. Shell said a recently committed 5-well program demonstrated the futility of continuing with Cornea.

Rio Tinto (25 March 1999)

Rio says buyers remain interested in acquiring the Las Cruces copper deposit in Spain. The project, too small for Rio, is expected to yield 60,000 tonnes/year of copper over 12 years.

Union Mining (25 March 1999)

COPPER-GOLD EXPLORATION AREAS - IRAN

Union Mining advises that its 50% owned Iranian registered company, Qeshm Union Itok International (QUII), has entered into a Letter of Understanding (LOU) with the Geological Survey of Iran (GSI) to undertake exploration over five (5) copper/gold areas in Iran, totalling some 1730 km ² . Union's porphyry copper consultants consider that the porphyry copper-gold belt in Iran holds similar mineral potential to equivalent belts in Chile and Peru.

AMX Resources (23 March 1999)

AMX Resources' proposed acquisition of the Davyhurst mill and tenements would advance development of its Golden Cities gold project in WA, according to company chairman Michael Palmer. Under the deal AMX will issue 18 million fully paid shares to Davyhurst Project P/L's parent NM Rothschild & Sons, valuing the acquisition at just under $4 million - based on yesterday's AMX share price.

Mt Kersey Mining / Burdekin Resources (23 March 1999)

Mt Kersey has reached agreement in principle to spend up to $5.2 million farming into Burdekin Resources' Pinjin tenements in WA. Mt Kersey will earn a majority interest and have management rights.

Ross Mining (20 March 1999)

As a result of the successful 1998 drilling programme at Gold Ridge, the Mineral Resources and Ore Reserves of the Kupers and Dawsons deposits combined, have more than doubled. As a consequence, the Mineral Resources of the total Gold Ridge Project have expanded from 2 million to 3 million ounces of contained gold, an increase of 50%. Similarly Ore Reserve calculations based on a A$500 (US$315) gold price have increased Ore Reserves to 37.5 million tonnes grading 1.68 g/t with a contained gold content of 2.02 million ounces, an increase of 724,000 ounces. Sensitivity analysis using a gold price of A$450 (US$284) reduces the reserves by only 4%, confirming the economic robustness of the Gold Ridge Mine. Because of the shallow nature of the deposits, the overall waste to ore ratios is only 1:1. Cash costs of production are estimated to average A$275 per ounce of gold (US$173) using a processing rate of 3.4 million tonnes per annum.
Total capital costs to increase the plant throughput rate from the current design of 2.0 million tonnes per year to 3.4 million tonnes per year are estimated at $10 million, excluding capital requirements for additional power generation. At the increased throughput of 3.4 million tonnes per annum, gold production is estimated to increase to approximately 160,000 ounces of gold per year. As a result of the Ore Reserve increase, mine life can be maintained at this throughput rate for more than ten years. As a consequence, the Gold Ridge Mine would generate increased benefits for Solomon Islands-based stakeholders.

BHP (19 March 1999)

General Atomics (19 March 1999)

Minotaur Gold (19 March 1999)

HALF YEARLY REPORT - REVIEW OF OPERATIONS
The Company's exploration activities continue to expand but with the majority of expenditure contributed by joint venture parties. Exploration is focused on three broad geological environments

- base metals (+ gold)	- margins of the Gawler and Curnamona Cratons plus the Curnamona Craton itself.
- gold	- Gawler Craton
- heavy minerals	- Murray Basin.

Base metal exploration is concentrated on the Bibliando Joint Venture (Minotaur 50% and operator) as well as regional geological evaluations. At Bibliando, geological, geochemical and geophysical surveys confirm the potential for Olympic Dam style mineralisation within basement rocks beneath sedimentary cover. Limited drilling intersected 5m of 0.7% lead and zinc within the cover rocks, interpreted to represent leakage from a potentially larger base metal occurrence within shear corridors cutting the prospect. Potential is seen for the occurrence of mineralisation both within and derived from the basement. The program is currently fully funded by Gawler Gold and Minerals Exploration NL with Minotaur as operator.
Regional studies relating to controls on base metal mineralisation have resulted in further tenement acquisitions within the Adelaide Geosyncline and along the margins of the Curnamona and Gawler Cratons.

Results from detailed calcrete geochemical surveys at Aurora Tank (Minotaur, 35% and operator) define a gold anomaly extending over 2 kilometres with several values exceeding 50 ppb. The anomaly lies mainly along the eastern contact of a strong magnetic feature interpreted to represent Archaean banded iron formation. It forms the northern extension to the Mars Prospect within the Commonwealth Hill joint venture (Minotaur 64% and operator) where preliminary RC drilling returned up to 4 m at 2 g/t gold.

Preliminary geological work has been completed on the five tenements held by Minotaur within the Murray Basin. Three of these are held 100% and two 50% by the Company and are considered prospective for the occurrence of heavy mineral (HM) deposits.

Previous explorers outlined an estimated + 17 million tonnes of 7.6% HM within the Wedderburn Licence (50% Minotaur), although this deposit appears too fine grained to economically process. However numerous coarser grained strand lines (ancient beach fronts) have been mapped to the east of the deposit. Some of the flanks to the strand lines were intersected by earlier broad spaced drilling with intersections such as 2m at 9% HM, 2m at 16.6% HM, 6 m at 2% HM recorded. The strand lines form well defined drill targets.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The following joint ventures have been secured:

Bibliando - Gawler Gold and Mineral Exploration NL have been assigned a 50% interest in ELs 2229 and 2265. Gawler must expend $500 000 on the first year's approved program and budget to maintain this equity. Minotaur is operator of the joint venture.

Eyre Peninsula - Aurora Gold (W.A.) Pty Ltd (a wholly owned subsidiary of Aurora Gold Ltd) may earn a 51% interest in each of EL's 2260 and 2263 through the expenditure of $240,000 on each tenement and an additional 29% interest through an additional expenditure of $260,000 on each tenement. Aurora is operator of the joint venture.

Aurora Tank - The Commonwealth Hill Joint Venture (64% Minotaur, 36% Gawler Gold and Minerals Exploration NL) acquired a 55% interest in EL 2503 through purchasing the interests of Redfire Resources NL and Coombedown Resources NL for $5,000 each and $6,500 of exploration expenditure. Kelaray Pty Ltd (a wholly owned subsidiary of PIMA Mining NL) will hold a 45% participating interest in the joint venture. Minotaur is operator of the joint venture.

Newcrest (19 March 1999)

North Ltd (19 March 1999)

Rio Tinto (19 March 1999)

BHP Minerals (17 March 1999)

It is rumoured that BHP Minerals will slash exploration expenditure, cutting ap to $60 million from the 1999-2000 budget..

Australian Resources (17 March 1999)

Great Central Mines, Aust Resources' largest shareholder, has proposed a rescue plan that includes a rights issue to get shares in ARS trading again. ARS directors appointed an administrator after ARS financiers, Rothschild, refused to release $5.2 million that had been deposited last year following a convertible note issue. It remained uncertain why ARS had funds deposited with a debtor and why Rothschild did not release the funds. ARS has net debt to Rothschild of $7.89 million. Rothschild has appointed Ferrier Hodgson as receiver to Arimco Pty. Ltd., which operates ARs' mines in Wa and Qld.

Copper Mines of Tasmania - Mount Lyell (17 March 1999)

Twin Star Holdings of Mauritius will buy all of the issued capital of CMT. Twin Star is part of the Bombay-based Sterlite Group which owns India's largest private sector copper smelter. CMT went into voluntary administration last December.

Union Mining (17 March 1999)

Re: Georgetown Sale

Union Mining NL wishes to announce that it has signed an agreement with Van Hoboken Pty Ltd and Hyland Corporation Pty Ltd, whereby the later two companies have acquired an option to purchase all of Union Mining's assets at Georgetown on the following basis:-

• The Georgetown assets to be sold comprise the Company's CIP processing plant, all existing Georgetown mining leases, and all exploration licences (excluding those already joint ventured with Kidston Gold Mines Limited).
• The option to purchase the Georgetown assets is exercisable on or before 31 July 1999, but the option can be extended until 31 December 1999 (with Union Mining's approval).
• Upon exercising the option, the purchasers will pay to Union Mining a total purchase price of $2.95 million, on the basis that the CIP Processing Plant is commissioned and ready for operating at 150,000 tons of ore per annum. Costs will be incurred by the company in re-commissioning the processing plant but that the purchasers are obliged to pay for any costs of re-commissioning in excess of $900,000.
• It is the intention of the purchasers to utilise the Georgetown assets (to be acquired from Union Mining) as the basis for a new capital raising. Union Mining is not a party to (and has had no involvement in) the capital raising although it is expected that the option would not be exercised by the purchasers unless the capital raising is successful.

Sedimentary Holdings / Newcrest (16 March 1999)

Sed Holdings has revealed the discovery of a substantial new intersection of gold and silver mineralisation at its Cracow JV in Qld - results included 38m @ 16.33 g/t Au and 8.28 g/t Ag.

New Hampton Goldfields (11 March 1999)

The on-going programme of drilling at the 100% owned Enigma Project, 4.5km west of the Jubilee Mill, has encountered a further exceptional intersection of the high grade zone previously announced in hole EN9906RC.

Vertical RC hole EN9922RC intersected the strongly mineralised zone over a distance of 61m from 154 to 215 metres down hole. The average grade over the 61m interval was 6.12g/t. Outstanding intervals within this mineralised zone are:

• 27m @ 9.42 g/t from 154 to 181m
• 7m @ 12.52 g/t from 208 to 215m

A further intercept of 1m @ 15.90 g/t was encountered at 235-236m, 2 metres from the end of the hole with the final 2 metres returning gold values of 0.95 and 0.65 g/t respectively.

Caledonian Pacific (11 March 1999)

CP says it has defined a promising new zone in an emerging gold province in New Caledonia. It says it has outlined a major zone of epithermal alteration and mineralisation at the Nontin prospect, 5km from a mine from which antimony was mined in the 1800's.

Calliope Metals / Argosy Mining Corp (11 March 1999)

Calliope plans to merge via a scheme of arrangement with North American company Argosy Mining Corp (3 of its shares for every 5 Argosy). Argosy would become a wholly-owned subsidiary of Calliope. The new entity would have 3 major advanced-stage projects - the nakety and Musongati nickel-laterite projects and the Kremnica gold project.

Newcrest Mining (11 March 1999)

Newcrest intends to increase exploration focus on its brownfields areas around existing and developing mines at Telfer, New Celebration and Boddington in WA, Cadia/Ridgeway in NSW and Gosowong in Indonesia. The overseas exploration effort will be significantly scaled down. Total exploration expenditure in 1999/2000 is expected to be around $40 million, some A$18 million less than the current year.

Acacia Resources / Normandy / Newcrest (10 March 1999)

The Wandoo resource at Boddington (Acacia interest 33.33%) has been increased to 353 million tonnes at 1.04 g/t of gold and 0.11% copper. The resource contains 11.74 million ounces of gold and 393,000 tonnes of copper, an increase of 32% in contained gold and 27% in contained copper.
Wandoo is the largest undeveloped gold resource in Australia.
The gold grade of the new estimate has increased 17% to 1.04 g/t mainly as a result of a higher cut-off grade (gold equivalent 0.51 g/t), inclusion of higher grade material delineated since the last estimate and exclusion of low grade material along the boundary of the previous resource model.

Tiger International Resources (5 March 1999)

Tiger International Resources geological consultants have reported that five separate, non-contiguous drill hole locations on the Flinders Ranges Diamond Project have tested to be 'ON SOURCE'.
An 'On Source' lab determination is a confirmation that drill hole sampling has recovered diamond indicators which, when tested under laboratory conditions, establish that the drill hole location is right on the kimberlite source, or within 200 meters of the source. The kimberlites being defined through this method will be later tested for commercial diamond potential. Tiger's geologists believe that these results validate the grid based method of discovery and should lead to the detection of the primary, diamond bearing kimberlites on the 5,435 sq. kilometer project.
Staff geologists have returned to the project and taken 26 additional rock, gravel and loam samples from these five locations which have been dispatched to Independent Diamond Laboratories in Perth for testing and analysis.

Macmin (2 March 1999)

Preliminary metallurgical testing of silver bearing ore from the Twin Hills Prospect at Texas commenced during February and will continue until April 1999. The initial result is very encouraging.

The aim of the testwork is to indicate whether a sufficiently high percentage of the silver can be recovered to merit a commercial heap leaching operation being initiated. Such a heap leach operation would be relatively inexpensive to initiate and potentially could produce up to 3 million ounces of silver a year.

Heap leach operations in the USA developed on similar grades (approx. 4 ozs Ag per ton) in the 1980's achieved silver recoveries in the range of 50-75%.

Our initial cyanide bottle roll test in February on pulverised percussion drill chips achieved a recovery of 71% to 76%. The material represents intervals from 14 to 84m depth; was mixed from three holes all beneath the base of oxidation; thus representing primary unoxidised material. Two assays of the head grade, the first based on grades from composite samples from the three individual holes and the second a split from the overall composite sample after mixing, gave results of 200g/t Ag and 165g/t Ag respectively. The assay of leached residue was 48g/t Ag.

New Hampton Goldfields (2 March 1999)

After our recently reported intersection of 32m at 23.2 g/t gold from 175m at the Enigma Project , follow-up diamond core and reverse circulation drilling has begun. Early results from the new holes include:-

• 18m @ 5.9 g/t from 188m
• 11m @ 3.1 g/t from 157m
• 10m @ 8.0 g/t from 111m
• 1m @ 54.0 g/t from 101m
• 1m @ 34.5g/t from 177m

Initial interpretation of these and earlier drilling results suggests that the apparent "Enigma" which essentially dogged this Project in its early days appears to have been resolved. New Hampton's work has shown that the extensive 400 x 150m sugergene anomaly is sourced from several discrete bedrock lodes, some of which have an apparent strike length in excess of 100m.

At present, one reverse circulation rig, one air core rig and two diamond core rigs are drilling on site to further unravel Enigma's mysteries.

Majestic Resources (1 March 1999)

Majestic has won the right to mine the last remaining unexplored stretch of the Vaal River, 30km north of Kimberley, in an area where more than 1 million carats have already been extracted. The land has been held by the Evangelical Lutheran Church since before 1860 and - apart from a brief flurry of working in 1870 during the Kimberley diamond rush - has been closed to commercial mining to save the small church from being disturbed. The church, faced with a lack of funds, has been forced to allow mining. Majestic will own 95% of the project and will pay the church a 12% royalty.

West Oil (1 March 1999)

West Oil has farmed out its Mauritanian oil prospects to Woodside and British Borneo.
West Oil also has a 20% equity in unlisted Fusion Oil & Gas NL and has passed its African interests into that company and will concentrate on extensive eeexploration areas in the Timor Sea.

Tiger International Resources (26 February 1999)

The Winter drill program conducted by Tiger at the 5,435 sq. km South Flinders Ranges Diamond Project (previously Springfield Basin Diamond Project) has been completed. Approximately 120 samples have been sent for analysis. To date, a total of 170 drill holes has been sunk. Results will be announced when they are fully verified, mapped and interpolated by independent methodology.
An exacting grid drilling program was conducted to identify the location of three prime kimberlite sources of high levels of diamond indicator minerals located near hole SF50, Mount Dick, and West Springfield locations within the project area.The drilling program was designed to map these indicator occurrences, and to locate the kimberlites for further drilling and sampling.

Gilt Edged Mining (22 February 1999)

GEM continued to announce encouraging drilling results from its Kundana gold project in WA. Better intersections from the latest drilling included 15m @ 10.36 g/t Au, 20m @ 15.61 g/t , 15m @ 26 g/t and 15m @ 12.91 g/t.

Alkane Exploration (19 February 1999)

Alkane is making a $3.7 million share offer for unlisted mineral exploration company LFB Resources NL. Alkane owns 14% and is offering 3 Alkane shares for every 5 LFB shares. The takeover would give Alkane acess to a further 2,000 sq.km of prospective tenements within 150km of its producing Peak Hill gold minein NSW.

Kimberley Resources (18 February 1999)

Kimberley said that 6 of the 9 lamproite pipes discovered on its Blina and Ellendale project areas in WA were diamond-bearing. The most significant finding came from the Kimberley 10 pipe, which is on the southern margin of the pyrope corridor where the company has previously recovered large, high-quality diamonds.

Ashton Mining (12 February 1999)

Analysis of 3 kimberlites (50kg samples) from the Alberta drilling program had yielded 1 microdiamond.

Border Gold (11 February 1999)

OPTION TO ACQUIRE UP TO 100% INTEREST IN ARTHUR RIVER & BERYL HILL TANTALITE – COLUMBITE PROJECTS, GASCOYNE W.A. FROM RARE RESOURCES NL.

The Company (“Border”) advises it has entered into a Heads of Agreement (“Agreement”) with Rare Resources NL (“Rare”) to acquire up to a 100% interest in Rare’s Arthur River and Beryl Hill Tantalite– Columbite projects located near Gascoyne Junction W.A.

The project areas are located within granted Mining Leases ML 09/62 (Arthur River) and ML 09/75 (Beryl Hill).

Under the terms of the Agreement, Border has reimbursed Rare $15,000 for recent expenditure and must complete a minimum of 2,000 meters of RC percussion drilling within 6 months of the commencement date. Border may then proceed to earn a 70% interest by completing $400,000 of project expenditure within 30 months and by making a further payment to Rare of $50,000 in cash or shares. After earning 70%, Border may elect to acquire Rare’s remaining 30% interest for approximately $630,000 to be satisfied by the issue of Border shares.

BHP (10 February 1999)

BHP says an appraisal well drilled in the Typhoon prospect in the Gulf of mexico's Green Canyon area had penetrated a 94.5m wide section of oil.

Icon Oil (9 February 1999)

ICON OIL NL has signed a Participation Agreement to acquire a 50% working interest in 18,000 acres covering Sandy Creek, Freedom Dome and Indian Creek prospect areas in Montana USA. The Joint Venture has a Net Revenue Interest in the area of 80% and options to acquire a further 30,000 acres in the surrounding areas. Icon has been assigned this working interest upfront by purchasing its proportionate share of the leases.
Icon's interest has not been promoted with the exception of a small excess on the drilling of the first three wells where Icon will pay 62.5% of the intial three wells to casing point only. Macum Energy from Billings Montana will be the Operator of the programme. Macum Energy has been operating oil and gas properties in Montana for over 25 years and is a highly respected and successful exploration and production operator in the area.
The total cost to Icon for the programme of lease acquisition, seismic recording and the drilling of three wells is estimated to be $740,000.

Defiance Mining / Barminco (8 February 1999)

Defiance is confident that its Mathinna gold project, 140km from the Beaconsfield gold mine, in Tasmania will be producing by the end of the year. Over the next 3 months, Defiance expects to prove up a gold reserve sufficient to justify an initial production rate of 50,000-60,000 ounces/year.

Heron Resources (8 February 1999)

Heron has released an indicated mineral resource at its Kalpini nickel project in WA of 54.6 million tonnes @ 1.09% Ni and 0.08% Co. Metallurgical tests indicated the ore was equal or better suited for treatment than the current crop of lateritic deposits being developed in WA.

Santos (5 February 1999)

Santos has advised that its Touriga-1 well, 43km south-west of the Moomba gas plant, had encountered gas which flowed at 5.4 million cubic feet/day, together with 180 barrels/day of condensate.

Coolgardie Gold (4 February 1999)

Coolgardie has entered into an option with Metallica Minerals and US subsidiary Oresome Australia to acquire the Coalstoun copper-gold project and prospective ground in S-E Qld. Coolgardie has a 6-month option to purchase the project for $100,000 plus a 1.5% net smelter royalty.

New Hampton Goldfields (4 February 1999)

Following the encouraging results from the Enigma Prospect described in our December Quarterly Report, New Hampton Goldfields Limited is pleased to report a spectacular new intersection of 32m at 23.2 g/t gold from 175m down hole depth in recently completed Hole No. EN9906RC. The intersection includes several one metre intervals displaying coarse visible gold.

Pan Australian Resources (4 February 1999)

In its December 1998 Quarterly Report, Pan Australian Resources NL has announced that it has defined the strongest soil gold-in-soil anomaly yet detected within the Yilgarn Extension Project.

A two phase soil geochemical survey at target zone T25 (located near Beete, 65 kilometres south of Norseman) has defined a major soil anomaly that contains strong gold anomalism ranging between 10 to 120 parts per billion (ppb), including an isolated peak value of 760 ppb, against a very subtle 4 ppb background.

Using a 10ppb gold value contour, the anomaly has a minimum length of 3.5 kilometres and a width that ranges up to one kilometre. The anomaly is open to the north, south and west.

Macmin (2 February 1999)

Hole 1 was terminated at 256.5m, which is the depth capability of the drill rig. Moderate to intense alteration was encountered throughout the extended hole summarised as follows:

• 159 to 225m - strongly fractured, intensely potassic altered trachytic porphyry with weak phyllic overprint. Disseminated fine grained sulphides (1-3%) with medium to course grained sulphides filling and coating the majority of fractures. Calcite and anhydrite veins between 180 - 200m.
• 225 to 234.8m - equigranular volcanics with strongly vughy, moderately fractured, strong potassic alteration with moderate phyllic overprint with 2 to 5% disseminated and fracture filled sulphides. Increase in silicification.
• 234 to 245.2 - hydrothermally brecciated and resealed volcanics and potassic altered porphyry, with calcite, anhydrite, silica, chalcopyrite, pyrite and arensopyrite.
• 245.2 to 254.5m - Intensely vughy, calcite anhydrite, pyrite, chalcopyrite veined potassic altered prophyry.
• 254.5 to EOH - weakly brecciated potassic altered porphyry with chalcopyrite, pyrite and carbonate veining.

Exco Resources (1 February 1999)

Golden Triangle Resources (1 February 1999)

International Mineral Deposits (1 February 1999)

Metex Resources (1 February 1999)

Red Back Mining (1 February 1999)

Sardinia Gold Mines (1 February 1999)

Oil Search (26 January 1999)

YKR International Resources (26 January 1999)

The Directors are pleased to advise that the company has entered into two property options in respect of the Aurex Property and the Revenue Creek Property in the Yukon Territory. The details of the options are as follows:

Aurex Property - Mayo Mining District

The property consists of 155 contiguous claims in the Mayo Mining District of the Yukon Territory located 30 km northeast of Mayo and 3 km west of Elsa, which are 100% owned by the company subject to a 3% NSR to Jim McFaull.

The company has entered into an option agreement with Expatriate Resources Ltd (VSE - EXR) entitling them to acquire a 100% interest in the property.

Revenue Creek Property - Whitehorse Mining District

The property consists of 69 contiguous mineral claims in the Dawson Range in the Whitehorse Mining District of the Yukon Territory which are 100% owned by the company.

The company has entered into an option agreement with ATAC Resources Ltd, an unlisted Canadian private company, entitling them to acquire a 100% interest in the property.

East Coast Minerals / Legend Mining (21 January 1999)

Exco Resources (21 January 1999)

Exodus Minerals (21 January 1999)

Genesis Resources (21 January 1999)

Murray Basin Minertals (21 January 1999)

Petroz (21 January 1999)

Aurora Gold (19 January 1999)

New Guinea Gold Corp / Macmin (19 January 1999)

Diamond core drilling re-commenced at Kabang (Northeast), on 16/1/99, with the re-entry and deepening of NGG's first hole at the prospect. The drill hole / extension is designed to partially (~ 35 to 40%) test across the strike of a highly gold prospective, combined mercury / arsenic geochemical anomaly and induced polarisation / geophysical anomaly, which are locally co-incident with the 5 kilometer long Kabang Structural Zone (KSZ).

Highly encouraging gold assay values were encountered in hole 1, which included 52 metres / 1.65g/t Au, between 68 and 120 metres down-hole. The hole was terminated prematurely in highly prospective, gold-mineralised rocks last year, due to the incapability of the drill rig to reach the required end of hole depth.The gold mineralised system on Feni is very large and the associated economic gold potential is considered to be excellent. NGG holds a 25% interest in the project and is sole funding ongoing exploration to earn up to a 70% equity.

Savage Resources (16 January 1999)

Macmin (15 January 1999)

Shell Australia / Chevron (13 January 1999)

Saracen Mineral Holdings / Exodus Minerals (7 January 1999)

Spinifex Gold (7 January 1999)

Kilkenny Gold (6 January 1999)

Money Mining (6 January 1999)

Burdekin Resources (5 January 1999)

Michelago Resources (5 January 1999)

Michelago has signed an agreement with Hargraves Resources NL for the acquisition of the Parkes Gold Mine, as foreshadowed in an announcement to ASX on 29 October 1998.

Michelago will issue (subject to shareholder approval) 10 million fully paid, ordinary shares to Hargraves for the mining leases, various parcels of freehold land, CIP plant and associated infrastructure.

Mineral Exploration (5 January 1999)

Mt Grace Resources (5 January 1999)

Red Back Mining (5 January 1999)

Current Exploration News

Exploration News - 1998

Exploration News - 1997

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