Mining Exploration News (July-December, 1999)

Exploration News

July-December 1999

A midden - a collective noun to describe a group of exploration companies.
After all, they are just a bunch of shells
-- Sam Lees

To advertise on this page... Phone: 07-55316191 or Email: sales@reflections.com.au

Australian Geological Survey Organisation (31 December 1999)

AGSO has delineated 100 large sedimentary domes - significant potential targets for petroleum - buried beneath the seabed in the Fairway Basin, off Lord Howe Island, in water up to 3000m deep. The domes straddle the Franco-Australian border and were discovered during a joint effort between the French and Australian scientists using the French research vesel L'Atlante.

Equinox Resources (31 December 1999)

Equinox has completed a Due Diligence Study on the Lumwana Project (220 kms west of the Zambian Copperbelt) which has:

verified resources, and defined them in accordance with the Australasian JORC Code;
conducted a preliminary evaluation of development options; and most importantly
defined exploration targets.

As a consequence of the Due Diligence Study the Company has elected to proceed to Phase 2 of the Lumwana Joint Venture.

Phase 2 of the Joint Venture commits Equinox to spend US$1.0 million (of which US$180,000 has already been spent) and provides the Company with the right to earn 50% of the Project by expending a total of US$5.0 million within 4 years. Equinox then has various rights by which it may increase its interest in Lumwana to 75%.

Equinox is currently planning the year 2000 program that will include:

exploration drilling of defined geochemical/geophysical targets;
the identification of new targets;
an evaluation of potential extensions to the known deposits; and
pre-feasibility work, including metallurgical testing of ore samples.

The Lumwana Project is an exciting opportunity for Equinox to earn a majority interest in an advanced project with extensive copper resources and outstanding exploration potential.

Metex Resources / Croesus Mining / Gindalbie Gold (31 December 1999)

Metex has entered into an option-purchase agreement to purchase the joint interests of Gindalbie Gold and Croesus Mining in the large Telfer exploration project in WA. The deal, which includes the Ankatell-Minyarir JV, will form the basis for a $25 million public offering, early in the new year, through its subsidiary Telfer Resources NL. The capital raising will be supported by Australian investment banking group Resource Finance Corp.

Victoria Petroleum (30 December 1999)

Victoria Petroleum NL, as Operator for the PRA 436 Joint Venture, advises that the Cadart-1 exploration well is at a depth of 1,617 meters and completing HQ casing operations prior to coring ahead in 70mm hole in the Paleocene non-reservoir seal cap rock unit. Due to the objectives being deeper than predicted, the proposed total depth of the well has been extended to 2,000 metres. Drilling is scheduled to re-commence late Thursday night, 30 December, 1999.
The live oil and gas shows seen to date in fractures in the seal rocks are considered encouraging for the Gouaro Prospect as they confirm the presence of oil and gas migrating through the Gouaro Prospect at the Cadart-1 location.

BHP (29 December 1999)

BHP, on behalf of its joint venture partner, Canadian Occidental Petroleum Ltd, today announced the start of oil production from the Buffalo Oil Field.
The field is located in licence WA-260-P approximately 560 kilometres North west of Darwin in Australian Commonwealth waters. The field has been developed using an unmanned minimum wellhead platform linked to a leased Floating Production Storage and Offloading System (FPSO), the Buffalo Venture.
The development is operated by BHP and gross production is expected to peak at 40 000 barrels per day over a three year field life. The BHP share of proven and probable reserves is around 10 million barrels.

Hardman Resources (28 December 1999)

Hardman has signed an offshore African exploration agreement with its farm-in partners Woodside and British Borneo International. The partners have committed to the first exploration well to be drilled in 1 of 2 tenements off Mauretania.

New Hampton Goldfields (24 December 1999)

Big Bell Cue, Western Australia – Commencement of open pit mining operations at Cuddingwarra.

As at 30 June 1999 proven and probable reserves at Big Bell were 450,000 ounces and at Cuddingwarra probable reserves were 60,000 ounces. Recent pit optimisation by the Company has increased the probable Cuddingwarra reserves to 154,000 ounces.
The open pit ore reserves represent 1,600,000 tonnes at 3.0 grams per tonne gold for 154,000 ounces. The stripping ratio is 11:1 with production scheduled to commence in January 2000 and continue for twenty months. The ore will be processed at Big Bell, located approximately 20 kilometres away. Cash costs of A$325 per ounce are estimated for the open pit reserves, based upon a gold price of A$460 per ounce.

New Hampton Goldfields Limited has lodged a prospectus dated 20 December 1999 with the Australian Securities and Investments Commission in relation to the bonus issue of options to existing shareholders on the basis of one option for every two shares held. The record date to determine entitlements to participate in the bonus issue is Wednesday, 5 January 2000.

Straits Resources (24 December 1999)

STRAITS EXPANDS PRODUCTION AT NIFTY COPPER OPERATION

Sydney, Australia: The Directors of Straits Resources Limited (ASX Code: SRL and SRLG) are pleased to announce that they have approved plans to expand the production capacity of Nifty Copper Operation to 25,000 tonnes per annum from its present design capacity of 16,500 tonnes per annum. The expansion, budgeted to cost $16 million, is expected to be completed by October 2000.

Victoria Petroleum / Sun Resources (23 December 1999)

Victoria Petroleum NL, as Operator for the PRA 436 Joint Venture, advises that the Cadart-1 exploration well is at a depth of 1454 meters and coring ahead in 99mm hole in the non-reservoir seal cap rock unit. The first primary objective section is interpreted to commence at the revised depth of 1480 metres. As a result of the increase in depth to the target horizons, the proposed total depth of the well is to be increased to 1,650 metres.
The live oil and gas shows seen to date in fractures in the seal rocks are considered encouraging for the Gouaro Prospect as they confirm the presence of oil and gas migrating through the Gouaro Prospect at the Cadart-1 location.

Oxiana Resources (21 December 1999)

Oxiana has acquired an 80% stake in the Sepon copper-gold project in Laos for US$22 million (from Rio Tinto). The deposit contains an estimated 1 million tonnes of Cu and 3.6 million ounces of Au and is believed could produce 40,000 tonnes of copper and 120,000 ounces of Au per year. Oxiana plans to immediately commence a feasibility study. Shares in Oxiana jumped 2.6 cents to 8.5 cents on heavy volume.

Adelaide Resources (20 December 1999)

Adelaide Resources is seeking a partner to replace Cyprus Amax Australia (withdrawing from 24 January) and help explore its Gawler Craton tenements.

Australian Worldwide Exploration (20 December 1999)

AWE has taken a 20% stake in the offshore West Maui licence area off Taranaki in NZ. Drilling of the Hochstetter prospect (potential for 145 million barrels of recoverable oil) will begin in February.

BHP (20 December 1999)

BHP is examining the possible development of the $1.8 billion Gag Island lateritic nickel deposit in Indonesia. The deposit has reserves of 176 million tonnes @ 1.5%Ni and BHP has said in the past it could produce 40,000 tpy of nickel at a cash cost of about US$1.20 - US$1.50/lb. Cobalt credits would lower the cash cost to about US$0.60/lb.

BeMaX Resources (18 December 1999)

BeMaX Resources NL, as operator and 50% interest holder of the Murray Basin Joint Venture (Imperial Mining NL 25% and Probo Mining Pty Ltd 25%), has recently completed approximately 22,000 metres of resource definition drilling on the Ginkgo Prospect in the Pooncarie South portion of Exploration License 5474 in the Northern Murray Basin, New South Wales. Drilling of Ginkgo has been completed on 29 traverses approximately 400 metres apart with hole spacings of 50 and 100 metres.

Laboratory results are currently available for only approximately 10% of samples. Comparison of assays and corresponding visual estimates (based on panning) of the heavy mineral(HM) content indicate that the assays are, on average, higher than visual estimates at 2.5%HM or below, comparable in the 2.5%-15.0%HM range and lower above 15.0%HM.

Given the importance of fully informing the market of the potential significance of Ginkgo, BeMaX believes that it is appropriate to estimate and announce the size and grade of the resource despite the grade estimate being based largely on visual estimates for each one metre drill interval. Grades used are visual estimates for all holes except those on the Ginkgo and Ginkgo Extended drill traverses (Figure 2) where assays have been used. All visual estimates above 15%HM have been cut to 15%HM. A notional density of 1.7 tonnes per cubic metre has been used in estimating the resource.

The Inferred Mineral Resource estimate has been made using a conventional sectional method with blocks defined by a 1% HM cut off. BeMaX’s estimate is approximately 230 million tonnes at a grade of approximately 2.6%HM.

BeMaX regards Ginkgo to be one of the most significant mineral sand discoveries to date in New South Wales, and believes that it demonstrates that the Northern Murray Basin is Australia’s most important emerging mineral sands province.

Exco Resources (18 December 1999)

Exco has announced additional significant drilling results from its E1-North copper/gold discovery near the Ernest Henry Mine in Qld. Best intersections included 22m @ 2.82% Cu, 0.36 g/t Au (from 26 m), 18 m @ 1.67% Cu, 0.27 g/t Au (from 50m) and 80 m @ 1.24% Cu, 0.19 g/t Au (from 72m).

Red Back Mining (18 December 1999)

Red Back has just released the latest round of exploration results from the Chirano Project, including some excellent intersections from the Tano prospect - including 90 m @ 5.32 g/t Au from 78 m and 60 m @ 2.65 g/t Au from 1 metre. The curent gold resource at Chirano totals 728,000 ounces covering the Tano, Obra and Sariehu prospects.

Red Back is to fast-track exploration of its Chirano Gold Project in Ghana, West Africa in early 2000 after boosting its funding position through a A$2.675 million capital raising, including a A$2 million placement to the specialist African resource investor African Lion Limited. The placement will see AFL emerge with a 13.4% interest in the expanded capital of Red Back.

Caledonian Pacific Minerals (16 December 1999)

Caledonian has lodged an application for an exploration licence (ELA 1560) for diamonds covering a diamondiferous diatreme in the Lightning Ridge area of NSW. Rio Tinto Exploration discovered the diamondiferous diatreme in 1997, shortly before their withdrawal from diamond exploration in eastern Australia.

Charters Towers Gold Mines (15 December 1999)

Charters has acquired 4 mining leases (totaling 204 hectares) within the Charters Towers goldfield in Qld. The leases were previously held by Normandy Mt Leyshon.These leases cover important portions of the Charters Towers reefs and represent key targets along strike from current exploration prospects. Earlier exploration drilling by Normandy Mt Leyshon provided encouraging drill intersections.

Minotaur Gold (15 December 1999)

HEAVY MINERAL SAND DRILLING - MURRAY BASIN

A number of significant heavy mineral sand intercepts were returned from a 59 hole follow-up drilling program on Minotaur's 100% owned Casterton tenement (EL 4349) in western Victoria. Drilling of a broad reconnaissance nature along road verges outlined the potential mineralised width and regional extent of the palaeo shoreline identified in June 1999.
Previous drilling announced in June 1999 recorded valuable heavy mineral contents (ilmenite, leucoxene, rutile and zircon) varying from 44% to 82% for the Casterton tenement.
The drilling has confirmed a stacked, high-energy shoreline system of significant width, thickness and grade of heavy mineral concentrates currently known to extend over a minimum 20 km of strike length.

Tri Orogin Exploration / Inmet Mining Corp (15 December 1999)

Inmet has agreed to a letter of intent with Tri Origin whereby Inmet may earn a 60% interest in Tri Origin's mineral rights at the Woodlawn area, NSW by funding $3.5 million of exploration on the property over a 4-year period and pay cash payments to Tri Origin totaling $310,000. Upon completion of this expenditure Tri Origin and Inmet will enter into a joint venture to further develop the property.

Anaconda Nickel / Cobra Resources (14 December 1999)

Cobra says that drilling outside the known area of mineralisation at the Wowo gap lateritic nickel project in PNG indicates that the resource is larger than previously estimated - up by about 600% (original estimate- an inferred resource of 50 Million tonnes @ 1.2% Ni and 0.008 % Co.). The JV partners are now considering plans for a full feasibility study.

Billiton / Stuart Petroleum (14 December 1999)

Billiton has agreed to farm into the Mount Gunson copper project in SA in a deal which will spawn a new publicly listed exploration company. Billiton plans to spend up to $6.8 million to earn a 70% stake. A condition of the deal is that Stuart divest its existing mineral assets into a new public company in which Billiton will be a major shareholder.

Victoria Petroleum / Sun Resources (14 December 1999)

The Cadart 1 well on the Gouaro Prospect in PRA436, New Caledonia is at 998 m depth, with the target reservoir below 1,250 m in depth. Over the weekend, the JV partners have intersected a number of live oil shows in the seal rocks below those previously reported.

East Coast Minerals / Legend Mining (13 December 1999)

Following a new drilling program (in January), resources at the Elizabeth Hill silver project in WA are expected to increase by up to 1 million ounces. Drilling was expected to start in January and would test mineralisation to a depth of 45m.

Golden Cross Resources (13 December 1999)

Newcrest Mining Limited has withdrawn from the Cargo Joint Venture with effect from 30 November 1999.
The GCR/Imperial Joint Venture will continue exploration at Cargo, with emphasis on the Spur/Dalcoath prospect which hosts a shallow inferred resource of 3.7 million tonnes at 1.24 g/t gold, at a 0.5 g/t cutoff, for approximately 147,000 ounces of contained gold.

Thunderbolt Resources (13 December 1999)

Thunderbolt has taken an option over the Brown's Reef base metal project, west of Lake Cargelligo in NSW. The project showed mineralisation over a10km similar to the large base metal and gold areas around Cobar. If exercised, the vendors will receive $100,000 and 5 million Thunderbolt shares.

BHP Petroleum / Orogen Minerals (11 December 1999)

BHP has announced the sale of its PNG oil and gas interests to Orogen Minerals for $200 million.

Dalrymple Resources / LionOre (11 December 1999)

LionOre announces further positive drilling resulting from continuing exploration of the recent Thunderbox gold discovery, located on its Wildara gold/nickel exploration project in the Northeastern Goldfields, Western Australia.
During the recent drilling programme, six diamond holes (LWDD 037, 040, 078, 079 & 085) were completed on Zone C and two on Zone A (LWDD 080, 086). Overall, the results confirm the continuation of the Thunderbox system down-dip, however analytical results have only been received for LWDD037 which intersected 101.2m at a grade of 3.1g/t Au, from a depth of 143.8 metres. The analytical results for the remaining holes are awaited.
Selected infill RCP drilling on Zones A and C confirmed the internal continuity of the mineralisation between previous RAB hole intersections and the down-dip continuation of the mineralized system in the case of deeper holes. The available analytical results are summarized in the following table with holes awaiting results also noted.
The HIGHLIGHT is the assay result for the first Deep Diamond drill hole on section 6879840N namely LWDRD037 which is LWRC037 extended.
101.2 metres @ 3.1 grams per tonne from 143.8metres
This drill hole demonstrates that hard rock( primary zone) mineralisation is 90+ metres true width in this section and extends beyond 200 metres below surface

Exco Resources (11 December 1999)

Additional RC drilling and preliminary diamond core results have confirmed good continuity of the higher grade mineralisation previously reported at the E1-North copper discovery in the Cloncurry district, Qld.
The latest results indicate at least 2 steeply dipping mineralised zones between 10 to 50m thick. Copper grades are between 1.1 to 1.8% Cu, with 0.15 to 0.2g/t Au and approximately 10g/t Ag. These higher grade zones are surrounded by lower grade mineralisation with 0.2 to 0.5% Cu.
The mineralised zones appear to have continuity to approximately 200m depth and a strike length of 200m, with interpreted fault terminations at both the north and south ends. The depth of cover is only 25 m, which compares with 40 m for the Ernest Henry mine.

Victoria Petroleum / Sun Resources (11 December 1999)

Sun has announced that the Cadart 1 well on the Gouaro Prospect in PRA436, New Caledonia is at 813 m depth. Current activity is drilling ahead in HQ core hole in seal lithologies to the target below 1,250 m depth.
The JV is highly encouraged by its first live oil show at 747.4 metres in these seal rocks and subsequent live oil shows over the interval 781 metres to 803 metres.

Sydney Gas Company (10 December 1999)

Sydney Gas has announced the pilot well near Camden in NSW flowed gas at test rates of up to 1000GJ/day.

Gateway Mining (8 December 1999)

Gateway has announced more encouraging drilling results from its Gidgee Project in WA, including confirmation that its Barrelmaker South prospect (80% equity, with Herald Resources 20%) has gold mineralisation over a strike length of 200 metres. The Company recently completed 50 RAB drill holes totalling 3,019m over 10 prospects with further positive results from Barrelmaker South, Legendre and Crater.
At Barrelmaker South, gold mineralisation has noe been delineated over a 200m strike length. Best intersections from the latest driling included 15m @ 2.31 g/t Au (incl. 10m @ 3.20 g/t). The hole ended in mineralisation.

Gilt Edged Mining (7 December 1999)

GEM has more than doubled its gold resources at the East Kundana gold project near Kalgoorlie in WA. Re-estimation of drilling results at the Rubicon, Hornet and Pegasus deposits has increased total resources to 770,000 ounces from 310,000 ounces.

Greenstone Resources / Sons of Gwalia (6 December 1999)

Greenstone has sold its Cattlin Creek tantalite deposits, 3km from Ravensthorpe in WA, to SOG for $375,000 cash plus a royalty deal. Cattlin Creek has an inferred resopurce of 277,000 tonnes of tantalum-bearing rock. SOG will also get exploration rights over several nearby tenements.
SOG is the world's largest tantalum producer.

Kidston Gold Mines (6 December 1999)

Reserves at the Kidston gold mine in Qld have been downgraded by 61,000 ounces - a trial processing operation covering 200,000 tonnes of waste material had shown both grades and recovery rates were lower than expected.
However, technical problems at the Eldridge pit were progressively being overcome and a re-evaluation of reserves was expected by the end of January.

Kimberley Diamond Co / Auridiam Consolidated (6 December 1999)

Kimberley has reported the recovery of 19 diamonds totalling 4.29 carats from pit 57 at Terrace 5 (Ellendale, WA), including 5 gem-quality diamonds ranging in size from 0.3 to 0.87 carats. Results from samples from pits 58 and 59 were expected by the end of the week.

Paladin Resources (6 December 1999)

Paladin is to raise $5 million to cover a new bankable feasibility study on the Kayelekera uranium project in Malawi.

Striker Resources (6 December 1999)

Striker has announced it has recovered a further 2300 diamonds from bulk sampling at its Ashm,ore diamond project in WA, taking the total to 7600 weighing a total 410.37 carats, including 1 stone of 5.8 carats.

Petroz (4 December 1999)

Petroz advises that drilling and testing operations on the Baru-5 well located in the Korinci-Baru PSC in Sumatra were completed on 29 November. A summary of the results of the cased hole testing program is as follows:

TEST NO. TEST INTERVAL
(Metres) FLOW RATE
MMCFD* CHOKE SIZE
(Millimetres)

1 260.0 - 266.5 7.4 25

2 230.0 - 236.0 TSTM OPEN

*MMCFD : million cubic feet per day

The successful testing program confirmed the reserves and deliverability potential of the Baru Gas Field.

Ross Mining (4 December 1999)

Farm-in Agreement with Normandy Gold Exploration Pty Ltd
over Drummond Basin Tenements

Ross Mining is pleased to announce that an agreement has been reached with Normandy Gold Exploration Pty Ltd over the tenements in the Drummond Basin. The agreement allows Ross Mining NL to continue to explore and develop its tenements within trucking distance of the Wirralie Operation, whilst maintaining the momentum in our regional exploration. The agreement allows Ross Mining NL to define areas of project status if an orebody is found that could be treated through the Wirralie plant (subject to Normandy Gold Exploration Pty Ltd).

The main terms of the agreement are:

(1) Normandy is to spend $5 million over a four-year period to earn a 60% interest.
(2) Normandy must spend a minimum of $1 million over the first 12 months before withdrawal.
(3) Normandy is obliged to keep the tenements in good standing

The agreement will allow Normandy Gold Exploration Pty Ltd to assess the regional potential of the tenements using their extensive experience in the northern Drummond Basin at the Pajingo and Vera Nancy Operations.

Tap Oil (4 December 1999)

Tap has reported additional oil shows from the Woollybutt-3A well off the WA coast - indicating a significant oil discovery. Tap's shared rose 7 cents to 93 cents.

Glengarry Resources (3 December 1999)

Glengarry reports that a number of new gold soil anomalies, with values up to 14.3 ppb (background approximately 0.3 ppb) have been delineated at the Larranganni Project in the Tanami/Granites area of WA - and could provide the basis for significant advancement of the Project. Follow up work comprising infill sampling, regolith mapping and RAB drilling is planned for the year 2000.

In addition, rock chip sampling was carried out on the Eagle Prospect, located 7 kms north north east of Kookaburra. Gold values ranging from 0.5 to 80.0 g/t were returned from rock chip sampling of a poorly exposed quartz vein that extends over a 300 m strike length. The quartz vein is open to the south east. The area has not been drill tested to date, but will be a priority target for the year 2000.

Murray Basin (3 December 1999)

The Minister for Industry, Science and Resources, Senator Nick Minchin, has announced that work had begun on a major minerals study of the Murray Basin mineral sands province.
The study is part of the Regional Minerals Program, established by the Commonwealth Government in 1996 to encourage a coordinated regional approach to minerals and energy development. A team of independent consultants will conduct the study, and will report to a committee of representatives from mining companies, the Commonwealth and State governments, by June 2000.

Nugget Resources Inc. (3 December 1999)

Nugget has applied for a Mining Lease, and has initiated the approval to mine process covering the Hawkins Hill/Reward area of the Hill End project, located approximately 40 km north east of Orange, NSW. Nugget has an underground development programme planned to follow up the very high grade drill intersections obtained in previous drilling programmes.
An application has also been made for an Exploration Licence, which covers the entire Hill End anticline following the identification of a new exploration target, where Nugget believes there is potential to host a large medium grade gold deposit.

Oxiana Resources (3 December 1999)

Shares in Oxiana jumped more than 40% yesterday following news that its Cyprus JV had commenced drilling for gold in one of the most highly mineralised provinces in the country.

Pan Australian Resources (3 December 1999)

Pan Australian Resources has announced that it has completed due diligence on the Puthep Project in Thailand and the Company will now proceed with a bankable feasibility study, to earn a 51% flow-through interest in the Project, through shares in the Puthep Company Limited (a wholly owned subsidiary of Padaeng Public Company Limited).

Beach Petroleum (1 December 1999)

Beach will expand its stake in the Cooper-Eromanga Basin as it forecasts a return to profit in 1999-2000. Beach has applied to acquire further blocks in the basin on the SA-Qld border in the second round of bidding for former Santos-held permit areas.

Heron Resources (1 December 1999)

Heron Resources NL ("Heron") has increased its resource base following the current drilling at the Ghost Rocks and Goongarrie Projects to 177.54 million tonnes grading 1.07% nickel ("Ni") and 0.09% cobalt ("Co"). In terms of its Strategic Alliance Agreement with Centaur Mining and Exploration NL ("Centaur"), the high grade portion of this resource would be the basis of toll milling a minimum of 1.0 million tonnes per annum ("mtpa") through the proposed Cawse Stage II plant, assuming a positive feasibility study supporting a 5mtpa expanded capacity at Cawse.

The Company has completed a 400x80m in-fill drilling program, and is currently drilling out selected zones at a 400x40m spacing. Some of the high grade zones at Goongarrie Hill are located on a granted Mining Lease, and these zones are expected to generate mineralisation to process through the existing Cawse Stage I plant during mid 2000.

With the substantial increase in Inferred Mineral Resource during November 1999, and the promising upgrade results being obtained from low grade mineralisation, the Company has re-activated its desk studies into a stand-alone processing operation. It should be clarified that the Heron-Centaur Strategic Alliance relates to toll milling only. Heron is entirely able to process on its own behalf any ore not required by the Cawse Stage II Feasibility Study, planned for completion in August 2001.

Heron’s current strategy is that the Cawse Stage II toll milling will be used as a means of generating cash flow to develop a Heron stand-alone operation based on mineralisation not committed to Cawse Stage II. If however the Cawse Stage II Feasibility Study were to commit to a scale of operation such as 10 mtpa, then Heron would then need to supply 2 mtpa to that style of operation, thus making a Heron stand-alone operation less likely in the shorter term.

Highlands Pacific / Orogen Minerals (30 November 1999)

Ramu Nickel Project gets backing from Orogen Minerals
Orogen Minerals acquires Nord’s 31.5% interest in Ramu

Orogen Minerals Limited (OML) today announced it has agreed to purchase Nord Australex Nominees (PNG) Limited’s 31.5% interest in the Ramu Nickel Project.

The joint venture equity structure as a result of OML’s purchase is HPL 68.5% and OML 31.5%.

Commenting on the deal, Mr Ian Holzberger, Managing Director of Highlands Pacific Limited said he believes that "OML’s purchase of Nord’s interest will significantly strengthen and facilitate the development of the Ramu Project, which will make an important contribution to the Papua New Guinean economy.

"As Papua New Guinean companies with a common objective to see the Project developed as soon as possible, OML and HPL will work together to finalise permitting and proceed to the financing stage.

"In addition HPL and OML are committed to work together to reinforce the joint venture by introducing a third major equity partner, with both OML and HPL seeking to sell some of their joint venture equity to an incoming party," he said.

Capital costs are estimated to total US$838 million for the project.

Following permitting and the issue of the Special Mining Lease, Orogen has also indicated that it intends to exercise its rights under the Orogen Option Agreement with the State of Papua New Guinea, to a further 25% interest in the joint venture.

After the exercise of this option and before any sell down to a third party, the joint venture equity in the Ramu Project would be HPL 47.95%, OML 47.05% and Landowners 5%.

As part of the transaction HPL and Nord have agreed to resolve the dispute over the operation of the joint venture. As part of the settlement, HPL will receive US$1.25 million, payable in three tranches.

HPL has also agreed to a put option with OML whereby if project financing has not been secured within two years of completion of OML’s transaction with Nord, OML may require HPL to purchase OML’s interest, bought from Nord, for its actual cost.

Petroz (30 November 1999)

Petroz advises that Baru-5, located in the Korinci-Baru PSC, has intersected a number of gas sands. Extended cased hole testing of the interval 260-266.5 metres flowed gas at the rate of 7.4 million cubic feet/day through a 25mm choke. This is the first of 2 zones to be tested in the well.
Baru-5 is a new field discovery.

Australasian Gold Mines (29 November 1999)

Australasian has acquired options over several tenements at Dalgaranga in Wa's Murchison mineral field, north-west of Mt Magnet. The company has also applied for additional tenements covering an additional 400 sq.km.

Glengarry Resources (29 November 1999)

The Qld Dep't of Mines and Energy has approved exploration applications covering 6700 sq.km. located 350km from Mt Isa - the area included part of what was thought to be the southern extension of the mineralised Mt Isa Block.

Meekatharra Minerals (29 November 1999)

Meekatharra has changed its name to AuIron Energy Limited (new ASX Code : AUY). The change reflects the company's strategic focus on value-adding to coal and iron ore by smelting pig iron and generating electricity.

Minotaur Gold (29 November 1999)

Blinman Joint Venture with Perilya Mines NL

The Board of Minotaur Gold NL advises that the company has entered into a joint venture with Perilya Mines NL on Minotaur's ELs 2593, 2627 (Blinman) and ELA 539/97 (Ediacara) covering over 2 400 square kilometres in the Adelaide Geosyncline, South Australia. The Blinman licences contain numerous old copper, zinc and lead mines/prospects, the largest being the old Blinman copper mine from which over 200 000 tonnes of ore grading 5% copper were extracted. The Ediacara ELA, containing the Ediacara lead mines, has been offered to the Company. Total inferred resources of 29 000 000 tonnes at approximately 1% lead with minor copper and silver credits were calculated from the results of earlier drilling. While this estimate has not been confirmed by Minotaur, it is considered an indication of the potential for the region to host significant mineralisation.

Under the terms of the agreement, Perilya may expend $600 000 to earn a 51% equity in the tenements with an option to earn an additional 30% through expenditure of an additional $400 000. Once diluted to 20%, Minotaur may elect to contribute pro rata or reduce to a 10% free carried interest until production of a bankable feasibility document.

Perilya will be manager.

Exploration Results, Mutooroo Joint Venture
(Billiton Plc earning 51%)

EL 2264 is located 75 kilometres south west of Broken Hill.

Results from detailed mapping and rock sampling outlined a 3 kilometres long corridor with a number of outcropping iron/manganese-rich quartz-garnet and quartz-gahnite horizons, ranging up to 45 metres in thickness. Quartz-gahnite is the zinc-bearing host rock to the Broken Hill lead-zinc-silver mine, but is not itself the source of recoverable zinc. Its presence, and that of the lead also recorded, is an indication of the highly prospective nature of the corridor.

Spinifex Gold / Ashanti Goldfields (29 November 1999)

Spinifex has revised its JV agreement with Ashanti - Ashanti can earn 55% in the Buckreef/Rwamagaza and Kitongo projects. Spinifex will receive $15 million over 3 years while Ashanti has agreed to spend another $14 million on exploration.

Golden Cross Resources (27 November 1999)

GRANNY SMITH JV REPORTS HIGH GRADE GOLD INTERSECTIONS ON GCR'S LAVERTON PROJECT

The Placer (Granny Smith) Pty Ltd/Delta Gold NL Granny Smith Joint Venture reported high grade gold intersections of 6m at 17.59 g/t and 2m at 7.54 g/t from the first programme of six RC drill holes on GCR's 100%-owned Laverton gold project in WA.

The drilling was conducted on GCR's "Merolia" exploration licence lying within an easy trucking distance of approximately 30 km northeast of Placer/Delta Gold's Granny Smith Mine and Mill. Placer/Delta may earn a 70% interest in GCR's Laverton project by completing a bankable feasibility study by May 2002.

Placer completed six RC drill holes to follow up and confirm encouraging RAB drill results of up to 12m at 6 g/t gold reported by GCR to ASX on 30 September 1999. The RAB and RC drilling indicates a 700m-long anomalous gold zone trending in a north-westerly direction parallel to local stratigraphy.

The RC drilling programme comprised six holes (MMC0001 - MMC0006) for a total of 665m. All holes were drilled at a declination of 60 degrees and an azimuth of 215 degrees, except holes 2 and 3, which were drilled at an azimuth of 205 degrees.

Macmin (27 November 1999)

TEXAS SILVER PROJECT

DRILL HOLES AT TWIN HILLS PROSPECT, TEXAS SILVER PROJECT HAVE CONFIRMED HIGH GRADE NEAR SURFACE SILVER WITH DRILL INTERSECTED GRADES OF UP TO 1370 Ag AND 2.41g/t Au. RESULTS FROM THE FIRST 11 HOLES OF A 100 HOLE PROGRAM ARE AVAILABLE. THESE HOLES WERE INTENDED TO ALLOW PROBABLE ORE BE RE-CATEGORISED AS PROVEN ORE AND WERE RESTRICTED TO 30M DEPTH. ALL HOLES INTERSECTED ORE GRADE INTERSECTIONS WITH RESULTS SUCH AS 20M AT 211g/t Ag (HOLE TERMINATING IN 290g/t Ag); 28M AT 248g/t Ag (HOLE TERMINATING IN 320g/t Ag); 8M AT 327g/t Ag; AND 6M AT 600g/t Ag.
CONVERTIBLE NOTE for $400,000 and EARTHMOVING CONTRACTING AGREEMENT for EXPLORATION and SITE WORKS at TEXAS SILVER PROJECT signed with PEAK HILL PTY LTD.

Herald Resources (26 November 1999)

"Dairi Joint Venture - North Sumatra, Indonesia

The Board of Directors of International Annax Ventures Inc (the "Company") is pleased to announce that its drilling program has been completed on the Dairi zinc-lead project in Sumatra, Indonesia with a total of eight holes drilled for an aggregate 1,353m. Drilling has been carried out under the direction of Cominco Limited.

Drilling results up to Hole SOP18D have previously been reported. More recently, holes SOP19D and SOP20D were drilled on the south-western Dang Takkas UTEM anomaly. The Dang Takkas anomaly is an echelon to the main sedex horizon where prior drilling intersected massive sulphide mineralization. Holes 19D and 20D did not intersect sulphide mineralization.

Hole SOP21D was drilled on the main sedex-hosting UTEM conductor, 250m south of SOP18D which intersected 16.5m of sedex-type massive sulphides grading 31 percent combined zinc and lead. Hole 21D intersected a conductive carbonaceous shale zone with associated strong faulting but no massive sulphide. There is a marked change in character to the UTEM conductor at about 200m south of hole SOP18D which is interpreted as being due to faulting.

A heliborne EM survey on the Dairi property was completed at the end of October and data processing is currently being completed."

Austindo Resources (25 November 1999)

Austindo has announced a resource estimate for the Cibaliung high-grade epithermal gold vein system, located 150 km south-west of Jakarta, Indonesia. Gold mineralisation at Cibaliung is hosted within a system of epithermal, quartz and quartz-adularia veins that have been traced on surface for a distance of 1.4 km.
High-grade mineralisation occurs in two shoot-like structures ( Cikoneng and Cibitung), and Austindo has announced that the Total Inferred Resource is 993,000 tonnes @ 9.78 g/t Au & 57.4 g/t Ag. ( 312,230 oz of Au and 1.83 million oz of Ag).

BHP (25 November 1999)

BHP has signed a letter of intent with Yamana Resources over the Elvira property, located some 150 km east of Antofagasta, Chile. A 4-hole reconnaissance drilling campaign earlier this year encountered trace amounts of copper within a zone of disseminated pyrite.

Climax Mining (25 November 1999)

Climax has raised US$133.5 million for development of the Dinkidi copper-gold mine (resources of 121mt containing 3.8 million ounces of Au and 417,000 tonnes of copper) in The Philippines. It is expected work will comence in the first quarterof 2000, with development taking 3 years - building a 2.7km decline.

Lion Selection Group (25 November 1999)

Lion yesterday announced that its 76%-owned subsidiary, Indophil Resources, had completed a successful drilling program in The Philippines.

Integrated Spectronics (24 November 1999)

An aircraft-mounted hyperspectral scanner (HyMap(tm)) that can detect and identify specific minerals and other chemical compounds from the unique wavelengths of light they reflect has been developed by Integrated Spectronics Pty Ltd, in collaboration with CSIRO. CSIRO is currently coordinating a program to acquire and evaluate hyperspectral data for a range of applications from sites around Australia.
Dr Jon Huntington, Leader of the Mineral Mapping Technologies Group at CSIRO Exploration and Mining said, "HyMap(tm) gives you the ability to map areas at a level of geological and environmental detail not available by any other means and without anyone needing to set foot on the ground."

Buka Minerals (23 November 1999)

Canadian Noranda Pacific has agreed to take 1 million shares in Buka at 50 cents each - to help develop the Lady Loretta zinc mine in Qld. Drilling is continuing.

Solomon Resources (23 November 1999)

Initial drill results from the Santa Deeps prospect (abandoned Santa open-pit) in WA are quite encouraging, with the best result at 8 m @ 14 g/t Au, and 2.5 m @ 6.4 g/t Au. The drill holes are over a 200 m strike length and have intersected mineralisation between 220 m and 300 m below the open pit.

Sun Resources / Victoria Petroleum (23 November 1999)

Sun will begin drilling the Cadart 1 well in the PRA 436 permit, New Caledonia this Thursday. The 1,500 m deep well is targeted at a three way dip closed fault block compartment in the large Gouro Anticline.

West Oil / Norwest Energy (23 November 1999)

West Oil has reached agreement with AEC International, a subsidiary of Alberta Energy Company, to drill the Puffin-5 well in AC/P22 in the Timor Sea in March next year. AEC will earn 60% and become the operator of AC/P22 by drilling Puffin-5.
Puffin-5 will be drilled on the Puffin-1 Updip prospect which has potential recoverable reserves of 75 million barrels. AC/P22 also contains the Puffin 2 Field, Puffin South and the new Sea-Eagle Prospect, which have been recently identified by IKODA and West Oil from the Onnia 3D seismic survey, and have combined potential recoverable reserves in excess of 100 million barrels.

Woodside Petroleum (23 November 1999)

Woodside has reported that the WA-1-P joint venturers (Woodside (45.9%), Apache Energy Limited (31.5%) and Santos (22.56%)) have been awarded a production licence for the Legendre oil fields. The production licence, WA-20-L, is within Exploration Permit No WA-1-P, located on the North West Shelf about 100km north of Dampier. The licence area contains the Legendre North and Legendre South oil fields. Oil production (40,000 barrels/day) is expected to commence by mid-2001. The fields contain an estimated probable recoverable reserves of 40.4 million barrels

Adelaide Resources (22 November 1999)

Adelaide has resumed exploration at its Warramboo iron project (Eyre Peninsula in SA) following an increase in demand for pelletised magnetite concentrates.

Federation Resources (22 November 1999)

FR has acquired an operating diamond field in South Africa's Kimberley district. The Vishoek property had a mineable resource of 12 million tonnes of alluvial gravel. Stones recovered average 2 carats and have sold at more than US$600/carat.

Gindalbie Gold (22 November 1999)

Gindalbie has increased its gold reserve inventory by 385,000 ounces through acquiring the South Murchison project. The Oroject, costing $2.5 million, includes 53 tenements and applications covering 671 sq.km. and 4 established gold resource areas. Gindalbie says the 4 areas can be mined by open pit methods and expects the first round of exploration to be finished by early 2000.

Reefton Mining (22 November 1999)

Reefton has acquired a 6000 sq.km. exploration area in Namibia. The Erongo tenement includes known gold, copper and tin targets, including the Spitzkoppe tin-tungsten-tantalite province, which has a 100km strike length and is up to 15km wide.

Stuart Petroleum (22 November 1999)

Stuart is looking to expand its Cooper Basin oil and gas interests with a bid for the second round of exploration blocks being released by the South Australian Gov't.(former Santos JV areas). Licences will be granted by January 2000.

Croesus Mining / Gindalbie Gold (20 November 1999)

Croesus and Gindalbie have confirmed the extent of the mineralised corridor to the north of the Magnum mineralisation (the Magnum prospect is located in the Great Sandy Desert, WA.) with recently completed diamond drilling. This drilling was a follow up of recent AC drilling anomalies (12m @ 0.458ppm gold and 829ppm copper). Best intersections included 4 m @ 1.44% Cu and 5.5 g/t Au, (includes 1 metre @ 4.4 % Cu) from 354 metres.

Exco Resources (20 November 1999)

Exco has announced a significantly higher grade copper zone at its E1-North prospect from the Mt Margaret copper/gold project. Drilling at the Mount Margaret prospect, near the Ernest Henry Mine in Queensland, has intersected the highest copper grades yet encountered at the project and points to a new style of mineralisation for the region.

Results from RC drilling announced today include 42 m @ 1.56% copper from 40 metres, including 20 m @ 2.28% copper from 44 metres. This hole also intersected a 70-m zone of mineralisation from 140 metres down hole. Results have been received for the first 40 metres of this second zone where the average grade is 1.16% copper and 0.11g/t gold. The remaining 30-metre interval was diamond cored and contains visible copper mineralisation.

Lynas Gold (20 November 1999)

Lynas has secured the production future of its Paraburdoo gold treatment operation in WA after reaching agreement with its JV partners to acquire sole rights to explore for and mine any oxide gold deposits within the 20 km² JV area.
The agreement also gives Lynas rights to mine and treat ore from two key areas outside the J V area - the high-grade Peake gold deposit (21,500 ounces)and the promising Waugh prospect - as well as the right to treat all medium and low-grade stockpiles at Paraburdoo after completion of treatment of high-grade ore in August 2001.

Alliance Gold Mines (19 November 1999)

Alliance Gold Mines NL have appointed Minasco Australia to seek interested parties to put forward proposals for participation in, or outright purchase of the Maldon Goldfields and Creswick Gold Project.
The Projects are located in the Central Victorian Goldfields, within 2 hours drive, north by northwest of Melbourne, Victoria and include:

7 EXPLORATION LICENCES COVERING 715 KM²
450,000 TPA MALDON CIP PLANT
20 YEAR MINING LICENCE IN PLACE

Anaconda Nickel / Centaur Mining & Exploration (19 November 1999)

Anaconda and Centaur have announced a strategic alliance to expand Centaur's Cawse nickel mine. Anaconda, in which Anglo American holds a 23% interest, will take a half share in Centaur's Cawse operation and fund the stage 2 expansion study.
Centaur also plans to list on the US Nasdaq index in about 2 weeks.

Australian Worldwide Exploration (19 November 1999)

AWE has acquired the Australian assets of Britain's Premier Oil plc - the deal, worth about $18 million, will see Premier with a 24% stake in AWE. Premier holds exploration and production rights in the Carnarvon and Perth Basins off WA and in the Bass Basin.

Barramundi Gold / Kidston Gold Mines (19 November 1999)

Barramundi has entered into an Agreement with Kidston , over 2 of the 5 Exploration licences, being EPM 10676 and EPM 10780, which comprise part of Barramundi's Wandoo Project in North Queensland.

Croesus Mining (19 November 1999)

Croesus has reported new RC drilling results from the Fort William deposit at Binduli, 10 km south west of Kalgoorlie. This drilling has been completed to follow up earlier good intercepts. Results from the latest phase of drilling include 25m @ 12.87g/t Au, 27m @ 5.5g/t Au, and 11m @ 3.89g/t Au.
The mineralisation intersected is quite shallow (mostly <80m) and occurs as an east-dipping lens that is interpreted to occupy a dilatational site adjacent to a sheared porphyry contact.

Centaur Mining & Exploration (19 November 1999)

Centaur has been looking at plans to develop a series of underground mines at the Mt Pleasant operations in WA. The 5 year plan will see an increase in gold production to 250,000 ounces per year, with the average cash cost below $300/ounce.
Centaur also plans to list on the US Nasdaq index in about 2 weeks.

Golden Cross Resources (19 November 1999)

FURTHER DRILL RESULTS FROM KEMPFIELD SILVER PROJECT

GCR recorded positive results, including the identification of a second zone of high grade silver-lead-zinc mineralisation at the McCarron Zone, from the fifth drilling programme at its 100%-owned Kempfield silver project near Blayney, NSW. Kempfield hosts significant silver, lead, zinc and barite resources along a 3 km strike length in Silurian Volcanics.

The fifth drilling programme consisted of 6 reverse circulation (RC) holes for a total of 698m. The programme involved drilling holes numbered GKF-73 to GKF-77 inclusive and deepening hole GKF-32 from 76 metres depth below surface. All holes were drilled on an azimuth of 110 degrees and a declination of 55 degrees, with the exception of holes GKF 73, 75 and 76, drilled at a declination of 60 degrees.

The aim of the fifth drilling programme was to further test the lead-zinc sulphides intersected beneath the high grade silver oxide zone delineated in the previous programme. To date there have been only 10 holes drilled into sulphides at the McCarron Zone.

The drilling established a second high grade lead-zinc zone, with an intersection of 14m grading over 10% combined lead-zinc plus 100 g/t silver. The additional tonnage will be calculated in due course.

The programme only tested the mineralised horizon, to a vertical depth of 100m, in the southern 300m of the McCarron Zone. Mineralisation remains open to the north and at depth.

The programme provided further evidence that there is significant untested basemetal potential at depth in the McCarron Zone which warrants further drill testing.

Dalrymple Resources / LionOre (18 November 1999)

LionOre announces further positive drilling results from the Thunderbox gold discovery, located on its Wildara nickel/gold exploration project situated in the Northeastern Goldfields of Western Australia. The project is a joint venture in which LionOre holds a 60% interest with Dalrymple Resources NL holding a 40% interest.
The RC drilling further confirmed that Zone C is a large mineralised system in which the wide oxide widths continue down-dip into the primary zone where the mineralisation envelope has been intersected over downhole widths of 25 to 90 metres. Notwithstanding the fact that infill drilling is still in the early stages, the evidence indicates that true widths would equate to approximately 70 per cent of the downhole widths. Best intersections were 83 metres @ 3.24 g/t gold from 113 metres including 28 metres @ 5.34 gold from 158 metres.
Preliminary leach tests on representative primary sulphide material by AMMTEC Met Labs in Perth demonstrated that 95% of the gold leaches within 24 hours.

St Francis Mining / Spinifex Nickel (18 November 1999)

St Francis has signed an exploration and option to purchase agreement with Spinifex covering St Francis' Coolgardie nickel interests, including a number of tenements as well as the Nepean Nickel Mine
The agreement allows for 3 by one year exploration periods after which not less than $600,000 must be expended on exploration. Spinifex may then exercise an exclusive option to purchase all St Francis's rights to mine for the consideration of $1 million and a Royalty of up to $4 million payable at the rate of $2.00 per tonne of nickel ore milled.
The agreement does not cover the Norris Gold Plant or any other gold tenements.

Ashton Mining (17 November 1999)

The discovery of additional diamond deposits will increase the life of the Argyle mine - deep drilling to the south of the main AK1 diamond pipe had given "significant confidence" for expansion.

Petroz (16 November 1999)

Petroz advises that the Baru-5 well, located in the Korinci-Baru PSC in Central Indonesia spudded on 13 November. The well will be drilled to a total depth of 516m and will take up to 6 weeks to drill. The well will investigate gas-bearing sands in a similar geological formation to gas zones in the Segat, Seng and bentu Fields located in the adjoining Bentu PSC.

Tanganyika Gold (15 November 1999)

Tanganyika has acquired 7000km²of the Tanzanian coastline (for mineral sands) and has found highly promising indications that it may have discovered the country's first deposits of titanium minerals.

Amity Oil (13 November 1999)

The Whicher Range-4 well remedial stimulation programme was completed this week, with a further 4* days of gas flow and running of wireline production logs.
Production logs show that gas production from the reservoir in the Whicher Range-4 well is from three zones within the interval 3,960 metres to 4,175 metres. These zones produced a final stabilised clean up gas flow of 3.08 million cubic feet per day at a flowing tubing pressure of 880 pounds per square inch on a ²⁴/₆₄th inch choke.
The well has been suspended as a future commercial production well.
As announced on the 1st of October, 1999, Amity is proceeding with marketing studies for gas from Whicher Range-4 and design of the Whicher Range-5 well.

Coal (13 November 1999)

Industry leaders are forecasting a strong future for Australian coal producers, with the world market for coal (both steaming and coking) expected to increase during the next year.

Giants Reef Mining / Billiton Exploration Australia (13 November 1999)

Billiton enters into an alliance with Giants Reef
to target large base metal orebodies at Tennant Creek

Billiton to purchase $1 million worth of shares in Giants Reef

Giants Reef Mining NL today announced an agreement with Billiton Exploration Australia Pty Ltd, whereby Billiton will take a substantial equity position in Giants Reef and provide funds for a significant exploration program to search for Olympic Dam/Ernest Henry style base-metal orebodies in the untested broader Tennant Creek Province.

Giants Reef’s Managing Director, Mr Brice Mutton said the agreement with Billiton, which could see a total of $13 million spent over the next five years, is the third agreement Giants Reef has signed with a major company to explore the Tennant Creek area.

"Over the past 10 years, Giants Reef has accumulated an extensive ground position in the Tennant Creek Province, predicated on the potential for significant discoveries of major base metal systems as well as typical Tennant Creek high grade gold-copper deposits.

"The alliance with Billiton, along with current JV partnerships with BHP and Normandy, has not only endorsed this strategy but now allows Giants Reef to pursue opportunities that up until now been beyond our limited resources to fully explore.

"In total, $20 million could be spent by our Joint Venture partners over the next three to five years, giving us the best shot we’ve had for a major discovery," he said.

Mr Mutton said that under the terms of the agreement exploration activity would be managed by Giants Reef, with Billiton to manage development of any major deposits discovered.

Majestic Resources (13 November 1999)

Majestic is about to commence a bulk sampling program at its Pniel Estates diamond property near Kimberley in South Africa. Majestic has secured the diamond rights in return for a flat 12.5% production royalty including an ongoing fee of 13,000 Rand/month. Diamondiferous gravels have already been identified.

NSW Department of Mineral Resources(13 November 1999)

The Department of Mineral Resources is to undertake a new, 4 week, airborne geophysical survey for minerals north of Dubbo. The survey, to be conducted by Tesla Airborne Geoscience Pty Ltd, will collect approximately 31,000 line kilometres of data at a cost of $150,000. The aircraft will fly at a height of 60 metres, with a line spacing of 250 metres. "The purpose of this survey is to map to the northern extension of the prospective rocks for gold and copper mineralisation that occur in the Dubbo - Wellington - Hill End area' Minerals Minister Eddie Obeid explained. Following processing, the data will be released in February 2000.

Ross Mining (13 November 1999)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

Record financial results were achieved for the 1998-1999 financial year:

Gross profit from operations A$41.8 million (up 138%);
Operating profit before tax A$21.3 million (up 184%);
Operating profit after tax A$13.6 million.

A two cents fully franked dividend has been declared for the sixth consecutive year.

The Company delivered 35,381 ounces of gold for the quarter at a total cash cost of A$377 per ounce (US$245).

Gold production for the quarter totalled 40,099 ounces.

Forecast gold production for the 1999-2000 year is 190,000 ounces at total cash costs below A$300 per ounce (US$195).

The Gold Ridge Mine delivered 23,125 ounces of gold for the quarter at a total cash cost of A$345 per ounce (US$224). Gold produced was 25,928 ounces.

The Wirralie Mine was commissioned and delivered 7,696 ounces at a total cash cost of A$416 per ounce (US$270) including commissioning costs.

Gold Ridge plant improvements during this year will lift throughput by 25% to 3 million tonnes per annum with gold output increasing to 135,000 to 140,000 ounces per year.

Metallurgical testwork results on Wirralie sulphide ore are encouraging.

The Company closed out forward positions totalling 224,000 ounces generating $27.3 million prior to the recent gold price rise.

Scout drilling at the Mase project in the Solomon Islands intersected 3 metres @ 5.28 g/t gold.

The Timbarra Gold Mine was put on care and maintenance. Timbarra gold production for the 1999-2000 year is estimated at approximately 15,000 ounces.

Triako Resources (13 November 1999)

Triako has intersected 10g/t Au over a composite length of 8m in an RC drill hole targeting an extensive arsenic anomaly, some 2 km north of the Mineral Hill mine. Further drilling is planned shortly.

Comet Resources / Billiton / QNI (12 November 1999)

Billiton, through subsidiary QNI, has agreed to take an 11.8% strategic stake in Comet and jointly develop its Ravensthorpe nickel project in WA - in a deal which could see production commence by late 2002. Billiton (through QNI) will pay 92.5 cents a share for its stake and will invest a further $36 million for a direct 40% interest in Ravensthorpe, should a $10 million stage one study prove successful.
The Comet/QNI plan is to buiold a pressure acid leach (PAL) 'front end' plant at Ravensthorpe at an estimated cost of $700 million, which is expected to produce 35,000 tonnes of nickel and 1300 tonnes of cobalt /year for at least 20 years.
QNI will also double the annual production capacity of its Yabulu nickel refinery in Qld to 65,000 tonnes of nickel and 3000 tonnes of cobalt at a cost of $200 million to cater for the concentrate from Ravensthorpe which it has agreed to take on a take-or-pay basis.

Exodus Minerals (12 November 1999)

Exodus has doubled the Mikado gold deposit resource in WA to 146,000 ounces and increased the grade to 3.93 g/t Au. Exodus says its proximity to infrastructurein the Laverton area should guarantee an early return to shareholders.

Exodus also announced it is to amalgamate its Reynolds Range Project in the Northern Territory with Normandy/North Flinders' adjoining Conston Project, establishing a joint venture over the highly prospective Trans-Tanami Lineament. Under the terms of the renegotiated joint venture, Exodus can earn a 60% interest in both the Reynolds Range and Coniston Projects by spending a further $750,000 for a total of $1.5 million by August 2004. On reaching a 60% interest, Normandy/North Flinders may elect to increase its interest to 60% by expending the next $1.5 million or, if this election is not made, a 3% gross royalty will apply.

Giants Reef Mining (12 November 1999)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

The Company continued to make major progress, further consolidating its strong exploration and corporate position.

BILLY BOY DRILLING ADVANCED

Drilling continued to confirm and delineate a small high-grade gold and copper resource, as well as widespread anomalous mineralisation along 300 metres of strike.
An intersection of 8 metres @ 5.16 g/t gold, located 140 metres along strike from the known high grade ore area, supports the potential for other high grade areas and will be a focus of more drilling next quarter.

MINERAL LEASE GRANTED OVER EDNA BERYL DEPOSIT

Mineral Lease C705 was granted over the Edna Beryl gold deposit, opening the way for the Company's first mining operation in Tennant Creek.
The grant of this lease is the culmination of the first successful mining agreement made with the Warumungu traditional owners and the Central Land Council.

PROCESSING OPTIONS AND DEVELOPMENT STRATEGIES ADVANCED

Significant metallurgical testwork and mineralogical examination has been completed on the Billy Boy and Estralita East ores, indicating high gravity gold recoveries and acceptable routes for copper recovery.
Preliminary capital and operating cost estimates have been prepared to evaluate the most attractive future options for development.

NEW EXPLORATION AREAS AND TARGETS DEVELOPED

Several key EL applications have been lodged over large targets generated from the recently released AGSO aeromagnetic survey of Tennant Creek.
A significant drill intersection at Gossan Hill, of 33 metres of 0.18% copper in association with an extensive alteration zone of dolomite and chlorite, supports the strong possibility of intersecting gold at depth with more drilling.
Down-hole magnetic probing has produced several high priority targets in the Company's prospective Northern Project Area, including a large target in close proximity to known ore-grade mineralisation at Troy.

Goldstream Mining / Anglo American (12 November 1999)

Shares in Goldstream rose yesterday (up 10c to 86c) after the company announced a base metals exploration JV in Tanzania with Anglo. The agreement covers an untouched but prospective area totalling 23,000 km².

Pan Australian Resources (12 November 1999)

QUARTERLY REPORT - FOR THE THREE MONTHS ENDING 30 SEPTEMBER 1999

HIGHLIGHTS

Puthep Project

Pan Australian negotiates the right to earn a major stake in the Puthep Copper Project in Thailand
Due diligence study confirms robustness of the PUT 1 deposit mineral resource
Commercial due diligence making good progress and will be completed by 30 November 1999

Petroz (12 November 1999)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

Participants in the Bayu-Undan Liquids Development (Gas Recycle) Project (Petroz 8.25%) signed the Bayu-Undan Unitization Agreement and Unit Operating Agreement on 14 July 1999. These Agreements provide the mechanism for the Project to move towards commitment and development.
The Development Plan was submitted by Unit Operator, Phillips Petroleum to parrticipants on 20 July 1999 and received majority acceptance at a Unit Operating Committee Meeting on 22 October 1999.
Requisite Government approvals could be in place in the first half of 2000 – first production of liquids could be by late 2003 or early 2004.
Segat-3, the first of a two well drilling programme in the Bentu and Korinci-Baru PSCs in Sumatra in Indonesia, was spudded on 31 August 1999. The well intersected a number of gas sands. Successful cased holed testing resulted in additional reserves being attributed to the Field and confirmed the high deliverability potential.
Negotiations with Caltex and other potential customers for the natural gas are continuing.
Petroz sold its Bass Strait interests to Woodside Energy Limited on 24 September 1999 for $5 million. These assets were non-core to Petroz. The proceeds from the sale will be applied to Bayu-Undan Liquids Project and the Bentu Gas Project, both of which are expected to commence development in 2000.
During the September Quarter, oil production from the Elang/Kakatua/Kakatua North Oil Fields in the Timor Sea totalled 1,469,082 barrels (Petroz share 219,598 barrels), with average production for the period being 15,968 barrels per day.

Pacmin (11 November 1999)

Pacmin expects an early mine development for its Chariot prospect in the NT. Pacmin has just announced more encouraging drilling results from the deposit.

Victoria Petroleum (11 November 1999)

HIGHLIGHTS FOR THE SEPTEMBERQUARTER

Commencement of rig mobilisation for November 1999 drilling of the Gouaro Prospect, New Caledonia following farmout to private US investor clients of Monoco Petroleum, Inc. The Gouaro Prospect is a major oil and gas prospect onshore New Caledonia with a most likely case potential to contain 592 billion cubic feet of gas or 369 million barrels of oil, up to a maximum of 1.5 billion cubic feet of gas or 1 billion barrels of oil, if hydrocarbons are present.
October 1999 gas discovery in the Green River Basin, Greens Canyon-1 well, (UPRC #27-3) with probable gas reserve potential for the Greens Canyon gas project development of up to 152 billion cubic feet of gas.
Planned February 2000 drilling of the highly prospective White Opal Prospect in Carnarvon Basin permit EP 325 with target oil potential of up to 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present..
Continuing evaluation of the Sage-1 oil discovery in offshore Carnarvon Basin WA-254-P with possible Saffron Sandstone oil reserve potential of up to 27 million barrels, subject to further development drilling.
Delineation in the San Joaquin Basin Project California of the Pipedream, Kingfisher and Raven Prospects with maximum-case target potential of up to 1.4 trillion cubic feet of gas and 162 million barrels of oil if hydrocarbons are present. Drilling of the Kingfisher and Raven Prospects planned for November and December 1999, subject to farmout, and the drilling of the Pipedream Prospect by adjacent permit holder planned for January, 2000.
Net oil and gas production for the September 1999 quarter of 15,900 barrels oil equivalent equal to 177 barrels of oil equivalent per day for 18.9% owned Kestrel Energy, Inc, a US NASDAQ public company.
Planned participation in a drilling program of up to twelve wells in the next nine months.
Continuing active pursuit of petroleum exploration opportunities in the Middle East.

Aurora Gold (10 November 1999)

Aurora has scaled back its exploration staff at the Mount Muro gold mine in Indonesia - about 85 mostly field staff have been laid off.

Finders Gold / Dioro Exploration (10 November 1999)

The King George diamond JV project, in the Northern Kimberley, Western Australia, has discovered 3 new kimberlite pipes within tenement E80/1592. A bulk sample will soon be processed. Additional exploration has also given indications of a possible alluvial deposit within the exploration licence.
A small bulk sample program has also recently been completed on Anomaly A23, previously determined to be diamond bearing from drilling in 1998. A total of 72 diamonds with a total weight of 4.04 carats was recovered.

Santos (10 November 1999)

The Cadwell -1 well, currently in progress in permit TP7 in the Carnarvon Basin in WA, has recorded high gas readings between 1150 and 1450 m, with hydrocarbon fluorescence between 1230 - 1320 m. While all indications are that a hydrocarbon column has been intersected in the Mungaroo Formation, wireline logs are currently being run to confirm the nature of the find.
Joint venture interests are Pan Pacific Petroleum (4.16%), Apache Corporation (39.66%), Santos Ltd (43.71%) and Mobil Corporation (12.47%).

Union Capital (10 November 1999)

Union has announced that the Ministry of Mines and Metals in Tehran has signed the Foundation Agreement for the Mehdiabad Zn/Pb Project in Central Iran. This gives formal Government approval for the conduct of a feasibility study, mining, processing and sale of zinc and associated minerals from the Mehdiabad Deposit. The deposit currently has a resource of 96.6 million tonnes @ 10.1% Zn, 2.5% Pb and 50 g/t Ag (at 6% Zn cutoff).

Cluff Resources (8 November 1999)

Cluff continues to recover diamonds from its Monte Christo mine in NSW - a further 181 diamonds weighing 22.8 carats has been recovered.

Equinox Resources (8 November 1999)

Equinox has commenced discussions with several large mining companies about developing the Norrbotten iron oxide copper-gold deposit in Sweden.

Finders Gold (8 November 1999)

Finders says the early granting of a prospective licence for diamonds in Madhya Pradesh state (Raipur project) was expected following the re-election of the Indian Government.

King Minerals (8 November 1999)

King has added 2 more exploration tenements to its diamond portfolio - King is paying $80,000 for the Mountain Valley and Paleroo Dam areas near Bingara in NSW.

Southern Exploration Corp (8 November 1999)

Southern Exploration Corporation, an associate company of Indophil Resources has completed an 1800m, 8 hole diamond drilling program at their Manat exploration project in Mindanao, Philippines, a JV with the Alcantara Group. Results are currently being evaluated. Drilling of their Labo Project is planned for January.

Werrie Gold / Pasminco (8 November 1999)

The known mineralised system at the Benagerie gold and base metals project in South Australia has ben extended a firther 15km. Work had significantly enhanced the prospect for discovery of a large orebody.

Helix Resources (5 November 1999)

Highlights - September Quarter:

Copper and gold mineralisation outlined from RAB driling in the weathering profile at the Moola Prospect, Middleback Ranges, South Australia
Additional base metals mineralisation identified from earlier BHP diamond drillcore at the Monarch Prospect, Middleback Ranges
New gold soil geochemical anomaly identified along strike from the Reubens gold anomaly, Biscay project, Kimberley region, WA
Lateritic nickel/cobalt letter agreement signed with Black Range Minerals over Fifield.

Novus Petroleum (5 November 1999)

Novus says it has received an unexpected bonus with a strong 3000 barrels of oil/day from a successful gas exploration well in Egypt. The oil flow in the Tut West-3X exploration well in western Egypt follows 25metres of oil pay, including a new reservoir zone, intersected last month in the same well.

Rio Tinto (5 November 1999)

Rio's Diavik diamond mine in Canada's arctic tundra yesterday received environmental approval from the federal government, paving the way for production to begin in 2003.

Macmin (4 November 1999)

DRILLING COMMENCED AT TEXAS SILVER PROJECT

Diamond core drilling has commenced at the Texas Silver Project. Approximately 500m of drilling is planned and an initial hole has been completed with a depth of 84 metres. Assays are pending.

Non core drilling is expected to commence about 11th November. Between 3000 and 4000m of drilling, mainly in shallow holes of less than 30 metres, is planned for this program.

Trenching by bulldozer and excavator has exposed the central part of the orebody. Assays are pending. The trenching and construction of drill access roads will continue throughout the remainder of 1999.

The Texas Silver Project (proposed open pit Twin Hills mine) is a heap leach silver mine which could generate a substantial cost flow to MACMIN within 18 months. The Project has a Probable Ore Reserve of 8.6 million ozs of silver within an Inferred Resource of 35 million ozs of silver.

Tap Oil (4 November 1999)

NORTH GIPSY-1 - OIL FLOW AT 5,940 BARRELS PER DAY

Tap Oil N.L. ("Tap") advises that since the last announcement on 25 October 1999, a flow test has been conducted within the Brigadier sandstones over a 19 metre interval.
This test resulted in an oil flow at the rate of 5,940 barrels per day of 44.9 deg API oil on a 56/64 inch choke.
The test flow rate was restricted by surface equipment limitations. The oil was water free, and supported by pressure data, this indicates a substantial oil column down-dip from the test zone.

Forward Plan
The rig will now move off the North Gipsy-1 location and the Joint Venture will evaluate the data acquired in more detail with a view to quantifying reserves and moving towards an early development decision.

Tap Comment
The discovery of oil in this well has confirmed that substantial quantities of oil as well as gas, have migrated into the Jurassic/Triassic structures along this trend and thus provides considerable enthusiasm for future drilling.
North Gipsy-1 is expected to be developed as a commercial oil discovery. Such a development will likely lead to the commercialisation of all of the gas and liquids reserves discovered to date in the Gipsy/Rose/Lee area.
Further add-in oil would include the oil discovered in the Gipsy-1 well, the postulated oil column down-dip in the North Rankin sandstones in Gipsy North-1 and condensate of the rich gas tested from numerous reservoirs in this area.
Moreover, there is significant follow up drilling planned for the immediate area with numerous near term wells being planned.
The proximity to infrastructure at Varanus Island, only 15 kilometres away, will facilitate early and economic development of reserves in this area.
Tap is extremely well exposed to this new play concept with acreage coverage in TL/1,5and 6, TP/8 (12.22%), EP 399, EP 400 (50.00%), EP 395 (23.33%), EP 403 (100%), EP 397 (33.33%), EP 341 and EP 364 (55.00%).

Leo Shield Exploration (3 November 1999)

HIGHLIGHTS OF THE SEPTEMBER QUARTER

Manso Nkwanta Project, Ghana

A prefeasibility study on the Abore prospect completed in September 1999 indicates that at a US$260 gold price a profitable heap leach mining operation processing 2,260,000 tonnes of oxide and transition ore from Abore North and 250,000 tonnes of ore from Asuadai, 5km to the south-west, could be established. The average grade of mineable material is estimated at 1.8g/t Au and gold recoveries over a 26 months period are expected to be 125,000oz. The project life is relatively short, but operating costs are expected to be low, with a stripping ratio of 1:1 and favourable metallurgy. There is significant upside potential from exploration targets on the project.

Mansounia, Guinea

Ashanti Guinee SA farmed into the Mansounia Research Permit area, which has been the centre for extensive artisanal gold mining activity over a number of years. Ashanti can earn a 60% interest by spending US$1,500,000 over four years.

PLANS FOR THE DECEMBER 1999 QUARTER

Environmental impact assessment studies and final geotechnical, hydrological and metallurgical testwork programs on the Abore gold project are planned to be completed during the December quarter. Application will be made for a mining licence at Abore and work towards producing a bankable feasibility study will be progressed. A study evaluating the availability of suitable second hand equipment for use at Abore is in progress.

The Company is continuing to investigate a number of investment opportunities.

Apache Energy / Shell Australia (2 November 1999)

Apache is expected to be the lead contender for the assets Shell Australia put up for sale and which are expected to realise between $250-$300 million. Shell is selling its 28.57% stake in the Barrow Island JV and its 35.71% interest in the Thevenard Island consortium in the Carnarvon Basin in WA.

Meekatharra Minerals (2 November 1999)

Meekatharra has signed an agreement with Thiess Contractors for the joint development of the South Australian Steel and Energy pig iron project. Thiess will contribute up to US$10 million to fund feasibility studies. Any funding provided by Thiess can be converted to MKA shares at 90 cents per share by 31 December 2004.

Troy Resources (2 November 1999)

Troy commenced mining at their now 100% owned Bulchina deposit during the September 1999 quarter. The mine produced 1,951 ounces of gold at a cost of $256/ounce - the company expects improved performance once the commissioning phase is completed.

Union Capital (2 November 1999)

Union (previously Union Mining) has received approval from the Ministry of Mines and Metals in Iran for the Mehdiabad Joint Venture Agreement between Union Capital, Itok GmbH and the Government owned General Iranian Mining Company (GIMCO).

Under the terms of the joint venture agreement, Union and Itok will contribute US$5 million each to earn 25% on a per company basis in the project. After the two companies have spent a total of US$10 million, GIMCO can elect to contribute, or dilute down to a minimum 35%.
The Mehdiabad deposit currently has a discounted Indicated Resource (at a 6% Zn cutoff) of; 42.5 Million tonnes @10.1% Zn, 2.6% Pb and 73 g/t Ag.

Acclaim Uranium (1 November 1999)

Acclaim says it is working on a pre-feasibility study for the Langer Heinrich uranium deposit in Namibia, targeting a production start in March 2002. Acclaim's plan is to mine the high-grade core first to obtain a cash flow.

Hampton Hill / Goldfields (1 November 1999)

Hampton says Goldfields is increasing exploration at the Northlander gold project near Kalgoorlie in WA - Goldfields could now earn 51% by spending $1.75 million.

Herald Resources (1 November 1999)

QUARTERLY REPORT - FOR THE THREE MONTHS ENDED 30 SEPTEMBER 1999

KEY POINTS :

Highly encouraging gold drilling results announced at Coolgardie.

Very significant zinc-lead results at Sopokomil announced.

Sale of Sandstone mill announced.

Exploration JV entered into at Sandstone.

Working capital position increased to $12m.

Hillcrest Resources (1 November 1999)

Tests have confirmed lignite from the Salmon Gums deposit in WA can be gasified successfully, paving the way for a planned Esperance power project - to supply power to the Esperance and Goldfields regions.

Golden Cross Resources (1 November 1999)

HIGHLIGHTS - QUARTERLY REPORT TO 30 SEPTEMBER 1999

At Laverton, GCR reported on 30 September 1999 that the first RAB drilling programme by Placer/Delta intersected up to 12m at 6.04 g/t gold from 63m depth in hole MMR027. The second RAB drilling programme intersected up to 2m at 4.40 g/t gold from 70m, 10m at 1.81 g/t gold from 92m and 16m at 1.39 g/t gold from 28m. The anomalous gold zone is in excess of 400m along strike. The third RAB programme is scheduled to commence this week and the first RC drilling programme next week.
At Kempfield, fifth programme of RC drilling is underway at the McCarron Zone, aimed at intersecting high-grade zinc, lead and silver mineralisation, in the vicinity of previous intersection of 2m at 178 g/t silver, 4.57% lead, 10.40% zinc and 0.5 g/t gold from 44m.
At Blue Mountain , Pasminco is scheduled to commence RC drilling next week to investigate RAB drilling geochemical anomalies. The RC programme will consist of 6 holes for 1,000m. GCR is carrying out the work under contract to Pasminco.
GCR's Annual Report was released on 19 October 1999 and will soon be available on our web site at www.reflections.com.au/goldencross. The Annual Report contains a Review of Exploration as at the end of September 1999. Please contact us by email, phone, fax or mail (see back page) if you would like to receive a copy of the Annual Report.

Macmin (1 November 1999)

1999 ANUAL REPORT

LETTER FROM THE MANAGING DIRECTOR

The year 2000 should be a good year for MACMIN. In 1999 we responded positively to the general downturn in the mining industry. The directors have reduced costs substantially. Exploration and development activity is currently focusing on the most advanced project, at Texas in SE Queensland, where development of a silver ore reserve is in the planning stages. This project, subject to a feasibility study at present in progress, is projected to yield a net cash flow to the company of $14 million (with good potential for longer term cash flow) over three years from late 2000.

We are also investigating the possibility of generating a further cash flow by toll milling or heap/vat leaching high grade gold ore from the Normanby and Sinivit Projects, Papua New Guinea. Open pittable grades at Normanby are 10 g/t Au and at Sinivit 5 g/t Au. There is approximately $40 million worth of gold, (at A$400/oz) which could be recovered, provided suitable financing/milling arrangements can be concluded. Metallurgical testing and discussions with interested parties are in progress. If these discussions are successful, substantial additional net cash flow may be generated in the near to mid term. A mining lease is already in place at Sinivit and this project could be activated at short notice. Both projects also have good potential for longer term cash flows.

Marlborough Gold (1 November 1999)

The Ardlethan tin project in NSW looks like producing better-than-expected grades. Work on the feasibility study indicated that metallurgical recovery of tin should be about 80% (previously 70%).

Paladin Resources (1 November 1999)

Paladin has moved to 90% ownership of the Kayelekera uranium deposit in Malawi - and is planning a full review of the data base.

Amity Oil (30 October 1999)

Cuttlefish-1 at 1226m (TD). Wireline log interpretation indicates a thin non-commercial, hydrocarbon column at top Latrobe Formation position. On completion of logging the well will be plugged and abandoned.

Beach Petroleum (30 October 1999)

Drilling is expected to start in the December quarter in the Bodalla Block, in the northern Eromanga Basin where Beach holds an 8% interest.

Beaconsfield Gold (30 October 1999)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

First gold pour late September 1999. Process commissioning completed and production testing by the contractor in progress.
Three stoping levels developed with the fourth level, necessary for full mine production, due in the December 1999 quarter.
Encouraging positive reserve grade reconciliation for the first 30,000 tonnes of Tasmania Reef ore mined. Reconciliation for the 480 metre level (16,000 tonnes) of 113%.
Intersections of North Reef of up to 12 g/t gold provide encouragement for incremental ore reserves.
Increased regional exploration focus with Beaconsfield Gold now holding four exploration licences in the Beaconsfield area in its own right. Bowens Jetty Road aeromagnetic anomaly a priority target.
$7.4 million in equity funding raised by Beaconsfield Gold during the quarter.
Marked to market value of Beaconsfield Gold hedge book at 30 September 1999 of $2.7 million after raising $1.2 million in July and August 1999. Hedge book "plain vanilla" with no options on gold price and no exposure to margin calls.

Croesus Mining (30 October 1999)

Highlights - September Quarter:

Wallbrook Hill:

Further good drilling results from Crusader and Kingsley zones.

Binduli Ore Reserves:

Reserves have been extended and mining at Navajo commences.

Anketell:

BHP’s interest has been bought by the JV partners and diamond drilling is underway.

Gold Forwards:

Cash flow underpinned - 24,750 ounces @ $470-510 and 17,320 @ $465 ounce.

Mayday North:

The 50,000 ounce Mayday North deposit was purchased from North Limited during the quarter.

Equinox Resources (30 October 1999)

SUMMARY - SEPTEMBER QUARTERLY REPORT

The September Quarter has been an exciting one for Equinox with the substantial expansion of the Company’s activities through the formation of a joint venture on a "world class" copper resource at Lumwana in Zambia. Elsewhere in Zambia, substantial field programs are continuing on the Zambezi Joint Venture projects, with Anglo American completing drilling on several of the properties. Activities have been expanded in Sweden and discussions are continuing with potential joint venture partners. In Australia, drilling programs are underway on the Gawler and Curnamona Cratons.

In September 1999 the Company placed 15% of the Company's capital to raise $1.02 million. The placement was primarily to Australian Selection Pty Ltd (a subsidiary of Lion Selection Trust) and to the M & G Australasian Fund. Lion Selection now owns 11.2% of the issued capital of Equinox, M & G about 7.9%, and shareholdings by other investment funds take the institutional shareholding of the Company to about 25% of the issued capital.

The Company is in a sound financial position with cash on hand at 30 September 1999 of $3.15m. Current exploration budgets for Equinox projects indicate that Company expenditure for the next year will be about $2.0 million, and including joint venture contributions will total about $7.0m.

Grenfell Resources (30 October 1999)

HIGHLIGHTS - SEPTEMBER QUARTER

GAWLER CRATON

Tarcoola Basin . Recovery in gold price has renewed the company's focus on the gold-enriched Tarcoola Basin. Areas of prior high grade intercepts in bedrock, and as yet untested areas of high gold-in-calcrete, have been targeted for renewed exploration activity.
Base Metal Targets. Integrated analysis of all data pertinent to the copper-gold and lead-zinc potential of the Tarcoola Region has generated six new target areas and provided a consolidated view of previously defined targets.

RAJASTHAN

Initial plans for the forthcoming field season are focussed on infill geochemical sampling to better define drill hole locations on the five main currently delineated prospect areas.

CORPORATE

The company remains in a healthy financial state with $2.37 million in cash reserves and no debt.

Icon Oil (30 October 1999)

Third Quarter Activities Report

USA

During the quarter Icon drilled one well in Montana known as Sand Creek No 1.

No other field activity was conducted.

Negotiations are continuing in Louisiana to acquire interests in Bayou des Glaises, Interdomal area and Bayou Choctaw. Legal problems are the principal cause of ongoing delays and settlement will be subject to legal clearance. Financial negotiations to fund the project are advanced but are subject to current due diligence enquiries.

AUSTRALIA

The drilling of a minimum of five wells in Australia in 2000 is planned, commencing in the second quarter subject to farmout negotiations currently under way.

Native Title continues to delay work in eight of our 11 blocks awarded in Queensland. Efforts are now being made to release portions of these blocks for drilling that are exempt from Native Title as a result of "freehold" status.

Montague Gold (30 October 1999)

HIGHLIGHTS - September Quarterly Report

Prospects are upgraded and new targets emerge at De Courcy . The Scorodite prospect has been extended west by definition of a +900m gold in soil anomaly.
At Slate Bore, geological mapping and rock chip sampling define a zone of gold mineralisation at least 1,500m long. Best result is 10m @ 5.6g/t Au.
Strongly anomalous gold mineralisation was intersected in an intensely altered zone in a drill hole at the Top Tank prospect at Tick Hill . Further drilling is planned for the December quarter.

New Hampton Goldfields (30 October 1999)

HIGHLIGHT - SEPTEMBER QUARTER

The company has agreed to acquire the Big Bell Gold operations and associated assets from Normandy Mining Limited. The purchase terms are the issue of 50 million shares and $12 million cash over two years.
As a result of the purchase, the company's mineral resource will increase to 3 million ounces, with reserves of over 800,000 ounces. Directors are confident that these figures can be substantially increased with exploration success.
The company anticipates producing approximately 280,000 ounces in a full year at cash cost of $350-370 per ounce.
New Hampton has been aggressively forward selling the newly acquired Big Bell gold reserve (some 500,000 ounces) at prices up to $A490 per ounce. The forward book is presently 487,000 ounces of forwards and in the money call options, with a close out value of $472 per ounce and a mark to market value of $12 million as at October 27 1999.
Mr Ed Eshuys has been appointed as Managing Director and CEO of New Hampton. Mr Eshuys brings with him an impressive track record in gold exploration, discovery and development. His appointment will greatly intensify New Hampton's commitment to gold production and exploration.
The company announced an issue of bonus options, on a 1 for 2 basis, to all existing shareholders at $0.23, exercisable until May 2000.
The loan to MDL (our 42% mineral sands subsidiary) is being converted to equity. All shares held by the company in MDL are to be distributed to shareholders by way of an in specie return of capital (on an approximate 5 MDL for 18 NHG ratio).
Production at the Jubilee gold operations improved substantially over the June quarter, with 20,438 ounces being produced at cash operating costs of $391 per ounce.
In July, the forward sales book was substantially closed out, at prices under $400 per ounce, realising over $5 million. Some short term options protection was put in place.
The Company remained free of bank debt. Cash, gold inventory and loans to Mineral Deposits Ltd and Mineral Commodities NL exceeded $13 million. The company also holds shares in Mineral Deposits Ltd and Croesus Mining NL, with a market value exceeding $8 million.

Oil Search (30 October 1999)

HIGHLIGHTS - September Quarter.

Appraisal drilling in the Gobe Project area continued to have a positive impact on production and reserve confirmation, with the SE Gobe 7 well successfully testing the southern extent of the SE Gobe field in an area not previously included in reserve estimates. The well has increased the proven reserves in the field, as well as confirmed the reliability of subsurface information derived from recently acquired seismic data in the area. This represents a significant technical advancement in exploration in the Foldbelt area of Papua New Guinea.
An extensive seismic programme commenced in key Foldbelt licences, concentrating in areas close to Kutubu, Moran and Gobe. Exploration prospects in the Kutubu area at Hedinia Footwall and Arakubi are the targets for initial acquisition in preparation for a major drilling programme of up to 10 wells through 2000 and into 2001.
Solid progress has been made in bringing the large PNG to Queensland Gas Project to commercial reality, with the signing during the September quarter of a conditional gas sales agreement with Ergon Energy, representing customers primarily in Townsville and Gladstone. This follows the signing of an agreement with Energex for the supply of gas over 20 years to customers in Gladstone and the Brisbane area. Front en engineering and design work commenced in August, with a material increase in activities, including preparations for a marine survey of the pipeline route planned for the last quarter this year.
Recent analysis of pressure information taken in the Hides 4 well has confirmed that gas-bearing reservoirs seen in this well, Hides 1 and Hides 2, are likely to be in pressure communication. This is encouraging in confirming a large gas resource at Hides.

Precious Metals Australia (30 October 1999)

Highlights For The SeptemberQuarter :

Windimurra Project 98% complete
Project construction on schedule and within 1% of budget
500,000t of ore stockpiled
Commissioning of Beneficiation circuit commenced 21 October
Over 500,000 man-hours worked at site without a lost time incident
Project wins 1999 Western Australian CASE Earth Award for environmental excellence
Equity issue of $14.6m completed
Project loan provided by Xstrata
$5m Convertible Note provided by Rothschild Golden Arrow Fund

BeMaX Resources (29 October 1999)

HIGHLIGHTS - SEPTEMBER QUARTER

MURRAY BASIN JOINT VENTURE

Murray Basin Joint Venture on target to outline a resource around the Ginkgo prospect by the end of Calendar 1999.
Significant intersections of high to medium concentrations of heavy mineral have been returned from the Ginkgo prospect. These intersections have been encountered over a strike length of 10km with more than 10% HM (visual estimate) over 40m in one intersection (Hole 99GK084).
Two new mineral sand prospects have been discovered in the South Pooncarie area.

BeMaX/BASIN JOINT VENTURE

Two new heavy mineral discoveries made at the Yabbie and Shamrock prospects located south-west of the township of Pooncarie.

NANYA

New areas of mineralisation have been outlined in the Lignum dam and Tarrara areas and will require follow up drilling.

NEW LICENCES

Seven (7) new Exploration Licenses in the northern region of the Murray Basin totalling 5112km_ offered to BeMaX Resources NL by the NSW Department of Mineral Resources. .

BHP (29 October 1999)

It is rumoured that BHP has been selected to develop the US$700 million Ohanet onshore natural gas field project in the emerging Algerian oil and gas market BHP will have a 50% stake in the "wet gas" field.

Cluff Resources (29 October 1999)

Cluff has announced a further 160 gem-quality diamonds (weighing 21 carats) had been recovered at the Monte Christo mine in NSW.

Golden Cross Resources (29 October 1999)

HIGHLIGHTS - 1999 ANNUAL REPORT

Drilling at Kempfield Project in NSW intersected up to 1,100 g/t silver and 15% combined zinc-lead;
Inferred resources at Kempfield increased during the year from 11.7 million ounces of silver plus 0.8 million tonnes of barite to 39.1 million ounces of silver and 3.7 million tonnes of barite;
Positive Scoping Study results for a small silver heap-leach operation at Kempfield;
Newcrest reported the discovery of porphyry-style copper-gold mineralisation at Yiddah North prospect, within the Narragudgil area at West Wyalong, NSW;
Farm-in by Placer/Delta to Laverton Gold Project in WA (may complete bankable feasibility study by 6 May 2002 to earn 70%). Significant gold discovery - intersection of 12m at 6 g/t gold;
Farm-in by Pasminco to Blue Mountain Base Metals Project in NSW (may spend $2.5M by 1 September 2004 to earn 70%);
Joint venture partners are sole funding exploration on five major GCR projects.

Goldfields Kalgoorlie (29 October 1999)

GKL, owned 87.7% by Goldfields, says exploration near its 2 core WA gold mines (Paddington and Kundana) will be the core focus this financial year.

Minotaur Gold (29 October 1999)

Report For the Quarter Ending 30 September 1999

HIGHLIGHTS

ALLIANCE AND JOINT VENTURE

In August 1999, Minotaur entered into an alliance with one of the world's largest resource companies, Billiton Plc. The alliance, which received shareholders' approval on 22 October 1999, resulted in the raising of an additional $750 000 of capital. These funds are to be used for project generation within a 600 000 square kilometre area of South Australia and western NSW in the search for base metal deposits. Concurrently, Billiton agreed to a separate joint venture on the company's Mutooroo/Thackaringa tenements near Broken Hill whereby it has the right to earn a 70% interest through expenditure of $1.7 million.

Minotaur is the initial operator of all these projects.

Newcrest Mining (29 October 1999)

Report - Three Months ending 30 September 1999

Exploration

Cracow’s Klondyke drilling continues to intersect significant grades.
Extensive intersection encountered at Cadia Far East – 117m at 2.6g/t Au and 0.48% Cu.

Black Range Minerals / Helix Resources (28 October 1999)

Black Range is to acquire Helix's Owendale tenements at Fifield in NSW - near Black Range's Syerston nickel-cobalt project.

The acquisition gives Black Range access to the Owendale intrusion, where Helix has estimated the potential for 2 million tonnes of laterite at 0.35% Ni and 0.18% Co, in addition to significant potential for the discovery of additional high grade laterite material and platinum potential.
"The tenement represents the single largest intrusive in the area and represents the best potential for additional feed to Syerston," said Black Range's Executive Director, Dr Alistair Cowden.
"The acquisition effectively gives us control of all prospective nickel-cobalt laterites within 80 kilometres of the Project," he added. "It also gives the Project important additional space for waste dumps."

Exodus Minerals (28 October 1999)

Exodus is to fast-track development of its Mikado gold deposit near Laverton in WA after almost doubling the prospect's resource base and confirming the potential for further increases through infill drilling and drilling of extensions and newly identified targets.
Exodus announced a measured, indicated and inferred resource for the Laverton deposit of 1.144 million tonnes at 3.93 g/t Au (containing 145,000 ounces). This compares with a previously announced estimate of 87,000 ounces.

Petroz (28 October 1999)

Petroz advises that development of the Bayu-Undan Liquids project has move another step forward with the approval of the Development Plan by a majority of co-venturers, including Petroz.

Highlands Pacific (27 October 1999)

World class Ramu Nickel Project moves closer to fruition with government approvals and permitting imminent
Front end engineering and design (FEED) phase underway by Kvaerner Metals/Baulderstone Hornibrook JV
Frieda River confirms potential as world class copper-gold porphyry deposit with intersection of 274m @ 1.03%Cu and 0.61 g/t Au
Kainantu Gold Project returns spectacular results including 10m @ 452 g/t and 2m @ 410 g/t gold

In its Quarterly Report for the period ending 30 September, Highlands Pacific Limited (ASX: HIG) today announced the imminent permitting of its world class Ramu laterite nickel and cobalt project in Papua New Guinea, together with highly encouraging drill results from both the Frieda River and Kainantu projects

Highlands’ Managing Director, Mr Ian Holzberger summed up the quarter by saying, "the big jigsaw we have been working on for two and a half years is finally coming together with a number of the key pieces blocks now falling into place.

"Without doubt, Ramu is a world class laterite project, which has presented the Company with a huge challenge; but we are now confident that Ramu will be better engineered and have superior financial, economic, mining and processing attributes than any of the three new Australian laterite nickel projects.

"These fundamentals have been enhanced by a rising nickel price, currently the best it has been for more than three years," Mr. Holzberger said.

With most government approvals and permitting expected shortly, Highlands has also announced that the front end engineering and design phase of the project is being undertaken by the Kvaerner Metals/Baulderstone-Hornibrook Joint Venture (KBH JV).

"Our basic philosophy is to fully define the scope of the project and capital costs as a prelude to awarding a fixed lump sum contract for project construction, commissioning and ramp-up.

"This approach will guarantee the project – its capital and operating costs, our ability to finance it and ultimately to make a profit for all shareholders," Mr Holzberger said.

Frieda River shows world class potential

The Company’s quarterly report also announced spectacular drilling results from the Tru Kai prospect at Frieda River where HIG has a 21.1% interest. Three holes were drilled into the porphyry copper-gold prospect, all highly encouraging, with the best result intersecting 274m @ 1.03%Cu and 0.61g/t Au from only 24 metres depth.

"Tru Kai appears to be an extension to the main Horse Ivaal mineralisation and the latest drilling will add significantly to a higher grade resource in the overall resource inventory," Mr Holzberger said.

Kainantu Goldfield confirms potential with bonanza grade intersections

The company also confirmed success at its Kainantu gold joint venture with Nippon Mining & Metals Co Ltd of Japan where Nippon is spending US$3.5 million to earn 50%.

The Kainantu Goldfield, which covers an area of 261 square kilometres in the Eastern Highlands of PNG, is being targeted for a high grade multi-million ounce gold resource.

Results for the quarter confirm the presence of several high grade quartz pyrite gold vein systems.

Best results from the latest program include 10m @ 452g/t Au, 2m @ 410g/t Au, 26m @ 19g/t Au and 8m @ 55g/t Au.

Mr Holzberger said the results confirm the potential for major high grade gold deposits at Kainantu.

Astro Mining (26 October 1999)

During the September quarter Astro discovered highly weathered kimberlite in West Liaoning, China. In addition Astro has signed an option agreement in India and also in Inner Mongolia over areas prospective for diamonds.

Icon Oil (26 October 1999)

Icon Oil reports that Kaycee Dome No.1 has reached its total depth of 2,030 ft. The objective Tensleep Sand was encountered low to prognosis but was without significant hydrocarbon shows. Evaluation of the open hole logs confirmed this interpretation, and the well is being plugged and abandoned as a dry hole.

Tap Oil (26 October 1999)

NORTH GIPSY-1 - ANOTHER DISCOVERY

Tap advises that since the last announcement, the North Gipsy-1 well has been drilled to its total depth of 2,565 metres MD. The well is interpreted to have encountered hydrocarbons in two of the same reservoir intervals as seen in the Rose and Lee discoveries, located immediately north of the North Gipsy prospect.
Specifically, the well logs indicate that the well has encountered the following hydrocarbon intervals:

North Rankin sandstones - a gross hydrocarbon column of 16 metres;
Brigadier sandstones - a gross hydrocarbon column of 23 metres.

Hydrocarbons do not appear at this stage to be evident in the Mungaroo A and B sandstones.
The forward plan is to acquire fluid samples and pressure data from each of the above intervals to determine the nature and extent of the hydrocarbons.
The significance of this discovery cannot be underestimated. The Gipsy/Rose/Lee trend is a new play concept interpreted from 3D seismic. Every fault compartment drilled to date on this fault trend by the Harriet Joint Venture has contained hydrocarbons.
With numerous other prospects in the immediate area, along with the extensive other trending Tap acreage, this has proven to be an event of significance in Tap's strategy of exploiting value from its highly prospective Carnarvon Basin acreage, proximate to infrastructure.
The Monty prospect is planned to be the next well on this play concept and is likely to be drilled in the next two months. Another two prospects in the immediate area are also being prepared for drilling in the near future, namely Joesphine-1 and Baker-1.

Exco Resources (25 October 1999)

Exco has acquired the Windara gold tenements near Cobar in NSW from BHP in a deal which provided Exco with a quality, low-risk asset for which payment would be made after mine development.
Earlier this year Exco acquired the Mt Margartet copper-gold project in Qld from BHP -,in exchange for stock options issued to BHP.

Kimberley Diamond Co (25 October 1999)

KDC says it has recovered a further 15 diamonds (all of gem quality) weighing a total 6.5 carats (from 125 tonnes of gravel) from its Pit 52 at the Blina Project, 100km east of Derby in WA. The largest diamond weighed 2.4 carats.

Kings Minerals (25 October 1999)

KM has taken a 40% interest in a South African offshore diamond project (132 sq.km offshore concession in Northern Cape Province) in partnership with Trans Hex of Johannesburg. KM will spend $250,000 to provide a vesel to carry out exploration to a depth of 15m.

Summit Resources (25 October 1999)

Summit said the Queensland Labor Government is hampering plans to develop the Valhalla uranium-vanadium project in the north-west of the state. Summit is now seeking advice from the Qld Mines & Energy Dep't on the status of the tenements, a possible freeze on spending on the project and compensation for the company's lost value at Valhalla.

Amity Oil (23 October 1999)

Amity have advised that the Sedco 702 drilling rig is moving into position over the Cuttlefish -1 well, and is expected to spud this weekend. This well is testing the Cuttlefish prospect in the Gippsland Basin, and it is expected to take 11 days to drill the 1,200 m deep well.

Caldera Resources (22 October 1999)

Caldera has announced the discovery a microdiamond from processing of a 4 kg loam sample collected from an aeromagnetic target in the Tabletop Project area in WA.

Exco Resources (22 October 1999)

Exco has announced a copper discovery at the northern part of their E1 copper prospect in the Mt Margaret area, east of Ernest Henry. A total of 44 holes was drilled for 4,044 m on the project during the September quarter. Best result from RC drilling was 48 m @ 1.20 % Cu, 0.17 g/t Au, including a high grade 6 m zone @ 3.1% Cu, 0.4 g/t Au. The mineralized zone appears to be truncated to the west by a fault. In addition, the zone may be dipping to the south, as a line of holes to the south ended in weak mineralisation. Diamond drilling will be used to deepen these holes. Further drilling on the previously announced main E1 zone of mineralisation has recently commenced. This prospect contains a 10 million tonne resource @ 0.9% Cu and 0.2g/t Au.

Mobil / Gorgon Gas field (22 October 1999)

The Gorgon partner have announced a second discovery (Orthrus-1) near the Geryon target in Permit WA 267-P in the offshore Carnarvon Basin off WA's northwest coast.

Straits Resources (22 October 1999)

Summary - September Quarterly Report

Significant drill intersections at Nifty copper shows potential for depth and strike extension to leachable resource.
Diamond hole 99NODH6 intersected various secondary mineralised zones (>0.2% Cu), between 200 and 300m downhole totalling 49.6m @ 1.2% Cu, including a chalcocite zone of 8.9m @ 3.3% Cu from 256m, fifty metres below the currently planned pit floor.
Company secured option to acquire 35% interest in Las Cruces Copper Project.

Aurora Gold (21 October 1999)

At Mt Muro, new mineral resources were identifed at Langantihan and Dua Lagi, adding some 101,000 ounces gold equivalent to the project’s resource inventory.

The Toka Tindung Project in North Sulawesi, which was placed on care and maintenance during the Quarter due to the social and political climate in the province, also enjoyed exploration success, with mineral resources increased by 143,000 ounces to a total of 1.7 million ounces gold equivalent. The increase was due to contributions from the Pajajaran and Bima deposits.

At Morobe Gold Project in Papua New Guinea (50% owned by Aurora), infill and step out drilling significantly improved the Company’s confidence in the quality of resources, improving the grade of the Hamata resource by 9% and the Hidde Valley resource by 25% with a consequent reduction in tonnage for each. The Kaveroi resource was increased by 107,000 gold equivalent ounces.

The revised global Morobe resource now stands at 5.3 million gold equivalent ounces.

In Australia, RC drilling at the Fortitude Prospect near Lake Carey intersected primary gold mineralisation over 800 metres of strike, returning some very encouraging intersections including 10 metres at 5.4 g/t from 144 metres, 3 metres at 85.1 g/t from 156 metres, 14 metres at 4.2 g/t from 44 metres and 24 metres at 3.37 g/t from 165 metres.

Australian Gold Resources (21 October 1999)

Inferred mineral resource at the Youanmi Vanadium Project now totals 136 million tonnes at 0.42% V₂O₅, following drilling during the September quarter. Nine RC drill traverses were completed; best results included 56 m @ 0.53% V₂O₅ and 20 m @ 0.67% V₂O₅. Further wide spaced drilling to the south west has indicated that the mineralised complex may extend a further 20 kilometres.
In nickel exploration during the quarter, AGR concentrated on the Mt Thirsty project, north west of Norseman in WA. Aircore and RC drilling has identified a 700 metre zone of lateritic nickel-cobalt mineralisation, with the widest intersection being 13 m @ 0.16% Co, 0.67% Ni from 17 m. Currently, a resource estimate is being prepared for the project.

Glengarry Resources / BHP (20 October 1999)

BHP has entered a JV with Glengarry to explore for copper and gold in north Qld. If successful, Glengarry can take a 30% stake in any resource discovered with metal worth more than $1.5 billion or 100% if the discovery is any smaller.

Shell Australia (20 October 1999)

Shell has agreed to spend $30 million on new exploration in return for abandoning drilling the Cornea fields (once thought to contain more than 1 billion barrels of oil).

Acacia Resources (19 October 1999)

Acacia announced exciting exploration results at the 100% owned Coyote prospect in the Tanami region of Western Australia. An extensive drilling program has encountered widespread high-grade gold mineralisation over an area of 800 metres by 200 metres. The mineralisation has not been closed off. Drill intercepts include 8 metres at 458 g/t and 13 metres at 39 g/t.
Dr Folie said, "The Coyote discovery is another example of perseverance in exploration being rewarded. We have been involved in exploration in the Tanami region for 9 years and even at this early stage Coyote looks like one of our most significant discoveries."

Normandy NFM (19 October 1999)

Deep drilling has extended the Wilson Shoot at the Callie Mine to 1,250 metres below surface. Significant intersections include 37 m @ 10.7 g/t, 36 m @ 8 g/t and 9 m @ 12.2 g/t.

Allegiance Mining (18 October 1999)

Allegiance has announced encouraging drilling results from the Nickel Reward project in Tasmania - including 3.2m @4.6%Ni, 2.86%Cu and and 0,12%Co.

Fraser Range Holdings (18 October 1999)

Fraser is to market the rare white granite (used for bench tops, small tables and feature walls) from its deposit near Mt Magnet in WA. Indicated recoverable reserves range between 106,000 cu ft and 212,000 cu ft.

Iscor / Mincor Resources (18 October 1999)

South African Iscor has gained control of Mincor Resources (ex Africwest Gold) and has commenced transferring its global exploration interests to Mincor. Iscor will use Mincor to seek operating gold mines and base metals prospects in Australia.

Resolute (18 October 1999)

Resolute has announced encouraging drilling results from the Burkina Faso project - best results included 31m @ 5.2 g/t Au, 30m@ 4.3 g/t Au and 16m @5.6 g/t Au.

Sirocco esources (18 October 1999)

Sirocco has poured its first gold at the Quest 29 project in the NT. Sirocco expects gold production toreach 20,000 oz/yr, and when ore is brought in from the nearby Tom's Gully project, production will increase to 40,000 ozs.

Amity Oil (15 October 1999)

Amity says it will sign a farm-in agreement with Texas Tri-C Resources Inc over the VIC/P40 ofshore permit in the Gippsland Basin. Tri-C may earn 70% from Amity and Pan Pacific Petroleum by contributing to the cost of the Cuttlefish-1 well.

Lafayette Mining (16 October 1999)

Lafayette is pleased to announce the findings of the preliminary feasibility study undertaken on the Rapu Rapu polymetallic project in the Philippines.

The findings of the preliminary feasibility study confirm the robustness of the project and the directors of Lafayette have resolved to continue with its rapid development by advancing to the bankable feasibility stage.

The ore body upon which the study is based remains open in all directions, most notably to the west where the deposit in less than 2 kms from another identified zone of mineralisation and to the south where the last drill hole completed in attempting to close off a section intersected 80m of ore grade mineralisation. The next phase of drilling is anticipated to extend the resource base substantially.

The projects total proven and probable reserves are 5.736 million tonnes @ 1.34% Cu, 2.18 % zinc, 2.61 g/t gold and 31.72 g/t silver.

Given of the advanced nature of core elements of the preliminary feasibility study, the directors of Lafayette are holding discussions with potential financiers to the project in order that the scope and extent of the bankable study can be defined. Once these parameters are known the bankable feasibility study will commence. These potential financiers have expressed their strong enthusiasm to become involved in the project.

LionOre / Dalrymple Resources (16 October 1999)

LionOre has announced additional drilling results from the recent Thunderbox gold discovery, located on its Wildara nickel/gold exploration project in the Northeastern Goldfields of Western Australia. The project is a joint venture in which LionOre holds a 60% interest with Dalrymple Resources NL holding a 40% interest.

An RC percussion drilling programme was undertaken as a first-stage quality assuranc exercise, to investigate the reliability of the earlier RAB drilling results, together with the internal continuity within the oxide zone mineralisation and to obtain initial indications of the characteristics of the upper portion of the underlying primary zone.

The RC percussion drilling results highlighted the apparent robustness of the deposit by confirming the wide widths and grades intersected by previous RAB drilling and providing confirmation that the mineralisation extends down into the primary zone. Some of the more notable results from the latest round of drilling include 51 m @ 6.57 g/t from 39metres and 98 m @ 5.07 g/t from 27metres. The deposit still remains open along strike to the north and down dip.
The latest drilling results confirm that Thunderbox is a very significant new gold discovery and the joint venture has recently approved an increased budget of A$1.0M, for the three months, to December 31, 1999, to fund a vigorous exploration programme to
- delineate further strike extensions to the deposit.
- evaluate the deposit to an Indicated Resource standard
-undertake preliminary diamond drilling of the primary zone, to further investigate its potential and the characteristics and geometries of the lodes, and
-undertake preliminary metallurgical and environmental work

Petroz (16 October 1999)

Petroz advises that drilling and testing operations on the Segat-3 well located in the Bentu PSC of Sumatra were completed on 15 October. The successful testing program confirmed the reserves and deliverability potential of the Segat Gas Field. Test 1 confirmed the discovery of a new gas zone whicg added reserves and deliverability to this project.

Resolute (16 October 1999)

Report on Activities for the Quarter to 30 September 1999

DEVELOPMENT

Chalice - 100%

Development and exploration drilling at Widgimooltha converted resources to reserves (22m @ 6.1g/t, 7m @ 26.9g/t and 9m @ 8.7g/t).
In addition, RC and diamond drilling identified extensions to the known mineralisation at Darlek and West Oliver (12m @ 13.6g/t, 8m @ 15.5g/t)

EXPLORATION

Crush Creek - Resolute 100%

Joint Venture partner Basin Gold Pty Ltd elected to move to royalty only. Resolute now holds 100% equity in the project.
A resistivity survey highlighted a number of targets along strike from the BV7 prospect.
Diamond drilling is planned for the December quarter.

Belahouro - Resolute 54%

Results from the most recent drilling programme indicate continued potential at depth at th Inata Prospect (31m @ 5.2g/t, 30m @ 4.3g/t, 16m @ 5.8g/t and 19m 6.2g/t).

Titan Resources (16 October 1999)

Titan has reached an agreement to sell its East Location 45 nickel and gold prospect to Pacific Nevada Mining Corp Pty Ltd for A$2.1 million. The sale of this "non core" asset was to free up capital, so the company could concentrate on its pursuit of a metallurgical breakthrough in biological nickel sulphide mining.

Triako Resources / Platsearch (16 October 1999)

Recent RAB drilling (10,194 metres) on the Centennial project in Broken Hill has delineated 3 new zinc targets. The zinc anomalies are in soil-covered areas, near known zinc and lead gossans, and quartz - gahnite lode horizons. Best results include 2% lead and zinc in bottom of hole samples. Calcrete sampling was also undertaken, with some zinc and gold anomalies identified.

Herald Resources (14 October 1999)

Dual Release with International Annax Ventures Inc

Herald owns 6,729,124 shares representing 55% of the issued capital of affiliated Canadian-listed company International Annax Ventures Inc ("IAX").
IAX reported to the Vancouver Stock Exchange on 13 October, 1999 as follows:
"

Drill hole hits 17 metres (56 feet) of 31% combined zinc-lead

Diamond drill hole SOP 18D has intersected the most significant massive sulphide "sedex" style mineralization seen to date at the Dairi Zinc-Lead Project located in North Sumatra.
Exploration at Dairi is being carried out under the direction of Cominco Ltd. Cominco has the right to earn a 40% interest in the project from IAX by making exploration expenditures of US$10 million over a five-year period.

Icon Oil (14 October 1999)

Icon Oil reports that Kaycee Dome No.1 commenced drilling at 8 a.m. on Wednesday 13 October 1999 (USA Mountain Time). The well is programmed to drill to a depth of approximately 2000 feet to intersect the Tensleep Sandstone which produces from the same sand 3 miles northeast in the North Fork and Cellars Ranch oilfields. These oilfields have cumulative production in excess of 28 million barrels of oil from an area of approximately 800 acres. The structural similarities between these oilfields and Kaycee Dome are almost identical. Kaycee dome is much shallower at 2000 feet (compared to 5000 feet in the oilfields) in that it has been uplifted by the Rocky Mountain thrust.

Herald Resources (14 October 1999)

Significant Drill Results - Coolgardie Joint Venture

Mining Project Investors ("MPI"), managers of the Coolgardie Joint Venture report a number of significant results from recent drilling at the Empress North Prospect, which is located close to the previously-mined Tindals underground workings. This drilling was completed to follow-up encouraging results announced on 25 August 1999.
The follow-up drilling comprised 15 diamond holes for 4089.2m and has confirmed the presence of two high grade lodes; the Empress Lode located on the Empress Structure and the Porphyry Lode, 25 to 40m west of the Empress Structure. Significant results from this drilling are tabulated overleaf and include:

7m
@ 6.9g/t Au

32m
@ 9.1g/t Au

3m
@ 10.2g/t Au

12m
@ 10.9g/t Au

12m
@ 5.0g/t Au

3m
@ 55 g/t Au

11m
@ 9.2g/t Au

16m
@ 14.3g/t Au

3m
@ 21.7g/t Au

Sons of Gwalia (14 October 1999)

SOG is investigating the possibility of developing a second major underground mine at its operations near Leonora in WA. Dep drilling indicates the potential for a mineable resource of 2 million ounces at depths of 1,000 to 1400 metres. Conceptual studies show the Deeps project could produce up to 200,000 ounces/year - at a cash cost of $300.00/oz.

Amadeus Petroleum (13 October 1999)

Amadeus expects to finalise a fresh round of US acquisitions as it moves to double its group production over the next 12 months.

BeMaX Resources (13 October 1999)

BEMAX ON TRACK FOR MURRAY BASIN RESOURCE AFTER OUTSTANDING RESULTS

BeMaX Resources NL and its partners in the Murray Basin Joint Venture (BeMaX 50% and operator, Imperial Mining NL 25% and Probo Mining Pty Ltd 25%) are on track to delineate a significant resource for the Pooncarie South prospect in the northern Murray Basin after the latest round of drilling confirmed its discoveries as potentially the most significant to date in the region.

The latest results come from the Ginkgo-Ginkgo Extended Prospects in the South Pooncarie area, which are being targeted as part of an extensive delineation drilling program to follow up the initial high-grade discovery holes in 1998.

BeMaX’s Managing Director, Mr Stephen Everett, said preliminary results from four widely spaced drill traverses across the interpreted north-west trending mineralised strandline encompassing the Ginkgo and Ginkgo Extended prospects had significantly boosted the area’s potential.

Cluff Resources (12 October 1999)

The recovery of a further 163 gem-quality diamonds weighing 27.5 carats from the Monte Christo mine in NSW helped lift Cluff's share price to a new high - up 3.2 cents to 8.5 cents on heavy volume. Cluff says the area now being mined has increased in grade from 4-5 carats per 100 tonnes to 11.5 carats/100 tonnes. It has also installed a new crusher which will enable it to treat potentially diamondiferous ironstone material previously regarded as waste.

Acacia Resources / Roebuck Resources (11 October 1999)

Acacia has announced that drilling at the Melville gold project, 20km north of Yalgoo in WA, has defined a 4km zone anomalous in gold. Acacia is earning a 75% interest in the project in partnership with Roebuck.

Gindalbie Gold (11 October 1999)

Gindalbie has delineated a copper-gold mineralised area of at least 10km in length at the Paterson West project, 40km from Telfer, in WA. All 29 drill holes intersected gold &/or copper and Gindalbie is now planning further drilling.

Hardman Resources (11 October 1999)

Hardman has advised that drilling of a gas well in Italy had been delayed to enable further environmental and safety studies. Hardman expects to commence drilling in November.

Lafayette Mining (11 October 1999)

Lafayette has announced proved and probable reserves at the Rapu Rapu project (Ungay Malobago deposit) in The Philippines of 5.74 million tonnes @ 1.34% Cu, 2.18% Zn, 2.61 g/t Au and 31.72 g/t Ag. The pit optimisation study had been calculated at a gold price of just US$260/oz, so that any sustained improvement in the gold price would have significant economic benefits for the project.

Lakes Oil (11 October1999)

"INVESTIGATOR - 1" WELL, PEP 136, AND
FORWARD DRILLING PROGRAMME

Investigator-1 reached total depth of 697 metres on 9 October 1999.

The Latrobe Formation was encountered at the anticipated depth of 582 metres. The Top Latrobe clastics were water saturated, as predicted. The Lower Latrobe target encountered several gas shows associated with coal beds in the sequence, but none of these proved commercially significant. The Lower Latrobe Formation section contained excellent reservoir beds, but the hoped for intra-formational seals, which are effective to the south in the offshore portion of the basin, were not present or poorly developed at the Investigator location. This meant that the hoped for protection from flushing was not effective.

Lakes Oil’s next drilling project is also located in the onshore Gippsland Basin between the towns of Seaspray and Longford in permit PEP 134, Victoria. Several wells were drilled in this vicinity in the 1960’s , one of which flowed gas to surface from the Golden Beach Formation target, (which underlies the Latrobe Formation). The prospect has an estimated potential of up to 60 BCF of recoverable gas, should gas be present. The close proximity to the gas trunkline into Longford, and Victoria’s need for alternative supplies of natural gas, make this an interesting prospect.

Metex Resources (11 October 1999)

Metex is actively reassessing its development options on the Laverton JV with Delta Gold in WA. Metex says the project will become commercially viable at a gold price of A$500/oz.

Mineral Commodities (11 October 1999)

Following the surge in the gold price, Mineral Commodities is confident the White Foil gold project (49% equity) in WA would go ahead.

PacMin Mining (11 October 1999)

Pacmin expects to open its new Carosue Dam gold mne, near Kalgoorlie in Wa, next year and begin production in the second half.

Resolute (11 October 1999)

Following the surge in the gold price, Resolute is reassessing its Crush Creek operation in Qld.

Stuart Petroleum (11 October 1999)

Stuart has reported encouraging drilling results at its Coburn mineral sands project in WA. One hole intersected a 26m thick mineralised dune averaging 1.4% heavy minerals. One strand assayed at 49% ilmenite, 18% zircon, 10% leucoxene, 7% rutile and 16% trash.

Taipan Resources / Resolute (11 October 1999)

Following the surge in the gold price, Taipan is planning to develop the Paulsens gold deposit in WA. The project is based on a A$460/oz gold price. Resolute is Taipan's largest shareholder.

WMC (11 October 1999)

WMC will make a decision in the next few weeks on whethet to commence a new heap leaching project at its st Ives gold mines. Production would increase by about 10%.

Golden Cross Resources (9 October 1999)

GRANNY SMITH JOINT VENTURERS COMMENCE FOLLOW-UP DRILLING
ON GCR’S LAVERTON PROJECT

The Placer (Granny Smith) Pty Ltd/Delta Gold NL Granny Smith Joint Venture commenced follow-up RAB drilling on 7 October 1999 at GCR’s 100%-owned Laverton gold project in WA.

The programme consists of 40 RAB drill holes, for a total of approximately 2,500m, in the vicinity of hole MMR027. On 30 September 1999 GCR reported to ASX that hole MMR027 intersected 12m at 6.04 g/t gold, from 63m depth. The follow-up programme is aimed at reducing the current drill-spacing to 100m by 50m, in the vicinity of hole MMR027.

Gorgon Gas Project (9 October 1999)

The partners (Chevron, Shell, Texaco and Mobil) have announced what could be a significant natural gas discovery at the first well (Geryon-1) to be drilled in a permit area near the Gorgon gas field off the WA coast. The find includes 3 high-quality reservoir zones, approx. 40km north-west of the existing Gorgon field.

New Hampton Goldfields (9 October 1999)

ACQUISITION OF BIG BELL AND APPOINTMENT OF NEW CEO

KEY POINTS :

Acquisition of Big Bell Gold Operations and associated working capital, other Murchison assets and remaining 40% of Hampton Lands for 50 million shares and $12 million cash over two years
Mr. E. Eshuys appointed Managing Director and Chief Executive Officer
Restructuring of the company’s interest in Mineral Deposits Limited

Lakes Oil (8 October1999)

DRILLING - "INVESTIGATOR - 1" WELL, PEP 136
ONSHORE GIPPSLAND BASIN, VICTORIA

Lakes Oil N.L. wishes to announce that, at midnight on October 7, 1999, the "Investigator-1" well was at a depth of 381 metres and drilling 156 mm hole.

This well is located approximately 10 km south of Bairnsdale and will evaluate the hydrocarbon potential of the Intra Latrobe Formation Sands. The well is also located up dip and approximately 10.5 kilometres from the recent occurrences of "mud islands" believed to be caused by the mud on the bottom of the lakes being forced to the surface by escaping gas.

Australian Resources (7 October 1999)

A private company of Hill 50 Gold chairman Peter Newton has purchased the Gidgee gold mine (85,000 oz/yr) in WA from tha Aust Res administrators for $5 million. Hill 50 Gold says the mine will not come under the company's management.

Gympie Gold (7 October 1999)

Subject to a feasibility study, Gympie Gold plans to develop a second gold mine (the Lewis Mine) at Gympie - which would have the potential to triple gold production and cut overall cash operating costs by 30%. Production would commence in the first half of 2000.

Lakes Oil (7 October1999)

DRILLING - "INVESTIGATOR - 1" WELL, PEP 136
ONSHORE GIPPSLAND BASIN, VICTORIA

Lakes Oil N.L. wishes to announce that, at midnight on October 6, 1999, the "Investigator-1" well was at a depth of 130 metres. During the 24 hour period to midnight, the company had run and cemented 178 mm casing at 125 metres.

This well is located approximately 10 km south of Bairnsdale and will evaluate the hydrocarbon potential of the Intra Latrobe Formation Sands. The well is also located up dip and approximately 10.5 kilometres from the recent occurrences of "mud islands" believed to be caused by the mud on the bottom of the lakes being forced to the surface by escaping gas.

Adelong Consolidated Gold Mines (4 October 1999)

Adelong is to start immediately on an exploration program at its Adelong gold property in NSW, where it had so far established a resource of 148,000 ounces. Drilling will test extensions to outline a larger gold resource.

Ashton Mining (4 October 1999)

Ashton has reported the discovery of a new kimberlite (Hydra) on the Ric property in Canada.

Caledonian Pacific Minerals (4 October 1999)

Caledonian Pacific Minerals plans to commence a major exploration program at Dundurrabin to follow-up highly encouraging gold results obtained from a recent scout RC drilling program. This program intersected broad zones of low grade gold mineralisation typical of the fringe zone of a major porphyry system. Typical intersections are 96 m @ 0.24 g/t gold over the entire length of hole TRC1, 75 m @ 0.21 g/t gold from 35 m in hole TRC2, 67 m @ 0.23 g/t gold from 47 m in TRC3, 35 m @ 0.27 g/t gold from 11 m in TRC4 and 78 m @ 0.27 g/t gold from 42 m in TRC5. All holes bottomed in gold mineralisation.

Kingsgate Consolidated (4 October 1999)

Kingsgate has announced a resource at the Chatree gold project in Thailand of 8.2 million tonnes @ 3.1 g/t Au for 870,000 ounces. A feasibility study indicated the mining of 1 million tonnes/year for the first 2 years, increasing to 1.5mtpy from the third year.

Lakes Oil (4 October1999)

DRILLING - "BAUDIN – 1" WELL, PEP 135 & "INVESTIGATOR – 1" WELL, PEP 136
ONSHORE GIPPSLAND BASIN, VICTORIA

Lakes Oil N.L. wishes to announce that the Baudin – 1 well reached a total depth of 426 metres, late in the afternoon, on Friday October 1, 1999.

Electric logs were run early on Saturday October 2, 1999. The well encountered 32 metres of good quality Latrobe Formation Sands but with no hydrocarbon shows. The top of the Latrobe Formation was encountered at 370 metres and basement was reached at 402 metres.

The well was subsequently plugged and abandoned and the rig released at 7 am on Sunday October 3, 1999.

It is envisaged that the Investigator – 1 well, located in PEP 136, will commence drilling on Tuesday October 5, 1999.

Woodside Petroleum (4 October 1999)

Woodside Energy Ltd., on behalf of the WA-1-P joint venturers, advises that they have given formal approval to begin development of the Legendre oil fields on the North West Shelf in Western Australia.
The project, to cost about A$110 million, will be centred on the Legendre North and Legendre South oil fields in WA-1-P, about 100km north of the Burrup Peninsula and about 35km south-east of the Wanaea-Cossack oil fields.
The Legendre fields contain estimated probable recoverable reserves of 40.4 million barrels. The fields will be developed through three horizontal production wells in the Legendre North field and one in the Legendre South field. Gas produced beyond requirements for powering production facilities will be reinjected. First oil is planned for mid-2001.

Herald Resources / Gateway Mining (2 October 1999)

Gateway has announced highly encouraging drillling results from its Gidgee Project in WA. Best results from the 47-hole RAB drilling program, on 9 previously defined targets, included 23m @ 2.24 g/t Au at Barrelmaker South and 13m @ 2.16 g/t at Crater.
The Barrelmaker trend is a series of gold-in-laterite anomalies trending southwesterly over 4km with values that exceed 50ppb Au. This area includes tenements held 100% by Gateway, the Legendre JV in the north and by a JV with Herald in the south.
Recently completed drilling at Barrelmaker South intersected shallow westerly-dipping quartz veins below a 20-30m deep depletion zone. The results continue to provide strong encouragement and include 3m @ 10.40 g/t Au.

Gateway has also announced a new JV agreement with Herald that covers part of Gateway's Gidgee Project in WA. Gateway will hold an 80% interest in the highly prospective South Barrelmaker and Crater EL areas. Herald will retain a 20% free carried interest through to completion of a mine feasibility study.

Golden Cross Resources / Placer Dome / Delta Gold (1 October 1999)

GRANNY SMITH JOINT VENTURERS
REPORT GOLD DISCOVERY
ON GCR'S LAVERTON PROJECT

The Placer (Granny Smith) Pty Ltd/Delta Gold NL Granny Smith Joint Venture reported RAB drill results of up to 12m at 6 ppm gold on GCR's 100%-owned Laverton gold project in WA.

The discovery was made on GCR's "Merolia" exploration licence, approximately 30 km northeast of Placer/Delta Gold's Granny Smith Mine. Placer/Delta may earn a 70% interest in GCR's Laverton project by completing a bankable feasibility study by May 2002.

Placer completed 52 RAB drill holes to follow up on encouraging vacuum auger drill results reported by GCR to ASX on 30 August 1999. The vacuum auger drilling had delineated a 700m by 400m gold soil anomaly.

Lakes Oil (1 October1999)

DRILLING - "BAUDIN – 1" WELL, PEP 135
ONSHORE GIPPSLAND BASIN, VICTORIA

Lakes Oil N.L. wishes to announce that, at 12.00 am (midnight) on September 30, 1999, the "Baudin – 1" well had attained a depth of 329 metres.
The primary target for the well is now anticipated at between approximately 390 metres and 400 metres.

Petroz / Santos (1 October 1999)

Petroz advises that Segat-3, the first of a 2 well drilling program in Sumatra, has intersected 12 sands containing gas. The well is currently undergoing a testing program. The first interval to be tested, from 545m to 560m in the Binio Formation, is a 15m sand which was not present in other wells in the area, and is therefore a new pool discovery.

Minerals Council of Australia (30 September 1999)

Australia's mineral industry will mount a $25 million package to reform university education of mining engineers, metallurgists and geoscientists. The MCA has brokered the scheme 18 months after releasing a report which criticised universities for encouraging too many small, unviable departments ofering too many low-quality courses in the minerals area. The MCA will set up a Minerals Education Council to oversee creation of a "national, world-class sustainable minerals tertiary education system".

Lakes Oil (29 September 1999)

DRILLING - "BAUDIN – 1" WELL, PEP 135
ONSHORE GIPPSLAND BASIN, VICTORIA

Lakes Oil N.L. wishes to announce that at 6.30 pm yesterday the company commenced the drilling of "Baudin – 1" well in PEP 135. As at 6.00 am this morning the well was at a depth of 130 metres and preparing to run 176 mm casing.

This well is located less than one kilometre North of the "Gippsland – 1" well drilled in 1939, which had both oil and gas shows. The well is designed to test the same reservoir sands, which produce oil and gas in the offshore Gippsland Basin.

Lakes Oil intends to make daily drilling reports on both this well and the "Investigator – 1" well which will follow the Baudin – 1.

Acacia Resources (29 September 1999)

MAJOR UPGRADE OF WANDOO AND SUNRISE DAM

Acacia Resources Limited today announced a major upgrade of the Wandoo project, which would place Wandoo among the lowest cost large gold operations in the world.
The announcement follows an Acacia review of the substantial work completed by the project manager to date on the Wandoo feasibility study. Acacia’s review indicated that a future Wandoo operation could produce an average of 540,000 ounces of gold a year for over 20 years at an average cash cost of $250 (US$163) an ounce, and an average total cost of $305 (US$198) an ounce, with options identified and under review to further reduce costs.

Acacia also released the results of a study which confirmed the viability of expanding its Sunrise Dam operation to produce 320,000 ounces of gold a year for eight years at an average cash cost of $217 (US$141) per ounce, and upgraded the open pit reserves at the Cleo deposit by 25% to 2.1 million ounces.

Acacia Managing Director Michael Folie said that feasibility studies on both operations had been in progress for some time and that both were due to be finished over the next nine months.

Glengarry Resources (27 September 1999)

Drilling has commenced on 3 of its gold properties in the Charters Towers - Drummond Basin region of North Qld. About 8000 metres will be drilled by JV partners Normandy Mt Leyshon (at the Great Britain project), MPI Gold (at the Harvest Home project) and Homestake Gold of Australia (at the Lake Suttor project).

Mount Burgess Gold Mining Co (27 September 1999)

Annual Report - Summary of Address By the Chairman

Sale of its 50% share in the Red October Gold deposit to Sons of Gwalia for $14 million plus downstream royalties.
At Telfer, a JV where Normandy Gold can earn a 51% interest, a substantial drilling program, to test a number of gold and base metal anomalies, is being conducted this field season.
At Mount Weld, just east of Red October, a significant gepohysical anomaly of some 25km²has been delineated. Drilling will commence upon successful conclusion of Native Title negotiations.
At Tay, drilling will shortly commence on the 11km-long Vauni anomaly (gold , nickel and vanadium)
Involvement in Africa with the Tsumkwe diamond project in Namibia by way of a JV with Kimberlite Resources. Drilling and exploration work is currently in progress.

Nido Petroleum (27 September 1999)

Nido (40%-owned by Novus Petroleum) has acquired an option over 40% of the Zhongyuan onshore oil project in China. The field, in Henan Province, is being redeveloped with first oil production expected in mid-2000. Nido will receive 40% of the field's expanded production, or about 4400 barrels/day. Cost of the acquisition was US$500,000.

Stuart Metals / Stuart Petroleum (27 September 1999)

Stuart Metals has raised $5.5 million through a 1-for-1 renounceable rights issue and changed its name to Stuart Petroleum. Earlier this year Stuart acquired 2 blocks (released by Santos) in the Cooper and Cooper-Eromanga Basins. Stuart has planned a 28-well program over the next 5 years. The main gas target is at Paning (near Moomba), where Stuart is targeting a resource from 13bcf to a best case scenario of 340bcf.

Wells Gold (27 September 1999)

Wells has applied for 38 exploration blocks in the Dundas mineral field, approx 40km south-east of the Maggie Hayes nickel deposit, in WA. It covers a section of the prospective (gold and nickel) Lake Johnston greenstone belt.

Zimplats (27 September 1999)

Limited trial box-cut work has commenced on the Ngezi platinum project in Zimbabwe. 300,000 tonnes of rock will be excavated in oreder to confirm the mining characteristics of the waste rock and platinum-bearing rock.

Dominion Mining / Western Metals (24 September 1999)

Dominion plans to acquire a 50% stake in the Hellyer Tailings project in Tasmania. It has agreed to fund a $5 million bankable feasibility study and in return gets half of an 11 million tonne tailings resource estimated to contain 1 million ounces of gold, 30 million ounces of silver and 300,000 tonnes of zinc. Dominion also has the right to buy ouy partner Western Metals which owns the operating Hellyer lead-zinc mine.

Gold Sales (22 September 1999)

The Bank of England's gold sale (25 tonnes) produced a better-than-expected result. Consequently the spot gold price jumped US$5.80 to US$260.60.

Novus Petroleum (22 September 1999)

Novus has increased its presence in Oman by signing an exploration and production sharing agreement with the Sultanate of Oman for the Block 17 concession, covering the onshore Musandam Peninsula and the offshore area surrounding the peninsula. Block 17 is contiguous with Novus' Block 8 concession which has production from the Bukha field.

Ralph Tax Review (22 September 1999)

Major resource companies have welcomed moves to cut the corporate tax rate from 36% to 30%.

However, some smaller companies believe the scrapping of accelerated depreciation spells disaster for the mining industry, with the decision taking away all incentives to invest money, create growth and sustain employment. Peter Cook, managing director of Hill 50 Gold, says the changes will be particularly damaging to future underground mine development, which generally incurs high upfront capital expenditure before commercial production can begin. "I can see scenarios where longer term capital projects will be cancelled, unless the companies are absolutely flush with funds."
The Federal Givernment has offered some hope by saying it will give special consideration to projects with major capital expenditure.

Striker Resources (22 September 1999)

Striker says results from bulk sampling at its Ashmore diamond project in WA are encouraging, yielding 785 diamonds weighing a total 55 carats.

Gold Exploration (21 September 1999)

Gold exploration cuts made up 70% of a $229 million (21%) slump in mineral exploration in 1998/99. Most exploration is now centered on existing operations with little greenfield exploration to find the next generation of gold mines.
WA has been the hardest hit with gold exploration falling 26% to $459 million. A positive sign was a 13% ($13 million) increase in overall gold exploration expenditure in the June quarter compared to the March quarter, but the totals remain 26% or $39 million lower than the prtevious corrresponding period.
Metres drilled fell 28% to 8.1 million metres in the year to 30 June, the lowest level since 1992.

Petroleum exploration in the last year was also down $114 million to $868 million with almost 80% of the funds spent offshore.

Hargraves Resources (21 September 1999)

Hargraves has bought 51% of the Selwyn copper-gold mine in Qld from the receivers for an undisclosed price. Selwyn, under the control of now bankrupt Australian Resources, produced 45,300 ounces of gold and 22,400 tonnes of copper, at A$193/oz after copper credits, in 1997/98.

Herald Resources (21 September 1999)

The Company is pleased to announce that Cominco Ltd commenced a program of UTEM geophysics and diamond drilling in August/September 1999 on the Sopokomil North Sumatra project, where significant zinc/lead results have previously been reported.

UTEM geophysics

This ground EM survey has been designed to trace sedex-type massive sulphide conductors to considerable depth over and above the penetration obtained in an EM survey conducted in 1998. In excess of 70 line kilometers of traversing has been completed over about 10 sq km of the Sopkomil-Bongkaras target area.

The Julu Sedex Zone package of carbonaceous shales with multiple sedex horizons has been traced over about 4.5km and is still open to the north in the Bongkaras area. At the south end, a previously postulated south-plunging anticline appears to have been confirmed and on the western limb, the strongest EM conductor yet encountered has been delineated. This anomaly has been traced over 800m in its strongest part, indicating potential for a substantial sulphide body at relatively shallow depth. It is plunging to the south east for some further considerable distance.

Diamond drilling

The above anomaly will be drilled in the current program, together with other "highs" on the eastern limb.

Most assay results from the earlier holes in the program are expected shortly. Preliminary results of the first batch for hole SOP 15D include an intercept of the carbonate-hosted Basuki Lode of 10.5m @ 6.33% Zn and 6.53% Pb from 12 - 22.5m depth."

Croesus Mining (20 September 1999)

Croesus has announced high-grade gold mineralisation from diamond drilling at its Crusader project, 160km north-east of Kalgoorlie in WA. The best intersection was 9m @ 9.21 g/t Au - beneath an earlier RC intersection (9m @ 6.81g/t). Gold mineralisation has been defined over a strike length of at least 1000m.

Dragon Mining (20 September 1999)

Dragon has negotiated an option over the Svartliden gold project in the Skellefte mining district (half way between Stockholm and the Arctic Circle) with Canadian-listed Viking Gold Corp who has a 60% stake in the project. A merger proposal has been put to Viking's shareholders.

Rimfire Pacific Mining (20 September 1999)

Rimfire has commenced exploration at its Peel Fault diamond tenements, within the Bingara-Copeton alluvial diamond province, in NSW. Rimfire's main target is the Nareena anomaly.

Striker Resources (20 September 1999)

Striker's share price has jumped from 19.5 cents to 31 cents in the past 5 days, with speculation that Striker will announce positive results from its trial dredging program (for diamonds) in the Kimberley region in WA.

Mosaic Oil (18 September 1999)

New petroleum exploration permits for northern Australia have been awarded to a consortium of Indo-Pacific Energy and Mosaic Oil; Canadian Petroleum International and the TSP Arafura Petroleum Oz-Exoil consortium.

Gallery Gold (17 September 1999)

Gallery Gold has recently completed an initial 22 hole RC percussion drilling program to test five soil anomalies on its 100%-owned Mupane Prospect in Botswana.
All five soil anomaly areas returned ore grade gold intercepts with the best results including Area 1 - 65m @ 4.0 g/t Au (including36m@ 5.9 g/t and 2m @12.9 g/t) , Area 2 - 38m@ 1.3 g/t (including 10m@2.7 g/t), Area 4 - 15m@2.8 g/t (including 7m@ 4.1 g/t).
Planning for a Phase 2 follow-up drilling program later this year is in progress. Phase 2 drilling will largely focus on Mupane Areas 1, 2 and 4 but will also include other targets at Mupane and initial testing of the new Matopi and Molomolo Prospects.

Phillips Petroleum / Norwest Energy / West Oil (17 September 1999)

Phillips has committed $10 million to a fresh round of drilling in the Timor Sea. The money will be spent on drilling a test well at the Coleraine prospect in the Timor Sea ZOCA by November 2000, in return for a two-thirdes stake in oil exploration permit ZOCA 96-16.

Dalrymple Resources / Lionore Mining (13 September 1999)

Dalrymple and Lionore have announced a potentially significant gold discovery at their Wildara nickel-gold project in the Northeastern Goldfields of WA. Drilling has produced intersections of 3m @ 11.85 g/t Au, 5m @ 8.28 g/t, 10m @ 3.38 g/t and 53m @ 3.24 g/t. 3 zones of gold mineralisation have so far been delineated over a total strike length of 800m and all remain open to the north.
Lionore is spending $1.2 million by the end of 1999 to earn a 70% interest in the project.

Red Back Mining (13 September 1999)

Red Back is seeking a partner to speed up development of its Chirano gold project in Ghana. Red Back has drilled out a resource of 750,000 ounces @ 2 g/t Au. To the east of Chirano initial drilling has delineated a resource of 100,000 ounces @ 3.5 g/t Au.

Tectonic Resources / Allied Mining & Processing (13 September 1999)

Tectonic says it will use the newly-developed mobile processing plant, developed by Allied Mining, at the RAV 8 nickel project near Kundip in WA. Tectonic will use the plant as part of its bankable feasibility study to produce nickel concentrate on site.

Giants Reef Mining (10 September 1999)

Giants Reef Mining has launched its comprehensive web site, developed by Digital Reflections.
Giants Reef has made great advances in progressing its general exploration and corporate position, and has entered into a Joint Venture with BHP Minerals to explore for very large ore systems.
In conjunction with feasibility studies into mining the Edna Beryl, Estralita East and the recently discovered Billy Boy deposits, the Company has recently purchased a Gold Plant as a major step towards getting into production.

Icon Oil (8 September 1999)

Agreement to participate in a new area located in central Wyoming USA

Icon Oil NL announces that it has entered an Agreement to participate in a new area located in central Wyoming USA by the drilling of the Kaycee Dome structure. Icon will earn a 12% working interest by paying for its share of the drilling costs. The Kaycee Dome is a well defined geological structure and has the potential to hold up to 10 million barrels. The North Fork Oilfield, located 5 kms to the northeast, has recoverable reserves of 20 million barrels from the same objective reservoir; the Permian Tensleep Formation. Oil seeps have been found during recent geological surveys on the surface near the location. The well is programmed to commence drilling in mid September and is programmed to a depth of 800 metres or 2500 feet.
In other news, Icon is continuing with final negotiations to finance the Louisiana deal in Bayou Choctaw and Bayou des Glaises in Iberville Parish near Baton Rouge Louisiana USA.

Monto Minerals (8 September 1999)

Monto says 2 key new leases issued by the Qld Government mean all the leases are in place for it to develop an ilmenite project near Monto. One of the leases covers 518 hectares of Goondicum Crater land which Monto says contains a measured resource of 2.3 million tonnes of ilmenite. The second lease is on a 5.2 hectare site adjacent to the Maryborough-Gladstone rail line at Dalkeil, 30km north of Monto. Monto plans to establish a mineral separation plant and train-loading facility on the site.
Production is planned to start in 2001, with 275,000 tonnes of ilmenite/year for the titanium dioxide pigment production industry, as well as 100,000tpy of titano-magnetite.

Western Metals (7 September 1999)

WM has agreed to a big exploration program, planned to extend the life of the Hellyer zinc-lead mine in Tasmania. WM has acquired an option to gain control of the Comstock project, 70km away by rail. WM has agreed to undertake a 2000m diamond drilling program at Comstock in the next 4 months, and may acquire 70% from Oceania Tasmania Ltd for $3 million.

Leo Shield Exploration (6 September 1999)

Rangold Resources has advise Leo Shield that it is withdrawing from the Tengrela JV in Ivory Coast after spending $780,000 on exploration. Rangold said the geochemical work had proved disappointing.

Maiden Gold (6 September 1999)

Maiden says South African Avgold had given notice it was suspending drilling operations on JV ground in Tanzania and would consider pulling out of the JV - mainly due to the poor state of the gold market.

Stuart Petroleum (6 September 1999)

Drilling is to commence next week on the Coburn mineral sands, just north of the Eneabba operation in WA. Stuart plans to sink about 200 shallow drill holes to test the aerlier results which indicated that there could be high grades of rutile, zircon and ilmenite. Stuart is waiting on final clearance from the local Aboriginal group.

Straits Resources (3 September 1999)

STRAITS RESOURCES SECURES OPTION TO PURCHASE
35% OF LAS CRUCES COPPER PROJECT IN SPAIN

The Directors of Straits Resources Limited ("Straits") (ASX Code - SRL) are pleased to announce that the company has secured an option from MK Gold Company ("MK Gold") to acquire a 35% interest in the Las Cruces Copper Project in Spain. MK Gold today announced that it had acquired the Las Cruces Copper Project from Rio Tinto for a cash consideration of US$42 million. A royalty of 1.5% of copper sales revenue is also payable to Rio Tinto when the copper price exceeds US$0.80 per pound.

Straits produces LME Grade A copper cathode from its Nifty Copper Operation and Girilambone Copper Mine. The acquisition of an interest in Las Cruces will further consolidate its position as a producer of low cost copper cathode.

Terms of Agreement

Pursuant to the option agreement, Straits may acquire a 35% interest in Las Cruces within twelve months by paying MK Gold a consideration equal to -

US$14.7 million, being 35% of the acquisition price; plus
35% of project expenditure for the next twelve months; plus
interest at the rate of 8% per annum.

In the event that Straits does not exercise the option, MK Gold has agreed to pay Straits the sum of US$2 million upon the earlier of the commencement of commercial production or the disposal of its interest in Las Cruces.

Golden Cross Resources (2 September 1999)

UPDATED RESOURCES FOR KEMPFIELD SILVER PROJECT

As previously announced, deeper drilling at Kempfield Silver Project south of Orange NSW has indicated higher values of lead and zinc. Recalculation of resources, taking into account lead and zinc, has indicated a large precious and base metal sulphide system extending over three kilometres of strike. Using a silver equivalent* cut-off of 30g/t gives an indication of the size of the mineralised system to a depth of 150m:

39.1 million ounces of silver at a 30 g/t silver equivalent* cut-off grade
23.1 million ounces of silver at a 80 g/t silver equivalent* cut-off grade contained within inferred resources of 11.6 million tonnes of 62 g/t silver, 0.71% lead 1.26% zinc and12.5% barite.

An indicated oxidised and mixed (partly oxidised) resource of 768,000 tonnes at 129 g/t silver, 13.9% barite and 0.07 g/t gold has been delineated using a 60 g/t silver cut-off, located in two principal areas known as the BJ and McCarron Zones. This is contained within a larger indicated and inferred resource of 4.5 million tonnes of 115 g/t silver, 21.7% barite, 0.51% lead, 0.75% zinc and 0.08 g/t gold .**

This larger resource contains 16.6 million ounces of silver with an in situ value of A$133 million at A$8 per ounce.

Beaconsfield Gold (2 September 1999)

Huntleys' Smaller Companies Guide issues an "Accumulate" for Beaconsfield.

Delta Gold / Acacia Resources (2 September 1999)

There are rumours that Delta will be making a takeover bid for Acacia Resources.

Normandy Mining (2 September 1999)

Normandy has increased its gold reserves by 50% to 16.2 million ounces and its estimate of contained gold from all of its tenements jumped 49% to 48.6 million ounces. The increase can be attributed to its takeover of Great Central Mines this year, investment in Canadian gold producer TVX, increased equity in a number of mines in Africa and Greece and additional resources around existing operations. Normandy used a gold price of $450/ounce (currently about $400/oz).

Petroz / Santos (2 September 1999)

Petroz advises that Segat-3, the first of a 2-well appraisal drilling program in Sumatra and located on the Segat Gas Field, was spudded on 31 August, 1999. It will be drilled to a total depth of 538m and is expected to take about 6 weeks to drill, test and complete.
Following Segat-3, the baru-5 well will be drilled in the Korinci-Baru PSC. Baru-5 will investigate gas-bearing sands.

Lakes Oil (1 September 1999)

DRILLING OF TWO EXPLORATION WELLS

Pan Australian Resources (1 September 1999)

Pan Australian announces right to acquire a major stake in Thai Copper Project

Pan Australian has signed a Memorandum of Understanding with Padaeng Industry Public Company Limited to earn a flow-through interest of up to 70% in the Puthep Copper Project in Thailand.

The Puthep Project is located very close to good infrastructure, near the town of Loei in north east Thailand and comprises two copper deposits 12 km apart; PUT 1 and PUT 2. The main copper deposit, PUT 1 has a potential ore reserve of 42 million tonnes of shallow heap leachable ore, grading 0.52% copper.

Pan Australian has reviewed the extensive technical data base for the PUT 1 deposit and has identified the following significant attributes:

The PUT 1 deposit can be developed as an open-pit with a low waste to ore stripping ratio of approximately 1:1.
After heap leaching, the copper would be recovered using SX-EW technology (solvent extraction-electro winning) to produce up to 20,000 tonnes of LME grade copper cathode annually over a 10 year mine life.
The copper in the ore is predominantly chalcocite which has strong leaching characteristics for an estimated 85% metallurgical recovery of total copper content.
Low acid consumption in leaching the ore.
Low estimated average cash costs during the pay-back years of US 50 cents/lb.
Proximity to a major service centre at Loei (town of 20,000) with sealed roads within two kilometres of the proposed mine site.
Excellent Thai partner in Padaeng, the largest mining company in Thailand.

Golden Cross Resources / Delta Gold / Placer (31 August 1999)

ENCOURAGING DRILLING RESULTS AT LAVERTON TO BE FOLLOWED UP

Placer (Granny Smith) has reported further encouraging results from GCR’s 100%-owned Laverton gold project in WA.
The results have been received from the northern of GCR’s two exploration licences comprising the project. The northern licence is known as Merolia and lies approximately 30 km northeast of Placer/Delta Gold’s Granny Smith Mine. Placer/Delta may earn a 70% interest in the project by completing a bankable feasibility study by May 2002.

A total of 37 holes were drilled on a 100m by 100m grid, to an average depth of 3.2m, for a total of 119m. Results were again encouraging, including 161 ppb and 158 ppb gold from adjacent holes and 880 ppb gold (0.88 g/t) from a hole to the north. Significant gold assays were commonly associated with significant arsenic assays.

The gold anomaly is now 700m long by 400m wide and open to the north and south. Aeromagnetics point to a proximal fault structure parallel to the strike of the anomaly.

Goldstream Mining (31 August 1999)

Goldstream has announced encouraging RC drilling results from its Mt Gee uranium prospect, near Mt Painter in SA. @ of the 3 holes intersected significant widths of uranium mineralisation associated with rare earths, copper, silver and molybdenum. Hole GE003 intersected a 54m interval within an iron-rich zone averaging 1.6kg/t U₃O_8,0.35% rare earths, 0.1% Cu and 1 g/t Ag. Follow-up drilling is planned.

Newcrest Mining / Acacia Resources (31 August 1999)

Boddington’s Wandoo resource increased 31% to 15 million ounces.

The resource estimate for the combined Wandoo North and South at Boddington (Newcrest share 22.22%, Acacia 33.33%) has been further increased to 440 million tonnes at 1.1g/t of gold and 0.11% copper in situ. The resource contains 15 million ounces of gold and 500,000 tonnes of copper, an increase of 31% in contained gold and 26% in contained copper when compared to the previous resource estimate announced on 10 March, 1999, which only included Wandoo South.
Wandoo North incorporates resources from the Hedges mined area, acquired at the end of last year, and straddles the former boundary between Hedges and Boddington. The Wandoo South resource has been re-estimated using the parameters adopted for the Wandoo North estimate. The new resource estimate was developed from costs estimated for an operation taking advantage of significant economies of scale. The main changes in assumptions were the extensive use of 12-metre benches instead of 9-metre and a plant throughput of 18 million tonnes a year instead of 11 million tonnes a year. These assumptions will require confirmation during the ongoing feasibility study. Combination of the two resources reflects the feasibility development plan which involves concurrent mining from both areas.
If a throughput of 18 million tonnes a year proves achievable, the feasibility study shows that annual gold production would then average about 500,000 ounces at lower cash costs than indicated in the previous feasibility study.

Newcrest Mining (31 August 1999)

Exploration - 1999 Summary
Exploration expenditure charged against income totalled $43.9 million in the year compared to $38.4 million in the prior year. All exploration expenditure in the year was expensed except for costs relating to Mt Marion exploration at New Celebration, the Sulphide Extension and I Series Reefs projects at Telfer and Ridgeway exploration.
In March 1999 the decision was taken to refocus the exploration activities. Future exploration is to be focussed more closely on domestic greenfields sites, the Halmahera contract of work in Indonesia and brownfields sites at Telfer, New Celebration, Cadia and Gosowong. Exploration projects in the Americas were terminated and exploration activity in Indonesia has been substantially scaled back. This change will reduce next year’s exploration expenditure.

Amadeus Petroleum / Sydney Gas Co (30 August 1999)

Sydney Gas Co has farmed out 3 of its coalbed/methane gas licence areas around Sydney to Amadeus. Amadeus has agreed to drill 5 wells to test for oil and will earn a 50% interest in crude oil rights.

Gindalbie Gold (30 August 1999)

Drilling has commenced on Gindalbie's Paterson West copper-gold project, 40km north-west of Newcrest's Telfer gold deposit in WA. Gindalbie is looking for mineralisation similar to that recently delineated at the nearby BHP/Croesus Mining's magnum prospect. Gindalbie hold 100% of Paterson, with BHP having a 70% clawback right if an inground resource worth more than $2 billion is discovered.

Jervois Mining / Goldstream Mining / Titan Resources (30 August 1999)

Jervois has acquired an area adjacent to its Dolcoath licence in NW Tasmania from Goldstream and Titan, in return for a royalty deal. Goldstream and Titan have spent $300,00 on drilling which delineated 135,000 tonnes @ 3.2 g/t Au and 0.14% bismuth.

Kimberley Oil (30 August 1999)

Kimberley has acquired an option over coalbed methane resources in Poland's 7500km² Upper Silesian Coal Basin . There are 61 known coalbeds with an average thickness of 8m. Hard coal resources in the Polish section had been calculated at just over 100 billion tonnes and estimates of the size of the methane gas in the seams range from 12.3 trillion cu. ft to 45.9 trillion cu.ft.

Majestic Resources (30 August 1999)

Majestic says drilling along the Vaal River in South Africa has delineated an extension of the rich diamond-bearing Droogeveld Channel.

Ross Mining (28 August 1999)

TIMBARRA PROJECT TO BE PUT ON CARE AND MAINTENANCE

Ross Mining NL announced today that the Timbarra gold project would be put on care and maintenance from the end of September 1999.The Chief Executive of Ross Mining, Dr Bertus de Graaf said that the Company had taken the decision to preserve shareholder value.

"At the prevailing gold price of approximately A$400/oz, the returns from the mine are inadequate. We have therefore decided to suspend the project and reopen the mine when the price regains A$500/oz levels. We consider this to be a preferable course of action to continuing to mine and depleting Timbarra’s ore reserves at a current low gold price."

Herald Resources / MPI (26 August 1999)

Encouraging Drill Results - Coolgardie Joint Venture

Mining Project Investors Pty Ltd ("MPI"), managers of the Coolgardie Joint Venture, report encouraging progress in a recently completed drilling programme at the Empress North prospect area, 4 km south of Coolgardie townsite, Western Australia.

At this early stage, the results provide some optimism that a potentially significant mineralised zone could be present beneath 300m RL, (120 metres below surface). MPI will prepare a programme for follow-up RC and diamond drilling.

Mineralisation is associated with steeply dipping quartz sulphide veining, often spatially associated with an interflow black shale horizon and irregular bodies of intrusive porphyry. Mineralisation has been traced over a strike length of 120m and remains open along strike.

Mention should be made of the results for drill hole TNG1664-R. The RC samples over the 13m down hole interval from 138 – 151m produced an average assay of 175 grams gold per tonne (un-cut). Free gold was visible over this interval. In view of previous experience in the Coolgardie Field where exceptionally high gold grades have occurred in very confined areas, it was decided that a twin diamond hole would be drilled adjacent to the RC hole. This second hole TNG1669-RD, which plots only some 4 metres to the south at the same RL (all holes have down hole surveys), produced significantly different intercepts of: 1m from 126 – 127m down hole with an assay of 15.1 grams gold per tonne and 0.5m from 136.8 – 137.3m down hole with an average assay of 5.7 grams gold per tonne. It should be noted that the thickness of generally mineralised intrusive porphyry varies substantially between the two holes and complicates the geometry of mineralisation in this immediate area. Further drilling will be carried out to clarify this.

The two holes (results) illustrate the high degree of variability that can occur within a mineralised shoot at Coolgardie. Nevertheless, the overall results are considered promising and accordingly planning is underway for a follow-up programme.

Equinox Resources (26 August 1999)

LUMWANA COPPER PROJECT, ZAMBIA

Equinox Resources NL has today announced a joint venture on the Lumwana Copper Project in Zambia. Craig Williams, Equinox’s Managing Director – Corporate says "participation in the Lumwana Project is an exciting opportunity for Equinox". The project is located 220 kms west of the Zambian Copperbelt which hosts some of the world’s largest copper mines. The Lumwana Copper Project includes a world class copper resource in excess of 1 billion tonnes of copper ore, including 520 million tonnes of 1.06% Cu. This resource represents in excess of 5.5 million tonnes of contained copper metal with significant associated cobalt and gold.

Under the joint venture with Phelps Dodge Corporation, Equinox can earn a 50% interest in Lumwana by spending US$5 million over 4 years. The Company then has various options through which it can earn up to a 75% interest by spending up to a further US$35 million over a maximum of 12 years. Mr Williams explains that "this deal is essentially an exploration deal through which Equinox can earn control of a major copper resource by spending money on exploration and pre-feasibility. If the project meets our expectations we can earn a much larger interest by committing funds to feasibility and development, but the critical phase for Equinox is the initial exploration program."

The Lumwana Project, 220 kms west of the Zambian Copperbelt, includes a world class copper resource which totals :

1,017 million tonnes of 0.73% Cu (0.2% Cu cutoff); or
520 million tonnes of 1.06% Cu (0.6% Cu cutoff)

This represents between 5.5 and 7.4 million tonnes of contained copper metal with significant cobalt, gold and uranium.

Gutnick Resources / Tanami Gold (26 August 1999)

Gutnick Resources will take a $1.2 million shares and options placement (10 million shares @ 10 cents each, with 20 million 20 cent options issued @ 2 cents each) in Tanami Gold, giving it an 11.4% stake, with Mr Gutnick taking over as chairman. Gutnick Resources will have first right of refusal of a 51% interest in any Tanami Gold project area and the right to move to 60% by further funding exploration.
Tanami had been close to clinching a deal with Gold Fields of South Africa but that company decided to concentrate on priorities at home.

Black Range / Rimfire Pacific Mining (23 August 1999)

Black Range and Rimfire have signed a JV agreement covering 2 exploration areas to the south of the large Syerston lateritic nickel-cobalt deposit in NSW. Black Range will earn a 50% interest by spending $200,000 over 2 years, and may earn an additional 30% by spending another $200,000 over the following 2 years.

Climax Mining (23 August 1999)

Philippine authorities have issued an environmental compliance certificate for the company's Dinkidi gold-copper project. The Dinkidi orebody contains a mining reserve of 1.78 million tonnes @ 2.37 g/t Au and 0.67% Cu. The mine is being designed to produce 142,000 ounces of gold and 13,000 tonnes of copper per year for an initial 9-year mine life. Climax is now negotiating with groups to provide the US$138 million needed to develop the project.

Heron Resources / Centaur Mining & Exploration (23 August 1999)

Heron and Centaur have announced a strategic alliance to expand Centaur's Cawse nickel operation in WA, with Heron agreeing to supply 20% of the ore throughput at the proposed Cawse Stage II plant. Centaur will pay Heron $3.13 million for the toll millin rights to nickel and cobalt ore reserves to be delineated over the next 2 years by Heron.

Jubilee Gold (23 August 1999)

Jubilee has arranged a $52 million financing facility to develop the Cosmos nickel project in WA. $37.7 million would be used for building a concentrator facility and general project development, the remainder being used for working capital and managing existing debt. Cosmos has reserves of 420,000 tonnes @ 7.52% Ni, and Inco of Canada has already signed to purchase 30,000 tonnes of nickel concentrate over the life of the project.

BHP / Platsearch / Homestake (19 August 1999)

BHP has farmed into the Thunderdome base metals project near Broken Hill in NSW; BHP may earn a 60% interest by spending $1.5 million on exploration.

Gilt-Edged Mining / Centaur Nickel (21 August 1999)

GEM has signed an agreement with Centaur where Centaur may acquire an interest of up to 80% in the nickel/cobalt laterite potential at GEM's Siberia and Wongi Hill projects in WA by sole funding exploration expenditure of at least $1.3 million and by making staged cash payments totalling $4 million to GEM over 5 years. GEM's 20% interest is free carried until a decision to mine or can be converted to a 2% net smelter return royalty.

Minotaur Gold(19 August 1999)

U.K. MINING GIANT EXPANDS BASE METALS SEARCH IN AUSTRALIA

One of the world’s biggest resources companies, London-based Billiton plc, has stepped up its Australian search for "Roxby Downs and Broken Hill-type discoveries" with the announcement today of a proposed alliance with Minotaur.

Minotaur's Managing Director, Mr Derek Carter, said that, subject to approval of the Company's shareholders and Minotaur raising $500,000 (Taylor Collison has agreed to place 6,250,000 shares at 8 cents) the proposed alliance included:-

Billiton - through its Billiton Development Far East BV (BDF) subsidiary - accepting a placement in Minotaur of 1,785,715 shares and options, at a total price of 14 cents and raising A$250,000 (giving BDF an initial 4% stake in Minotaur).
Subject to market conditions and pricing, Billiton will subscribe for $250,000 of the first $750,000 raised in the next 12 months.
Funds raised will be used by Minotaur to generate and acquire ground prospective for Olympic Dam and Broken Hill-type targets in South Australia and parts of adjacent New South Wales.

The alliance applies only to base metals discoveries and excludes any new gold discoveries.

In a separate agreement to the alliance, Billiton has also entered an immediate joint venture with Minotaur to spend up to $1.7 million to earn a 70% stake in Minotaur’s Mutooroo/Thackaringa property, straddling the South Australia/New South Wales border. The tenements cover about 950 square kilometres and host Broken Hill-style geology. The ground is considered prospective for lead/zinc sulphide deposits and eminently suited to Billiton’s electromagnetic interpretation technique.

Montague Gold(19 August 1999)

The Directors of Montague Gold NL are pleased to announce details of forthcoming work programmes on Montague's main Western Australian and Queensland projects.

De COURCY PROJECT - ASHBURTON REGION W.A.

Airborne Geophysics Report Upgrades Gold Potential At De Courcy

An encouraging report has been received from Southern Geoscience Consultants Pty Ltd ("SGC") concerning interpretation of recently flown aeromagnetic and radiometric data for Montague's De Courcy Project in the Ashburton Region of W.A.

In the report, thirteen priority areas with potential for gold mineralisation are identified from a suite of interpreted target zones.

These results, together with Montague's geological and geochemical database provide an excellent focus for the next phase of exploration. Field work is underway within target areas, many of which have not been explored in detail previously. The programme includes infil stream sediment sampling, with followup soil gridding and geochemical RAB drilling.

TICK HILL JOINT VENTURE, QLD. (MIM, Montague earning up to 70% interest)

Montague to Commence RC Drilling at Tick Hill

RC percussion drilling of "Tick Hill style" gold anomalies is planned to commence 1 September 1999. Coincident gold anomalies in prospective structural sites have been generated at Top Tank and The Gap. Further sampling at the High Noon prospect (NE of Top Tank) is in progress to develop drill targets in similar structural settings to Top Tank.

Copper-gold anomalies in prospective structural intersections at the Monastery Creek prospect will also be drilled.

Approximately 1,500m of RC drilling is planned for the initial testing of these anomalies. Further detailed soil sampling is also in progress to define prospective targets at Monastery North and Maiden Tank West.

Novus Petroleum (19 August 1999)

Novus has agreed to buy all the production and exploration interests of Gulf Canada Resources in south Australia's Cooper basin for $118 million. Novus will raise $76 million through a placement of 16.6 million shares @ $1.70/share and about $48 million will be raised in a 1-for-4 rights issue at a price of $1.50/share.

Portman Mining (18 August 1999)

Portman's has acquired 2 high-grade iron-ore deposits (Mt Jackson and Windarling tenements) close to its existing Koolyanobbing mine in WA. The deposits could help lift Portman's iron ore production from 1.6 mtpy to 4 mtpy.

Dragon Mining / Genesis Mining (16 August 1999)

Dragon has doubled its stake in Eritrea's Zara gold project to 66.67%. Dragon paid Genesis $42,260 for its one-third stake (Genesis has switched its focus to oil and gas exploration).

Kimberley Diamond Co / Argyle Diamond Mines(16 August 1999)

Kimberley is confident that it can be producing diamonds from the Ellendale field in WA within 12 months. The leases are currently held by Argyle; however Kimberley has recently filed 114 separate submissions to have Argyle removed from the Ellendale leases, saying Argyle should 'use it or lose it' as it has not spent a cent on the leases since 1991.

LionOre Mining (16 August 1999)

LionOre has sold its Bounty gold mine in WA to Canadian Viceroy Resources Corp. for $38 million. Bounty is producing 120,000 oz/year from a resource in excess of 1 million ounces. LionOre will retain the nickel rights and will enter into a JV with Viceroy for nickel exploration and development.

Sydney Gas Co (16 August 1999)

6 new wells are to be drilled at the coalbed methane gas project at Camden. A total of 25 wells will be drilled and fracture-stimulated by the end of 1999.

Duketon Goldfields (14 August 1999)

HIGHLIGHTS FOR 1998/99 ANNUAL REPORT

Western Australia - Duketon Belt

A drilling program comprising of 16 RC (4,090m) and 39 RAB holes (2,921m) was completed in the June quarter. Drilling was carried out at Reichelt's Find, Russells Find and Victory Cross on the Paillards tenement with the best result being 20m @ 8.5 g/t from 147m.

Further RC and diamond drilling is planned for Reichelt's and Russell's Find in the September quarter to advance the understanding of the internal controls on the high-grade mineralisation at Reichelt's and Russell's with the specific aim of identifying resources below and adjacent to the existing pits.

Victoria - Mt Alexander Goldfield

A 780m diamond drilling program comprising three holes was completed at the old Eureka Mine in August 1998.

The Mt Alexander Goldfield Project Southern Area geochemical survey has been completed with 10 square kilometres surveyed and several targets identified.

During 98/99 Reef Mining treated 17,526 tonnes of ore through the Wattle Gully CIP plant. The agreement with Reef Mining NL to dry hire the Wattle Gully plant has been extended for a further 6 months to 26 February 2000 with an option for a further six month period for ore treatment until 26 August 2000.

The crushing circuit at the Wattle Gully CIP plant was upgraded during the year. The upgraded crushing facility has a primary and secondary crusher and has a capacity of 60 tonnes per hour.

Corporate

Duketon has a good cash position and shareholdings in various listed securities.

The directors propose to seek shareholder approval at the Annual General Meeting to change the status of the company from a no liability company to a limited company and adopt a new Constitution. The changes proposed will allow the company to invest in areas other than mining and exploration. The company will continue with its gold exploration projects in the Duketon Belt in Western Australia and the Mt Alexander Goldfield Project in Victoria.

Lakes Oil (14 August 1999)

DRILLING OF TWO EXPLORATION WELLS

The Directors of Lakes are pleased to announce that the Company has executed a series of agreements with a private investment group. Collectively, these Agreements effect the formation of an exploration joint venture for the purpose of drilling two wells, named "Investigator-1" and "Baudin-1" respectively, on petroleum exploration permits (PEP) 135 and 136, both of which are located in east Gippsland in Victoria. Both of these permits are wholly-owned by the Lakes Group of companies. Commencement of the joint venture operations is conditional upon Lakes obtaining all necessary consents to transfer various interests in the two permits to the Investor.
In consideration for it entering into the joint venture, the Investor and its advisors will transfer to Lakes an amount of approximately $800,000, comprising an amount of $700,000 to cover the cost of drilling the two wells and an amount of $97,200 in respect of 6 million shares in Lakes which will be issued to them at a price of 1.62 cents each as soon as practicable.

Anaconda Nickel / Black Range Minerals (10 August 1999)

Anaconda has agreed to take an interest in the Tottenham nickel-cobalt deposit in the Lachlan Fold Belt of NSW. Tottenhgam lies 85km north of the advanced Syerston project which Black Range says could become the world's lowest cost laterite nickel-cobalt producer.

Giants Reef Mining (10 August 1999)

HIGHLIGHTS - JUNE QUARTERLY REPORT

Despite the prevailing uncertain economic climate that has beset the Industry, Giants Reef, through judicious management is in good standing.
The Company has made great advances in progressing its general exploration and corporate position, and has entered into a Joint Venture with BHP Minerals to explore for very large ore systems.
In conjunction with feasibility studies into mining the Edna Beryl, Estralita East and the recently discovered Billy Boy deposits, the Company has purchased a Gold Plant as a major step towards getting into production.

BILLY BOY EVALUATIONS ADVANCED

A major drilling programme continued during the quarter confirming extensive mineralisation.
Copper mineralisation is proving more widespread and enriched than first indicated.

JOINT VENTURE AGREEMENT SIGNED WITH BHP MINERALS

The Joint Venture covers 1,160 square kilometres, which is approximately 16% of Giants Reef's holdings.
Targets are two major untested magnetic anomalies for very large iron-oxide copper/gold systems.

GOLD PROCESSING PLANT PURCHASED

The purchase represents an excellent low cost acquisition, significantly reducing the required start-up capital for production and processing.
The plant was purpose built to treat Tennant Creek ores. It will be centrally located and suitable for toll milling.

BILLY BOY/EDNA BERYL FEASIBILTY PROGRESSED

Feasibility scope and timing has been significantly altered to place Billy Boy central to the project study.
Metallurgical testwork has confirmed gold gravity recoveries of greater than 80%. Recovery of copper metal is requiring more detailed investigation.

Dominion Mining (9 August 1999)

Dominion has reported encouraging intersections from the Homasi concession in Ghana - including 14m @ 4.19 g/t Au, 16m @ 3.76 g/t and 23m @ 6.22 g/t.
At the adjacent Akrokeri prospect the drilling results included 30m @ 2.09 g/t Au and 25m @ 1.62 g/t.

Heron Resources (9 August 1999)

Heron has reported that new ore discoveries at the Goongarrie prospect had boosted in-ground metal value to $14 billion at the Kalpini and satellit nickel projects in WA. The inferred resource (with 0.5% cut-off) was now 174 million tonnes @ 0.82% Ni and 0.05% Co.

Striker Resources (9 August 1999)

Bulk sample residues from the Lower Bulgurri project in WA had produced 112 microdiamonds weighing a total 5.53 carats. The stones were similar to diamonds recovered from drill and pit samples.

Beaconsfield Gold (6 August 1999)

For the latest photos from the Beaconsfield Mine, click here.

Bendigo Mining (6 August 1999)

Highlights - June Quarter

Decline advanced to 962 metres

Milestones for third quarter

Decline advance to 1400 metres

Project Milestones

Second quarter, 2000
- Decline 2.5 km long
- Commencement of underground exploration drilling for target ribbons
First quarter, 2001
- Decline at target depth
- Bulk sampling of New Bendigo ribbons

Helix Resources (6 August 1999)

Highlights - June Quarter

Basemetals mineralisation identified in drillcore from the Middleback Ranges in South Australia
New copper/gold mineralisation discovered at Mt Christie Project in the Western Gawler Craton
New drilling targets for gold defined at the Biscay Project in the Kimberley region of WA

SMC Resources (5 August 1999)

HIGHLIGHTS - JUNE QUARTERLY REPORT

Year to date unaudited nett profit of $0.14 million.
Gold production - June quarter - milled 52,537 tonnes @ 3.55 g/t gold to produce 5,722 oz (95.5 per cent recovery). Year to date - milled 193,664 tonnes @ 4.04 g/t gold to produce 23,979 oz (95.4 per cent recovery).
Costs per ounce produced - June quarter cash operating cost of $415 per ounce with total production costs of $471 per ounce. 1998/99 cash operating costs per ounce were $390 per ounce and total costs were $440.

Werrie Gold (5 August 1999)

Highlights - June Quarter

A programme and budget totalling $2.0 million was approved for the July to December 1999 period. Aircore and diamond drilling commenced in early July and the first results from this programme have been received.
Rock chip samples from recently discovered outcropping Palaeo-Proterozoic rocks southwest of the Lorenzo prospect returned anomalous Cu-Mo-Co-As values.
Diamond drill hole BEN1051 at North Portia returned 12m of 3.67% Cu and 1.93 g/t Au in a fold hinge. This hole was drilled down dip to assist in the structural interpretation of North Portia.
Final aircore drilling results from the 1998 drilling programme were received and results include 46 m of 0.50 g/t Au at Shylock.

Grenfell Resources (4 August 1999)

HIGHLIGHTS - JUNE QUARTERLY REPORT

GAWLER CRATON - SOUTH AUSTRALIA - BASEMETAL AND GOLD EXPLORATION - (GRENFELL INTEREST - 100%)

Tarcoola Goldfield

New, very high grade gold zone (named "Daly's Dream") located in the Tarcoola goldfield. Results to hand indicate a 4m interval yielding at least 2m averaging 147g/t gold from 29m downhole.

Regional Copper-Gold

Analysis of final multi-element calcrete results has highlighted the MB prospect as a prime drilling target with strongly anomalous copper, gold, nickel and arsenic coinciding with a zoned magnetic anomaly.

Regional Nickel

Reconnaissance sampling in the newly acquired and accessible areas in the Yellabinna Reserve has returned anomalous Nickel values in areas of interpreted Archaean greenstone belts.

RAJASTHAN - INDIA - BASEMETAL AND GOLD EXPLORATION -
(GRENFELL INTEREST - 75%)

Final assay results from the February-March field programme have extended the number of defined prospects with strongly anomalous gold and basemetals from five (5) to nine (9).
The four newly-defined prospects include both copper-gold and zinc-lead anomalous zones.

Icon Oil (4 August 1999)

JUNE QUARTERLY REPORT - EXPLORATION ACTIVITIES

Australia

During the Quarter the following activities occurred:

ATP562P-Heidi# No1 was drilled in June 1999.

Overseas

Montana USA

The first well (Indian Creek No1) commenced drilling on the 27 ^th June 1999.

Icon conducted a fifteen mile seismic programme on Freedom Dome which is being evaluated.

Louisiana USA

Icon is continuing negotiations with Bayou Choctaw Inc and Warren Resources Inc to acquire a farmin into various properties in the Iberville Parish of Louisiana about 8 miles southwest of Baton Rouge and adjacent to the Mississippi River industrial corridor. These properties consist of leases, permits and options in Bayou Choctaw, Bayou des Glaises, Bayou Henry and the Interdomal area between the salt domes.

Mineral Deposits (4 August 1999)

HIGHLIGHTS - June QUARTERLY REPORT

Significantly improved operating performance at Hawks Nest mineral sands plant followed cessation of dredging activities at the Viney Creek site on 8 April 1999. Operating costs reduced by around 60%, with only 40% less production for the June quarter, when compared with the March quarter.

Record quarterly production reported at the Fullerton dredging site. The operation produced 4,518 tonnes of combined rutile and zircon, up 6% on the previous record set in the March quarter of 1999.

Total Operation
Nov-Dec 1998 ^#
March Qtr 1999
June Qtr 1999*

Sand Treated (t)
2,534,411
5,915,595
2,515,083

Rutile (t)
2,671
5,453
3,615

Zircon (t)
1,376
2,514
1,121

# Management control assumed by MDL on 3 November 1998.
* Including Viney Creek output to 8 April 1999 of 131 tonnes of rutile and 87 tonnes of zircon.

Major sales abroad for the quarter - 5,000 tonnes of rutile and 3,000 tonnes of zircon. Small sales to local companies continued.
Continued strong production at Fullerton forecast for September quarter 1999, although probably slightly below the record June quarter.

September Quarter Forecast

Sand Throughput (t)
2,580,000

Rutile (t)

3,020

Zircon (t)
1,000

Further good heavy mineral ("HM") intersections reported from RC drilling within the Viney Creek tailings. Significant intersections from surface include:
- 8 metres grading 0.48% HM
- 8 metres grading 0.73% HM
- 8 metres grading 0.44% HM

New Hampton Goldfields (4 August 1999)

OVERVIEW - JUNE QUARTERLY REPORT

PRODUCTION

Financial year 1998/99 cash costs - $276 per ounce - maintaining New Hampton's low cost performance since June 1998. Cut back for Stage Two of the Golden Ridge pit and lost production due to rehabilitation of Dawns Hope - damaged by Cyclone Vance - peaked cash costs for the June quarter to $614 per ounce. Costs are expected to decline sharply in the quarter ended September 30 1999.
June quarter production - 17,228 ounces. Ore sourced from Golden Ridge, Dawns Hope and White Hope pits and stockpiles. Year to date production - 125,185 ounces, almost double 73,194 ounces for the year ended 30 June 1998.

CORPORATE

The unaudited operating profit of New Hampton Goldfields (not consolidated) before additions to provisions which the Board may deem prudent, abnormals and tax for the year just ended was $17.2 million. Given the company's carried forward tax losses, no income tax expense is expected in relation to fiscal 1998/99.
Full 1998 / 1999 financial year gold sales were 123,950 ounces at an average price of $466 / oz. This was a considerable increase on sales of only 76,050 ounces in the previous financial year however at a rate lower than the 1997/98 average price of $501 / oz.
During the quarter, gold was sold mainly at spot, with the balance delivered into existing forward contracts. The average price received from sales of 25,700 ounces was A$437/oz. This contrasted with higher sales of 32,500 ounces at $469 / oz during the previous quarter. As previously mentioned, production was reduced due to flooding at the Dawns Hope pit in quarter four caused by Cyclone Vance. During the period under review, the spot price dropped off sharply.
The cash and liquid assets position decreased between March 31 and June 30, however remained in excess of $10.9 million at quarter end, including a secured loan to Mineral Commodities NL. In addition, the company continued to hold substantial investments in Croesus Mining NL and Mineral Deposits Limited. The results of Croesus will be equity accounted for the first time as at financial year end on 30 June 1999.
The net forward book stood at 61,400 ounces at delivery prices of between $460/oz and $510/oz at 30 June 1999.
The company remained free of bank debt and had various secured facilities in place at quarter end which are continuing.
Mineral Deposits Limited (MDL) - a 40% subsidiary, reported continuing good production of both rutile and zircon from its Hawks Nest operation.

GOLD EVALUATION AND DEVELOPMENT

Mining of the Stage One pit at Golden Ridge was completed. Production reconciled to the mill was 411,143 tonnes at 2.24 g/t Au. This was well above the feasibility of 211,363 tonnes at 2.19 g/t Au. The overcall resulted from better continuity and higher grades. Prestripping of the Stage Two pit advanced and at the end of the quarter, better grade material was exposed in both the southern and northern ends of the pit.
Production from the Dawns Hope pit recommenced during the quarter and will be completed during August. Work is well advanced to commence underground mine development.
Trial open pit mining at White Hope showed the orebody could be mined successfully and that acceptable recoveries could be achieved in the existing milling circuit.

EXPLORATION

At Enigma, at least 14 bedrock lodes have been identified underlying the extensive supergene anomaly. Metallurgical testwork and pre-resource estimation is in progress.
At Gala, a welcome high grade "sweetener" for the Jubilee mill is likely within the next few months from three small pits on satellite lodes to New Hampton's previously mined high grade (>8.0 g/t Au) Gala lode.
Bakers Flat - continued encouraging drill results were returned from a RAB/AC drilling programme at the Surprise East Prospect now named Bakers Flat. This palaeochannel and bedrock prospect is recognised as a significant new gold find with promising economic potential.

PROJECT ACQUISITION

Studies on potential resources acquisition within a truckable distance to the Jubilee plant continued during the quarter and the 235,000 ounce Trojan project was purchased from Titan Resources.

Precious Metals Australia (4 August 1999)

Highlights For The June Quarter :

Windimurra Project nearing completion
Expenditure to date $97.2m
Construction on schedule and within 1% of budget
240,000 man-hours worked at site without a lost time incident
Commissioning of grinding and beneficiation area to commence September
Vanadium price firming
New Equity Issue announcement - all shareholders to receive offer
Long term debt finance being negotiated nouncement - all shareholders to receive offer
Long term debt finance being negotiated

Union Mining (Union Capital) (4 August 1999)

HIGHLIGHTS OF THE JUNE 1999 QUARTER

The Company entered the technology industry by forming Union Technologies, which is in the process of earning a 20% interest in the very exciting Internet Security Company, Identikey International Pte Ltd.
The Company signed a joint venture agreement with The General Iranian Mining Company (GIMCO) which will ultimately lead to the development of the world class Mehdiabad Zinc Deposit, located in Central Iran.
Whilst the Company has made this strategic move to invest in the technology industries, it will not neglect its mineral resource investments. However, the Directors consider that a strategic participation in information technology projects at this time will help enhance shareholder value.
As the Company will in future concentrate in two separate diverse industries, it has obtained shareholder permission to change its name to Union Capital Limited.

Beaconsfield Gold (3 August 1999)

The Beaconsfield gold mine in Tasmania has poured its first gold in 85 years. Beaconsfield said gold was now being recovered from the gravity circuit and the 200,000 tpy bacterial oxidation and cyanidation plant would be commissioned in October.

Coolgardie Gold (3 August 1999)

Highlights - June Quarter :

The company is negotiating to acquire a 55% equity interest in an Internet based system for scheduling and tracking commercial vehicles.
North intersects zinc mineralisation approx. 700m along strike from Grevillea and elects to proceed into the third year of the Gregory JV,
Compilation and review of 35,000 m of previous drilling data at Mount Mackenzie has identified a new target and provided increased definition of important indications to mineralisation.

Equatorial Mining (3 August 1999)

Equatorial (94%-owned by AMP) and British partner Antofagasta Holdings will soon begin construction of the low-cost (estimated cash cost of US39 cents/lb Cu) El Tesoro copper mine in Chile after finalising US$300 million project finance. First production is scheduled for 2001.

Gawler Gold (3 August 1999)

Summary - June Quarter :

DINGO RANGE GOLD PROJECT - Western Australia Gold

Gawler announced its acquisition of a 50 percent interest in the Dingo Range Gold Project in Western Australia in March 1999. The project includes significant estimated inferred resources of 8 million tonnes at an average grade of 1.5 g/t gold, representing, insitu, 388,000 ounces of gold. The Project tenements, which cover some 475 square kilometres, include part of the Wonganoo Greenstone Belt and are located some 35 kilometres to the east of the Yandal Greenstone Belt which hosts Great Central Mines' Bronzewing gold mining operations.

Immediate upon finalisation of the new Dingo Range Joint Venture, a vigorous exploration program was commenced with the primary focus to increase the amount of contained gold and confidence level of the resource determinations by extension and infill drilling. Two RC drilling campaigns totalling 5,972 metres (36 holes) have been completed as a series of deep infill and step-out holes. Outstanding analyses were reported from holes BDRC035 which returned 17 metres at 14.15 g/t gold from 153 metres depth (including 1 metre at 214 g/t), BDRC058 which returned 22 metres at 11.62 g/t from 90 metres depth and BDRC061, which returned 14 metres at 6.28 g/t gold from 77 metres depth.

The results of the RC drilling campaigns confirm the grade of current estimated inferred resources, and provide the basis for both increased tonnes and confidence levels in future resource estimates. Updated resource estimates are proposed on receipt of all assay results and finalisation of geological interpretations.

A "dipole-dipole" induced polarisation (IP) survey totalling 22 line kilometres was completed during the quarter. The survey was designed to characterise known gold-sulphide mineralisation and to then test for IP anomalous extensions to already defined resources. RC drilling (11 holes totalling 2,117 metres) tested interpreted IP anomalies and while sulphide mineralisation was intersected at most targets, with only one location returning associated gold mineralisation. Hole BDRC048, returned 4 metres at 0.62 g/t gold associated with 15 percent pyrite veining and disseminated pyrite from 108 metres on an ultramafic-felsic volcanic contact. This intersection is very encouraging as the location is some 400 metres north of the Boundary deposit within an area of limited previous drill testing.

Reconnaissance RAB (2,000 metres) and Aircore (4,000 metres) drilling campaigns were commenced during the last week of the June quarter. Drilling is designed to test aeromagnetic survey targets within recently acquired tenements at Stirling Peaks and Mt Mundy, and to test previously identified shallow gold mineralisation targets at the Eclipse and Freemans Find prospects.

COMMONWEALTH HILL GOLD JOINT VENTURE - South Australia

Gold and basemetals

Reconnaissance gold-in-calcrete sampling was undertaken at the Cat's Eye and J K Junction prospects located within the newly acquired area. The Cat's Eye sampling entailed 413 samples at 200 metre grid centres and returned six north-east trending anomalies with values up to 12 ppb gold. Twelve mid-order (6-10 ppb gold) anomalies were returned at J K Junction within 175 samples collected at 1,000 metre by 700 metre grid centres. Closer spaced sampling is required at each location to refine possible drill targets.

Additional RC drill testing was completed at the Comet and Mars prospects. At each location north-east trending, steeply east dipping, low-grade primary gold mineralisation was confirmed.

MINERAL PROCESSING TECHNOLOGY

Gawler Gold, in association with a privately owned American research company, has successfully developed a hydrometallurgical process for the production of synthetic rutile. The results obtained to date provide the Company with a strong indication that this process should provide potentially significant savings in respect of both initial capital costs and ongoing operating costs over existing commercial processes.

Gawler Gold holds a 50 percent equity interest in this innovative and potentially valuable process which produces synthetic rutile from ilmenite feedstock under conditions of normal atmospheric pressures and mild temperatures. Bench tests have already achieved a high recovery rate of near-pigment grade titanium dioxide (in the order of 99 percent TiO ₂).

Herald Resources (3 August 1999)

QUARTERLY REPORT FOR THE THREE MONTHS ENDED 30 June 1999

KEY POINTS :

Sandstone: Custom milling agreement reached with Troy Resources NL

Encouraging exploration results from Sandstone

Cominco-funded drill program in Sumatra to commence shortly

New exploration joint ventures entered at Troy Creek (WA) and
Mt Suthers (Qld)

Project evaluation continues

Working capital position remains sound at $11m

Lakes Oil (3 August 1999)

Summary - June Quarter :

PEP 135 & PEP 136 - Onshore, Victoria

Lakes Oil is examining the possibility of a workover of the Petro Tech-1 well located in PEP 135. Petro Tech-1, which has not previously been tested, contains intervals of good quality reservoir sands which were cored during the drilling of the well. Bailing of the Hunters Lane-1 well in PEP 136 has been suspended.

Lakes Oil is currently concluding negotiations with a non-related investor which, if successfully completed, will result in the investor advancing sufficient funds to the Company to enable the Lakes Oil Group to undertake the drilling, hopefully in late September, of both the "Investigator" prospect, located south of Bairnsdale in PEP 136, and the"Baudin" prospect, located north-east of Metung in PEP 135.

PEP 138 - Onshore, Victoria

After the end of the quarter under review, but prior to the date of this Report, Lakes Oil's wholly-owned subsidiary, Petro Tech Pty. Ltd., concluded a sale and royalty agreement (similar to that used for the acquisition of PEP 137) with Amity Oil NL. As a result, Petro Tech now holds a 100 interest in this permit.

Following the acquisition of PEP 138, the Lakes Oil Group now controls virtually all of the onshore Gippsland Basin acreage, covering approximately 1.8 million acres and 250 kilometres of coastline, and is now undertaking a major review of the hydrocarbon potential of the region.

PAPUAN BASIN

PPL 213 - Onshore, Papua New Guinea (formerly PPL 106)

The Tumuli-1 well, being the long awaited test of a large fold belt structure dissected by the Strickland River in Papua New Guinea, commenced drilling on April 6, 1999. Immediate problems were noted with respect to hole deviation, resulting from the high structural dip of the sediments being drilled.
A decision was then made by the joint venture participants to abandon the well. In effect, it proved impossible to drill through the over-pressured mudstone of the Ieru Formation. Lakes Oil is awaiting a post-drill assessment of the results from the well from the operator (Santos). Following a detailed review of this information, an assessment of the remaining exploration potential within PPL 213 will be undertaken.

PPL 202 - Onshore, Papua New Guinea

The Stanley-1 well was drilled in PPL 157, located immediately south of PPL 202, in the period from January to March of this year. It encountered a gas accumulation within the Toro Sandstone, but this was not tested. A portion of the Stanley prospect, which lies within PPL 202, and the nearby Champion prospect, which is located entirely within PPL 202, are yet to be evaluated. The risk of the Champion prospect hosting accumulations of gas, rather than oil, has increased following the drilling of Stanley-1.

Leo Shield Exploration (3 August 1999)

HIGHLIGHTS OF THE JUNE QUARTER

Manso Nkwanta Project, Ghana

Infill drilling and reassaying at Abore North in the June quarter resulted in a further resource upgrade, with a higher grade, more gold and a substantial proportion of the resource elevated to the measured status. Using a 0.7g/t Au cut-off, gold resources were estimated as:

Measured 161,000 oz

Indicated 286,000 oz

Inferred 40,000 oz

487,000 oz

Results to date enhance the probability that a viable heap leach mining operation will be developed at Abore North, and could be complemented by further ore from the Asuadai prospect, 5 km to the south-east. A reserve calculation for the project is planned for completion in August.

Better infill RC drilling results for the quarter at Abore North included 29m @ 9.1g/t, 42m @ 5.7g/t, 32m @ 4.1g/t, 23m @ 5.4g/t and 10m @ 5.0g/t Au.

Korhogo, Côte d'Ivoire

Rock chip sampling of a 1.6km long unit of sub-cropping silicified metasediment returned 42 samples of greater than 0.5g/t Au, with 15 of the Color results between 1 and 3g/t Au.

New Business Opportunities

The company is seeking opportunities outside the gold industry, while maintaining its exploration and development interests in West Africa. Shareholder approval to change the status of the company to enable investments outside the mining industry was obtained on 29 July.

PLANS FOR THE SEPTEMBER 1999 QUARTER

The Abori prefeasibility study will be completed in early August and environmental and other regulatory approvals necessary for a mining operation will be progressed. At the same time joint venture negotiations with producers willing to provide development funds will continue.

Straits Resources (3 August 1999)

SUMMARY - JUNE QUARTER

Revenue of $24.9 million up moderately
Copper cathode sales of 4,708 tonnes steady.
Coal sales of 380,000 tonnes steady.
Nifty production disrupted by weather.
Near surface copper discovery at Tottenham Joint Venture.
Application made for prospective ground surrounding Nifty.
Peak Downs tenements relinquished.
Withdrawal from Kalahari Mining Joint Venture.

Strike Mining (3 August 1999)

Highlights - June Quarter :

Hodgkinson Gold Project :

Kia Prospect - Gridding, geological mapping, rockchip and soil sampling, ground magnetics and trenching completed.

Upper Kennedy Prospect - Ground electro-magnetic (EM) geophysical survey conducted,

Big Dam Grid - Orientation ground EM geophysical survey conducted

Mt Jacob Gold Project :

Geological mapping over Ruhe's workings and beyond identifies sub-parallel quartez vein alteration zones over a 600m x 1000m area.

Anaconda Nickel / Anglo American (2 August 1999)

Anaconda plans to finance the expansion of its WA nickel and cobalt operations through a $320 million placement of 20% of its shares to Anglo. Anaconda plans to increase production by an additional 100,000 tonnes/year of nickel with the development of its Mt Margaret deposit at a cost of $1 billion

Anglogold (2 August 1999)

Anglogold, the world's largest gold mining company, said 19 workers died in a mine explosion 64km from Johannesburg. The blast occurred almost 3km underground, renewing concern about safety standards in South Africa's deep shafts.

Anvil Mining (2 August 1999)

A ceasefire in the Democratic Republic of Congo, together with improved copper prices, has resulted in Anglo reviving plans for its Dikulishi copper-silver project - Anvil is making preparations for the start of a bankable feasibility study.

Cluff Resources (2 August 1999)

Cluff says mining of diamonds at the Monte Christo mine near Bingara in NSW has commenced, with processing now running at 400 tonnes/day.

Lafayette Mining (2 August 1999)

Following additional drilling, the resource estimate at the Ungay Malobago project in The Philippines has increased to 6.13 million tonnes @ 1.35% Cu, 2.36% Zn, 2.79 g/t Au and 33 g/t Ag.

Zimbabwe Platinum Mines (2 August 1999)

Zimplats plans to build a new platinum mine in Zimbabwe to take advantage of increasing demand. The mine, scheduled to commence next year, will produce about $90 million worth of metals annually.

Beaconsfield Gold (31 July 1999)

Quarterly Report for the Quarter ended 30 June 1999

BEACONSFIELD MINE JOINT VENTURE

HIGHLIGHTS

Gravity gold now being recovered from high grade Beaconsfield ore - the first since 1914.
Construction of the 200,000 tpa ore treatment plant 94% complete.
High grade gold central stopes, 480C and 505C, grading 11% better than reserve grade to date based on cut mine assays.
Total Joint Venture expenditure since 1993 now $89 million.
Exploration licences at Dazzler Range and Beaconsfield granted to Beaconsfield Gold.
Beaconsfield Gold's forward selling program for first 240,000 ounces of gold production had a net realisable value of A$18.5 million at 30 June 1999.
Beaconsfield Gold has today raised $3.045 million from the placement of 2.9 million shares to assist with working capital requirements in the run up to full gold production.

Equinox Resources (31 July 1999)

Summary - Quarterly Report for the Quarter ended 30 June 1999

The June Quarter has seen a substantial acceleration in field based exploration on many of Equinox’s projects that were delayed last Quarter by the wet season. This has included drilling and ground based geophysical surveys on projects in Zambia (Zambezi Joint Venture) and in north Queensland (Pallamana JV and Fort Constantine South). In the Curnamona Craton at Ethiudna, BHP has completed a gravity survey defining targets for drilling next Quarter. Elsewhere in South Australia aboriginal site clearances have been satisfactorily completed on several of Equinox’s Gawler projects, allowing North to commence exploration of the Jubilee Dam-Buffalo Dam-Myola JV. In Sweden, target definition has been completed and discussions are continuing with several parties interested in potential joint venture participation.

Highlights of Equinox’s exploration effort during the June Quarter include the following :

Zambia : Zambezi Joint Venture (Equinox - Anglo American) :

1999 field season in full swing in Zambia operated by Anglo American.
Kasanka - Serenje:
- Akasuba: Drilling continues to intersect wide zones of copper mineralization which is open to the southwest, northeast and at depth - additional aircore and RC drilling is planned.
- Regional reconnaissance program: Lag sampling of the remainder of the Raptor Sub-basin and aircore drilling of the Chibile and Blue Umulu targets has commenced.
Lufwanyama / Kabompo: Field work including soil sampling and ground geophysics has commenced on recently defined targets.
Mwombezhi: Several encouraging targets have been defined that warrant drill testing.

Sweden

Target definition has been completed and discussions are continuing with potential joint venture partners to fund drill testing of priority targets.

South Australia - Gawler and Curnamona Cratons

Gawler Craton: Stage 2 of the North JV has commenced with North to start exploration next Quarter.
Curnamona Craton: BHP has completed a gravity survey that has defined 4 priority targets for RC drilling next Quarter.

Queensland

Fort Constantine South : Normandy completed an extensive IP survey and drilled several targets intersecting minor copper-gold anomalism.
Pallamana : An RC drilling program conducted by Normandy on the Kayak prospect intersected minor gold mineralization and further work is planned.

Montague Gold (31 July 1999)

HIGHLIGHTS - June Quarterly Report

First pass shallow RAB drilling of selected targets at Tick Hill confirmed several strong copper/gold anomalies for further evaluation and possibly RC drilling.
De Courcy airborne magnetics outline prospective WNW structures. Several targets identified for followup RAB drilling.
A new project at Slate Bore (SE of De Courcy) has potential for sediment-hosted gold deposits.

Duketon Goldfields (30 July 1999)

Highlights For the June 1999 Quarter

Duketon Belt - Western Australia

Eight RC holes totalling 2,076m and 39 RAB holes totalling 2,921m were drilled at Reichelt's Find during the quarter with the best result being 20m @ 8.5 g/t from 147m.

Six RC holes were drilled under the Old Peculiar laterite pit totalling 1,442m.

Two RC holes were drilled at Victory Cross on the Paillards tenement totalling 572m.

Mt Alexander Goldfield - Central Victoria

The CIP mill at Wattle Gully continued to operate well and treated 4,402 tonnes of high grade ore for Reef Mining NL under the dry toll treating arrangement.

Reef Mining NL exercised the option to extend the milling contract until 26 February 2000 and have a further six month option enabling them to process ore at the plant until 26 August 2000 on an exclusive basis.

Anaconda Nickel (29 July 1999)

Anaconda says it will create Australia's largest magnesium project with a capital cost estimated at $1 billion. The magnesite project is just 8km from Anaconda's Murrin Murrin nickel project in WA. A scoping study will be completed by engineering firm ICF Kaiser to determine the viability of the magnesium operation.

Gold Price (29 July 1999)

The future for gold is not as gloomy as many commentators predict, says New York gold analyst Thomas Macnamara. The well-known gold bull says fundamental demand for the precious metal continues to grow, while the world's central banks are not likely to sell as much of their reserves as previously believed. In addition, the process of central bank sales is for the first time transparent, removing much of the uncertainty that has underpinned volatility in recent years.

Acacia Resources (28 July 1999)

Acacia said that development of the 12 million ounce Wandoo gold resource at the Boddington gold mine could be under way by mid-2002. A revamped feasibility study is expected to be completed by the end of 1999.

Golden Cross Resources (28 July 1999)

HIGHLIGHTS - QUARTERLY REPORT TO 30 JUNE 1999

At Kempfield positive results were received from fourth drilling programme, including:
- 32m at 128 g/t silver from 3m (hole terminated in mineralisation)
- 52m at 105 g/t silver from 6m
- 60m at 48 g/t silver, 1.45% lead and 1.49% zinc from surface, including:
  - 2m at 178 g/t silver, 4.57% lead, 10.40% zinc and 0.5 g/t gold from 44m.
- The drilling suggests significant base metal potential at depth in the McCarron Zone.
- GCR is examining a range of processing options, including flotation.
- New resource calculations and further metallurgical testwork are underway.
Pasminco Exploration farmed-in to the Blue Mountain base metals prospect, comprising the northern part of the Wagga Tank project.
- Pasminco may earn 70% by spending $2.5 million on exploration within 5 years.
- Minimum commitment is $150,000 in year one.
- Pasminco has invited GCR to conduct exploration work on behalf of Pasminco during year one, and beyond year one subject to mutual consent.
At Narragudgil prospect, West Wyalong, joint venture partner Newcrest Mining has been encouraged by broad intercepts of porphyry copper mineralisation. Further drilling is planned.
Exploration on GCR mineral properties during the financial year involved:
- Total expenditure of $2.5 million (including $1.5 million by GCR); and
- 15,131m of drilling (including 5,242m by GCR)

Highlands Pacific (28 July 1999)

HIGHLANDS PACIFIC - ADVANCING RAMU AND SECURING ITS FUTURE

Approvals and permitting for the world class Ramu nickel/copper project were the focus of activity last quarter, according to Highlands Pacific's Quarterly Report for the period ending 30 June 1999.

Managing Director, Mr Ian Holzberger said negotiations with the Papua New Guinea Government for finalising the Mining Development Contract (MDC) progressed well during the quarter.

"The Ramu Joint Venture expects to finalise the MDC during the third quarter and that all leases will be issued shortly thereafter.

"In conjunction with M.N. Rothschild & Sons, London, a financing plan was prepared and discussions confirmed strong interest in the Project. Once permitting is finalised, the financing will be initiated," Mr Holzberger said.

Kvaerner and Baulderstone Hornibrook (KBH) in joint venture has been appointed as the Project's preferred engineer.

According to Mr Holzberger, KBH "will undertake front end engineering design and will define the development program and budget to a point where a lump sum contract for final design, construction, commissioning and ramp up can be awarded."

Also of note was the on-going drilling at Ramu West, which re-confirmed the higher nickel and cobalt grades, reported in the first quarter.

"As a result, Project economics should be enhanced by the ability of Ramu West to provide higher-grade material early in the life of the proposed operation."

The first 'Forum' for all Ramu Project stakeholders was held during the quarter - the culmination of months of liaison with local communities and landowners. The outcome of the Forum will be a Memorandum of Agreement, which incorporates the commitments of all parties on such issues as infrastructure development, project equity distribution, business development and training.

The drill program at Frieda River, one of the world's largest undeveloped porphyry copper deposits, re-commenced during the quarter.

Mr Holzberger also noted that Highlands Pacific intends to secure its future beyond Ramu and Frieda River through an aggressive exploration program in conjunction with joint venture partners.

The Highands Pacific and Cyprus Amax's copper/gold joint venture commenced fieldwork at Highlands Pacific's Yandera prospect during the quarter. Several other areas in PNG were also visited as a result of a review of Highlands Pacific's PNG exploration database. Applications have subsequently been made for four new Exploration Licences to cover the more prospective of these sites.

A joint venture agreement with Nippon Mining and Metals Co. Ltd was also finalised during the quarter for the evaluation of known gold prospects on Highlands Pacific tenements in the Kainantu gold field, PNG. These tenements are host to a series of well developed gold vein systems. The joint venture will be managed by Highlands Pacific and Nippon will sole fund expenditures of US$3.5million to earn a 50% interest.

Michelago Resources (28 July 1999)

JUNE QUARTERLY REPORT - SUMMARY

Parkes Project

A programme of 1581m of RC and aircore drilling was undertaken at Nibblers Hill and Waterhouse prospects during the quarter. The programme was designed to follow-up drill intercepts by previous explorers. Wide zones of quartz-carbonate-sericite-pyrite alteration were intercepted in many of the holes but only a few significant drill intersections were obtained.

Mount David & Abercrombie

Michelago has entered into an agreement with Herald Resources Limited (Herald) whereby Herald may earn a 60% interest in the projects by spending $200,000 on exploration. Herald may then increase its interest to 80% by spending a further $400,000.

During the quarter diamond drill core from previous exploration programmes on the Dads Millions prospect was located. Previously unsampled zones in the holes were cut and assayed but failed to produce any significant results.

RC percussion drilling is proposed at Dads Millions, Chain of Ponds and selected soil anomalies when clarification of historical land titles has been completed.

Sunny Corner

Rimfire Pacific Mining NL (Rimfire) is to spend $100,000 to maintain a 51% interest in the project. Mapping, together with rock chip and soil sampling is planned for the September quarter.

Pan Australian Resources (28 July 1999)

HIGHLIGHTS - JUNE 1999 QUARTER

Western Australia

Grass Patch Project

Pan Australian enters into a Heads of Agreement with BHP Minerals.
BHP to spend $170,000 within the first year and have the right to earn 70% by spending $2.5 million within five years.

Queensland

Happy Valley Project

Phelps Dodge elect to commence earning a 51% interest of the Mt Michael and Iron Bar Prospects by spending $2 million within three years.

Project Generation

Pan Australian enters into advanced negotiations to acquire an interest in a major copper deposit.

Association of Mining & Exploration Companies (27 July 1999)

AMEC says offering a substantial tax break to investors willing to put money into the exploration industry would provide a significant boost to the ailing sector. AMEC says the resources downturn has slashed an estimated $240 million from gold exploration spending over the past 12 months alone, and unless an initiative to put money back in the ground is launched, levels could fall as much as another 40-50%, resulting in a lack of new mines to replace current production.
AMEC is proposing an innovative scheme whereby companies could transfer to shareholders tax deductions associated with bona fide exploration work by issuing 'flow through shares'. The tax deduction is then passed on to the 'flow through' shareholder and is subsequently not deductible to the company. While the scheme essentially mirrors one operating in Canada, AMEC is proposing that the renunciation passed to shareholders be given a concessional uplift of 133% to encourage additional investment in the industry. AMEC says it has support from the Prime Ministers office over the proposal.

Black Range Minerals (27 July 1999)

Black Range says the Syerston laterite nickel/cobalt project in NSW had the potential to become Australia's lowest cost laterite producer. The company has just released some "spectacular" drilling results that will result in a substantial resource upgrade.

Delta Gold (27 July 1999)

Delta announced a substantial increase in gold reserves at its Wallaby deposit near Laverton in WA - of 3.8 million ounces (was 2.3 million ounces).

Gilt Edged Mining (27 July 1999)

June Quarterly Report - OVERVIEW

A program of follow-up reverse circulation (RC) and diamond core drilling at the Hornet, Rubicon and Pegasu discoveries (East Kundana) has resulted in further exciting high-grade intersections in all three deposits. The results of this highly successful infill and extensional drilling program have been incorporated into a revised resource estimation that represents a doubling of the previous (March 1999) resource estimate overall in terms of tonnage and an 83% increase in terms of contained ounces.
The mineralisation at Hornet, Rubicon, and Pegasus is strongly developed at the deepest drilling levels. Follow-up extensional drilling will be planned in stages to determine the full resource potential and the scope for open pit and underground mining, initially to 300 metres depth, with a near term resource target of 500,000 ounces. The discovery cost to date for these deposits has been a low $3 per resource ounce.

HIGHLIGHTS

A 63 hole (5,294 metre) program of RC and core drilling was completed at Kundana during the quarter.
High-grade intersections already reported (June 8 1999) include the following highlights:-

16 metres @ 48.08 g/t from 195 metres
14 metres @ 17.32 g/t from 33 metres
9 metres @ 34.95 g/t from 76 metres
12 metres @ 11.15 g/t from 130 metres
14 metres @ 16.39 g/t from 194 metres
11 metres @ 10.13 g/t from 22 metres.
Combined gold resources at Hornet, Rubicon and Pegasus have increased substantially to 1,684,000 tonnes grading 5.7 g/t (~310,000 contained oz.) to a vertical depth of up to 180 metres. 91% of this total reports to the Measured Resource and Indicated Resource categories.
The main mineralised zone is open at depth and possibly also along strike.

SIGNIFICANCE OF THE KUNDANA RESULTS

The increase in resource inventory has increased the scope for combined open pit and underground mining operations. The ultimate scope and profitability of any future mining operations will depend on a number of factors including continued exploration success, the ability to convert resources to mineable reserves, and gold price.
The fact that the mineralised zone is strongly developed at the deepest drilling levels means that there is potential for substantial resource extensions at depth. The present resource inventory is therefore likely to be an interim figure only. The near-term resource target is 500,000 oz to 300m depth. Mineralisation at the adjacent Kundana mine and White Foil properties extends well below 500m depth.
The commercial significance of the recent discoveries will continue to be carefully evaluated via a staged program involving deeper drilling, resource estimation, metallurgical test work, pit optimisation, and underground scoping studies.

Homestake Mining / Delta Gold (27 July 1999)

Homestake has hinted at a deal with Delta over development of the adjoining Just-In-Case and Wallaby discoveries near Laverton in WA. Homestake's Just-In-Case project, with a resource of 484,000 ounces, compares with Delta's Wallaby deposit of 3.8 million ounces.

Exodus Minerals (26 July 1999)

Exodus says it has struck a series of high-grade intersections at its Mikado gold prospect near Laverton in WA, including 3m @ 12 g/t Au, 8m @ 28 g/t, 13m @ 4.9 g/t and 6m @ 10.1 g/t. One intersection included a spectacular 1m @ 187.5 g/t Au. The Mikado prospect forms part of a 3km-long trend of historic workings and step-out drilling had highlighted the potential for a further 2km of mineralisation.

Red Back Mining (26 July 1999)

Red Back has announced a new resource base of 728,000 ounces (10.6 million tonnes @ 2.1 g/t Au) at its Chirano gold project in Ghana. Red Back's goal is to prove up 1 million ounces. The previous resource figure was 214,000 ounces.

Montague Gold (24 July 1999)

Montague Gold has just launched its new company web site, developed by Digital Reflections.

Montague, isted on Australian Stock Exchange in 1982, announced the acquisition of unlisted gold exploration company Cullen Resources NL in January 1999.
A $2.5 million capital raising was completed in March 1999 to fund ongoing activities including exploration at the Tick Hill (N.W. Queensland) and De Courcy (Ashburton, WA) gold projects.

Kingston Morrison (23 July 1999)

Kingston Morrison has just launched its new company web site, developed by Digital Reflections.

Last week, Australian engineering consulting firm SKM announced plans to merge with New Zealand's KM. The merger pulls together more than 2000 engineers, scientists, planners and project managers in offices across Australia, New Zealand, South-East Asia, the Pacific and Europe.

Golden Cross Resources (22 July 1999)

PASMINCO FARMS-IN TO BLUE MOUNTAIN BASE METALS PROSPECT

Pasminco Exploration has farmed-in to GCR's Blue Mountain base metals prospect, comprising the northern part of GCR's 100% owned Wagga Tank project. The Wagga Tank project is approximately 400 sq km in area and lies approximately 130 km south of Cobar.
Pasminco may earn a 70% interest in the Blue Mountain prospect, consisting of approximately 150 sq km in area, by spending $2.5 million on exploration within 5 years ($0.75M in three years to earn 51% and a further $1.75M in two years to earn 70%). The minimum commitment is $150,000 in year one. If Pasminco earns 70% GCR may contribute to exploration and development or dilute. If GCR dilutes below 10% it is entitled to take a 2.5% net smelter return royalty. If Pasminco does not earn 70% within five years ownership reverts to GCR.

New Hampton Goldfields (22 July 1999)

EXCITING NEW GOLD FIND - THE BAKERS FLAT PROSPECT

Hot on the heels of spectacular intersections from both Gala and Enigma, New Hampton Goldfields Ltd (NHG) is pleased to announce the discovery of yet another exciting gold prospect.

The new prospect has been named "Bakers Flat" after the legendary Baker brothers of Coolgardie prospecting fame. It is located approximately two km ESE of the +175,000 oz Barbara-Surprise camp, the original leases of which were pegged by the Baker brothers early this century.

At Bakers Flat, New Hampton has found significant palaeochannel mineralisation overlying several auriferous bedrock zones in a strongly altered, differentiated gabbroic sequence which has been intruded by a number of felsic dykes. The gabbro is thought to be stratigraphically equivalent to the Three Mile Hill Gabbro which hosts the +390,000oz Three Mile Hill Gold Mine, immediately to the east of Coolgardie.

To date, 92 air core holes for approximately 4600m have been drilled at Bakers Flat, of which 37 holes have encountered +1g/t Au values.

Within the palaeochannel sediments, two main gold bearing horizons have been encountered, the surface projections of which extend over an area of approximately 600 x 300m, open to the east and to the west. These supergene horizons form stacked sub-horizontal blankets, each of which is between 1 and 5 m thick. They are generally asociated with goethitic oxididation-reduction boundaries within the alluvial sediments. The uppermost horizon is located approximately 20m vertical depth below ground surface whilst the lowermost horizon is located along the basal unconformity which undulates between 30 to 40m vertical depth below surface. Better palaeochannel intersections to date include:-

3m @ 28.60 g/t Au from 33m,
1m @ 42.30 g/t Au from 36m,
2m @ 13.10 g/t Au from 21m,
4m @ 5.73 g/t Au from 24m,
4m @ 5.30 g/t Au from 36m,
2m @ 10.10 g/t Au from 34m,
2m @ 9.77 g/t Au from 42m,
2m @ 9.70 g/t Au from 34m.

Despite only limited depth penetration of air core drilling into bedrock, several signifcant gold intersections have also been encountered within the basement, including:-

4m @ 5.43 g/t Au from 32m,
2m @ 1.84 g/t Au from 42m,
2m @ 1.20 g/t Au from 50m,
2m @ 1.15 g/t Au from 54m.

Although early days, New Hampton believe that these results auger extremely well for a significant new gold find and further air core drilling and first pass reverse circulation drilling is planned to start immediately.

Anzoil (21 July 1999)

Anzoil says it has made a 'potential new gasfield discovery' at its exploration well D24-1 in the Hanoi Basin, off Vietnam. Gas shows were the 'highest sustained gas shoes observed in the basin'. Electric logs will be run over the next few days.

BeMaX Resources (21 July 1999)

BEMAX STRENGTHENS GRIP ON MURRAY BASIN LANDHOLDINGS

BeMaX Resources NL has cemented its position as one of Australia 's most significant emerging mineral sands companies after firming up its already extensive ground holdings in the highly prospective Murray Basin.

The Queensland-based Company has been offered 7 additional Exploration Licences in the northern section of the Murray Basin by the NSW Department of Mineral Resources - an area covering some 5,105 square kilometres - clearing the way for exploration to begin.

Golding Contractors (21 July 1999)

Golding has won a contract to mine and supply 2.5 million tonnes of coal/year to Consolidated Electric Power Asia's proposed $900 million Kogan Crek power project in Qld.

Pacific Mining (21 July 1999)

Pacmin has increased its ore resource estimate at the Carouse Dam project, 110km from Kalgoorlie in WA, by 84% to 2.2 million ounces. Pacmin is undertaking a feasibility study to help it decide whether to go ahead with a new mine, which would produce between 120,000 to 150,000 ounces/year of gold Cash operating costs are expected to be about $350/oz.

Titan Resources (21 July 1999)

Titan is examining a revolutionary bacterial heap leaching process for the treatment of nickel sulphide ores. The new process could make worthless low-grade base metal sulphides economic.

Icon Oil (20 July 1999)

USA DRILLING PROGRAMME

Icon reports that Sand Creek No.1 in Montana USA encountered a good sand reservoir as prognosed but was devoid of hydrocarbons. Further work is warranted on the basis of the excellent reservoir discovered. A new study of the seismic data will be conducted to determine where the hydrocarbons may have migrated. Sand Creek No.1 and Indian Creek No.1 were drilled $US80,000 under budget.

Icon has reached heads of agreement to drill Kaycee Dome with the same Operator in Wyoming. Kaycee Dome is very similar to a structure 3 miles to the east which has reserves of 20 million barrels. Icon will have an interest of 15% in this well which is expected to commence drilling as soon as the rig is available in about 45 days.

In other developments, agreement in principle has been reached in Louisiana on an equity finance package to fund Icon's initial interest in the project.

Lynas Gold / Ashton Mining (20 July 1999)

Lynas has agreed to complete a bankable feasibility study into development of Ashton Mining's Mount Weld rare earths project near Laverton in WA. Lynas will provide $3.2 million to complete the study by November, 2000, earning itself an initial 35% stake in the project. Mt Weld potentially could produce around 10,000 tonnes/year of cerium oxides, a key element used in catalytic converters, window tinting and high-power magnets.

Macmin (20 July 1999)

QUARTERLY TECHNICAL REPORT - JULY 1999

SUMMARY AND COMMENTS

MACMIN'S strategy in the present poor climate for junior resource companies was outlined in the last quarterly report 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.
- 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)
This strategy is now fully implemented. In addition, administration costs have been cut by approximately 50% including a move to a smaller, lower cost office.
The preliminary conclusion of the prefeasibility studies in progress on the Texas Project is that a heap leach operation based on the known mineralisation at the northern end of the Twin Hills Prospect would be viable at current silver prices.
An ore reserve for an initial three year operation has been defined. An operation based on this reserve should yield a gross cash flow (before tax) to MACMIN over the initial three year period, of approximately $12.0M to $14.0M. Capital cost is estimated to be approximately $4.5M.

The presence of a high grade near surface zone will provide a short capital payback period of between 9 and 12 months.

Ore, above 60g/t Ag, of average grade 125 g/t Ag, would be crushed and heap leached, whereas low grade ore between 30 and 60g/t Ag of average grade 42g/t Ag, would be dump leached; stripping, waste to ore ratio is estimated at 2.7 to 1 but may be able to be improved. The operation could extend well beyond the initial three year period but such extension is dependent on conversion by additional drilling of existing Inferred Resources to Indicated Resources and Ore Reserves.

Indicated Resources/Reserves have been calculated for a 300 metre strike length at Twin Hills Prospect , cross sections 4100N to 4400N inclusive. These Resources/ Reserves are within the previously announced Inferred Resource at Texas of 8.2 Mt at 128 g/t Ag and 0.4g/t Au and are not additional to the Inferred Resource.

The Indicated Resource is as follows:

3.7Mt at 77g/t Ag and 0.14g/t Au at a nominal cut off grade of 30g/t Ag, (10,100,000 ozs silver equivalent)
within the above Resource is 1.55Mt at 123g/t Ag and 0.2g/t Au at a nominal cut off grade of 60 g/t Ag (6,700,000 ozs silver equivalent)
within the above Resource is a high grade zone of 380,000t at 235 g/t Ag and 0.36g/t Au (3,100,000 ozs silver equivalent)

The Probable Reserve, which is within the Indicated Resource, is as follows:

Total Reserve is 2.9 Mt at 82 Ag and 0.18 Au (8,400,000 oz silver equivalent)
within the above medium grade zone is a medium grade zone of 1.4 Mt at 125 g/t Ag and 0.2 g/t Au (6,100,000 ozs silver equivalent)
within the above Reserve is a high grade zone of 360,000 t at 240 g/t Ag and 0.35g/t Au (3,000,000 ozs silver equivalent)

Note: 1 gram gold is equivalent to 55 grams silver.

The feasibility work at Texas is based on the above Reserve for the Northern Twin Hills Prospect and will be ongoing for the next 6 months. The grant of a mining lease is not expected for 12 months.

The results to date are considered very encouraging for the future development of a silver mining operation at Texas.

Cyprus Amax have continued exploration on the New Britain properties throughout the quarter with encouraging results. In particular, sulphide and silica replaced clasts from a possible diatreme returned gold values ranging from 1.19g/t Au to 37g/t Au. Results from extensive bulldozer trenching are still pending.
Data reviews and J/V discussions have been held with several companies re Crater Mountain and all other Papua New Guinea gold properties. No deals have been resolved and it may be that suitable J/V's will not be concluded until there is a significant upturn in the resource market.
Two items of mobile plant and MACMIN's Gold Plant have now been sold to yield a little over $1.0M in cash and marketable securities. Some of these securities cannot be sold before March 31 ^st 2000. Discussions re sale of MACMIN's 1-megawatt power station and other mobile plant are continuing.

Normandy Mining (20 July 1999)

Normandy has reported record gold production for the 1998-99 financial year, with attributable gold production of 1.6 million ounces, up from 1.43 million ounces. Output in the June quarter jumped 18% on the previous quarter to 467,204 ounces. The big increase reflects Normandy's increased equity in Yandal operations through its stake in GCM. Record production was also recorded at Mt Leyshon and Pajingo in Qld, and Martha, kaltails and Ity in WA.
However, cash costs rose 2.5% to A$329/oz.
Normandy's $85 million exploration expenditure has resulted in its best year, with further hogh grades at its Pajingo and callie mines.

Placer Dome (20 July 1999)

Placer says production at the Porgers mine in PNG returned to plan in the June quarter. Porgera produced 180,897 ounces of gold in the quarter, compared to 183,262 oz in the previous June quarter (and just 115,301 oz in the March quarter).

Ashton Mining (17 July 1999)

Ashton says no microdiamonds have been detected in the past 2 of 6 kimberlites sampled at its Buffalo Hills/Birch Mountain project in Canada. All work will now focus on the BH-225 kimberlite.

Beaconsfield Gold / Allstate Exploration (17 July 1999)

The high-grade Beaconsfield gold mine is on track to pour its first gold in late July. The $51 million project is forecast to produce about 100,000 ounces/year from total reserves of 1.42 million tonnes @ 16.9 g/t Au (770,000 ounces).

BHP (17 July 1999)

BHP has announced major oil discoveries in the Gulf of Mexico - Atlantis (BHP 44%) and Mad Dog (BHP 11%).

Central Pacific Minerals / Southern Pacific Petroleum (17 July 1999)

The Stuart shale oil project's $250 million first stage demonstration plant is about 1/3 through its commissioning and should be producing by the fourth quarter.

Goldfields (17 July 1999)

Goldfields says it has acquired tenements adjoining its Kundana mine believed to host rich extensions to the main gold resource. The tenements were acquired from Homestake and are believed to contain an extension of the main Strzelecki quartz vein, which averages 10-15 g/t Au.

Macmin (17 July 1999)

MACMIN PROCEEDING WITH PLANS FOR SILVER HEAP LEACH MINE AT TEXAS PROJECT - SW QUEENSLAND

Pre-feasibility studies, currently in progress at Texas, indicate that a heap leach operation based on the known mineralisation at the northern end of the Twin Hills Prospect, would be viable at current silver prices. These studies, which include current MACMIN work, and comparisons with similar sized heap leach operations such as Peak Hill in New South Wales, suggest that, in the initial three years of operation , the project would return a gross cash flow (before tax) to MACMIN of $12.0M to $14.0M, (assuming an A$8 silver price). The operation could extend well beyond the initial three year period but such extension would be dependent on conversion by additional drilling of existing Inferred Resources to Ore Reserves.

The presence of a mainly near surface high grade zone , averaging 240 g/t Ag and 0.35 g/t Au will provide the project with a cash flow which will be higher in the first year than subsequent years, and the estimated capital cost of $4.5M would be recovered within 9 to 12 months of commencing operations.

Minotaur Gold (17 July 1999)

Report For The Quarter Ending 30 June 1999

HIGHLIGHTS

MINERAL SANDS

CASTERTON (100% interest)

An ancient high energy shoreline containing coarse, well sorted sands and heavy minerals was encountered. This shoreline could stretch for 30kms. Best results from limited reconnaissance drilling are:

Hole Depth Interval Grade (Heavy minerals)

CS 17 11 - 20 m
9 m
2.77%

CS 18 5 - 19 m
14 m
3.57%

Both holes contain about 45% valuable heavies averaging 25% ilmenite/leucoxene, 6% rutile and 14% zircon. Grain size analyses confirm a predominantly medium and coarse sand size distribution.

ST ARNAUD (100%) and DONALD (92.5%)

Reconnaissance drilling on several strand lines intersected heavy minerals (HM) on most traverses. Best results include:

Donald - Hole WW 1: 3 metres at 5.73% HM, Hole WW 35: 2 metres at 6.25% HM, and St Arnaud - Hole SA 30: 2 metres at 9.2% HM . Further results and their breakdown into valuable heavy mineral suites are contained in this report.

These results indicate a high potential for economic HM deposits.

BASE METALS

BIBLIANDO (50%)

Further regional and infill calcrete sampling over the extensive Eukaby Plain, east of the Eukaby silver/lead/gold mine, outlined a series of precious and base metal anomalies along an ENE structural corridor. Areas of thin soil cover returned high metal values peaking at 210 ppb gold, 1% lead, 15 g/t silver and 0.23% zinc. These values probably result from inclusions of minor basement rock/gossan fragments within the calcrete samples. Further definition of these anomalies is proceeding.

GOLD

COMMONWEALTH HILL (60%)

Mineralisation at the Comet prospect has been drill tested over a strike length of 250 metres and is open to both the NE and SW. The mineralised zone varies in width, with high grade shoots (eg 1 metre @ 8.74 g/t gold, hole RCCM 1) within a broader mineralised package (eg 28 metres @ 1.3 g/t gold).

AURORA TANK (33%)
Reconnaissance drill testing of the extensive gold-in-calcrete anomaly reported last Quarter returned best intercepts of:

Hole
Depth
Interval
Grade

13
(including
116 - 136 metres
120 - 124 metres
20 metres
4 metres
0.46 g/t Au
1.6 g/t Au)

4
104 - 108 metres
4 metres
0.6 g/t Au

Hole 13 is the most westerly hole on the only traverse drilled west of the well developed magnetic unit described in earlier reports and the intercept is open in all directions.

Petroz (16 July 1999)

The Bayu-Undan Liquids Development Project has taken a significant step forward with the announcement that all JV participants have signed the Bayu-Undan Unitization Agreement - a major milestone towards the development of the Bayu-Undan Gas Condensate Field.

WAPET (16 July 1999)

A $300 million exploration program for targets at the huge Gorgon gas field, off the WA coast, will start next week following the expected arrival of the deepwater drilling vessel Marine 500, says US operator WAPET. Gorgon partners are Shell, Chevron, Texaco and Mobil.

BHP (15 July 1999)

BHP has signed a "co-operation agreement" with Algerian State-owned energy group Sonatrach on a downstream liquefied natural gas operation and to search for mining projects.

WMC (15 July 1999)

Key Points in June Quarter

Production increases from expanded Olympic Dam
St Ives acquires extra ground
Fertilizer project 75% complete

Nickel Exploration

At Leinster, modelling of Progress Shoot has yielded an inferred resource of 1.7 million
tonnes at 2.7 per cent nickel. Progress Shoot is located 400 metres north of the main
Perseverance ore body at depths of 850 to 1,050 metres.

Exploration at Kambalda focused on extending the Wannaway and Coronet deposits.

Gold Exploration

At St Ives, drilling at the West Idough prospect adjacent to the Boulder-Lefroy Fault, has
returned several intersections. The best results include 34 metres at 4.3 grams per tonne,
32 metres at 1.8 grams per tonne, 14 metres at 2.9 grams per tonne and 52 metres at 1.9
grams per tonne.

Exploration at Agnew Gold concentrated on testing several key targets on the surrounding
leases. Interesting results were obtained at Mt Von Mueller leases, including 12 metres at
1.6 grams per tonne from the Boundary Well prospect. Underground drilling at Redeemer
focused on the down plunge extension of the main lode with results including 7 metres at
12.1 grams per tonne and 8.4 metres at 5.7 grams per tonne.

At Central Norseman, underground drilling was completed at the Bullen West mine where
six of seven diamond holes, drilled to test down plunge extent of the indicated resource,
intersected mineralised structure with visible gold. Assays are pending.

Copper & Uranium

Production at Olympic Dam Operations was 27,212 tonnes of copper in the June
quarter. The new smelter complex continues to exceed production forecasts.

Production of uranium concentrate was also higher.

Commissioning of the expanded plant is well ahead of plan with the mill and smelter
already operating up to design capacity.

Industrial Minerals

Exploration

Exploration continued in Australia, Brazil, Canada, Chile, China, French Guiana and
Indonesia.

Exploration Expenditure

Unaudited cash expenditure on grassroots exploration was $12.4 million. Of this amount,
$4.6 million was spent in Australia and the remaining $7.8 million was spent overseas.

Central Norseman Gold (14 July 1999)

At the Gladstone prospect RC drilling has returned best intersections of 1m @ 14.4 g/t Au, 4m @5.9 g/t and 1m @ 25.4 g/t.

ERA (14 July 1999)

Shares in ERA jumped yesterday following news that the World Heritage Committee will not place Kakadu National Park on the 'in-danger list', paving the way for ERA to develop the $3.8 billion Jabiluka uranium mine.

James Hardie Industries (14 July 1999)

James hardie has secured an option to acquire Western Gypsum - a Utah mine with reserves of more than 3.5 billion tonnes of high-quality gypsum rock (used for wallboard).

Kalgoorlie Consolidated Gold Mines (14 July 1999)

KCGM (50/50 Normandy and Homestake) has cancelled all future development work at the underground Mt Charlotte goldmine at Kalgoorlie. The underground operation and the Super Pit form Australia's largest gold mining operation. Meanwhile, the transition to owner-mining at the Super Pit is continuing on schedule.

Comet Resources / Anaconda Nickel (13 July 1999)

Anaconda has built up a 10.73% stake in Comet. Comet, with partner Multiplex Resources, owns the Ravensthorpe laterite nickel project in southern WA, where a 22,000tpy mine is planned.

Hargraves Resources (13 July 1999)

Durban Roodepoort Deep has made a takeover offer for Hargraves that values Hargraves at $40 million. The offer is 1 DRD share plus 70 cents for every 7 Hargraves shares, valuing the company at 42.8 cents/share, well above the 34 cents closing price. DRD already owns 19% of Hargraves, operator of the 70,000oz/year Browns Creek gold mine in NSW, and rtecently helped Hargraves complete its takeover of West African gold explorer Diversified Mineral Resources..

Icon Oil (10 July 1999)

USA DRILLING PROGRAMME

Icon Oil announces that Sand Creek No.1 in Montana commenced drilling on Thursday 8 ^th July 1999. The well is programmed to a maximum depth of 1700 metres (5500 feet) and will take approximately 10 days to reach total depth. The primary objectives are the Tyler and Swift Sandstones but several other zones in the well are potential targets. The prospect is a seismically controlled four-way dip closure and several target zones in the well produce oil in nearby oilfields.

Lakes Oil / Amity Oil (10 July 1999)

GIPPSLAND BASIN
Lakes Oil N.L. wishes to announce that it has concluded an agreement with Amity Oil NL whereby Lakes Oil’s 100% owned subsidiary company Petro Tech Pty. Ltd. will be assigned Amity Oil’s 100% interest in PEP 138 onshore Bass Strait, Victoria. Lakes Oil will grant Amity Oil a 5% wellhead royalty on all petroleum produced from the permit.

Gas market deregulation, together with the planned construction of the Eastern Gas Pipeline, which will run through our Gippsland permits, will provide a market for any commercial gas which may be discovered.
Lakes Oil has already identified three drilling prospects, one south west of Bairnsdale, one North of Metung, and the third north east of the North Seaspray No. 1 well, which was drilled in 1962 and flowed significant gas to surface. We hope to drill all three wells later this year.

Pasminco (10 July 1999)

Pasminco's share price hit its highest level in 18 months, buoyed by a surging zinc price on the LME. Traders say the zinc price rose on talk of a strike at Canadian giant Falconbridge's Kidd Creek plant - which produces about 145,000 tonnes of zinc and 135,000 tonnes of copper.

Rimfire Pacific (10 July 1999)

Rimfire is switching its focus away from gold and base metals to diamonds - the company has applied for 5 exploration licences in the Peel fault region, from Taree on the NSW coast, inland to Tamworth and north to the Qld border. The region has been noted for its alluvial diamonds - an estimated 2 million diamonds has been mined in the Bingara-Copeton alluvial deposit fields.

St Francis Mining (10 July 1999)

St Francis is planning to move its Bolivian copper interests to a listed vehicle in the US and concentrate in Australia on a new fuel technology, with the hope of eventually floating off an industrial arm
St Francis is acquiring ownership of Bluefire Gas; Bluefire's owners wil receive 152 million shares, a paper deal worth just over $50 million based on St Francis' present share price of 33 cents.

Golden Cross Resources (9 July 1999)

GOLDEN CROSS RESOURCES NL ANNOUNCES FURTHER DRILL RESULTS FROM KEMPFIELD SILVER PROJECT

GCR recorded positive results from the fourth drilling programme at its 100%-owned Kempfield silver project near Blayney, NSW. Kempfield hosts significant silver, lead, zinc and barite resources along a 3 km strike length in Silurian Volcanics. The property is subject to a 5% net profits interest.

The 552m programme consisted of 4 diamond core holes and 8 reverse circulation percussion (RC) holes, numbered GKF-61 to GKF-72 inclusive. The programme had two aims:

Four PQ diamond core holes, GKF-61 to GKF-64, were drilled to provide representative samples for metallurgical testwork and to confirm and infill previous drilling at the BJ Zone.
Eight RC holes, GKF-65 to GKF-72, were aimed at infilling previous drilling and extending known mineralisation at the McCarron Zone (holes GKF-65 to 70) and extending known mineralisation at the BJ Zone (holes GKF 71 and 72).

Mineralisation starts at or near surface in most holes, with relatively wide intercepts. The drilling has confirmed continuity of grade within the BJ and McCarron Zones and suggests significant untested basemetal potential at depth in the McCarron Zone. Both the BJ and McCarron Zones are open at depth and the McCarron Zone is open to the north.
GCR is examining a range of processing options, including flotation, to optimise the economic benefits inherent in the silver, lead, zinc, gold and barite resources. The impact of processing options on cut-off grades is also being examined. New resource calculations and further metallurgical testwork are underway.

Resolute (8 July 1999)

Resolute has announced staff cut-backs and has also slashed exploration expenditure from $17 million to $7.5 million.
However, its June quarter gold production rose 10% to 76,367 oz at a cash cost of A$342/oz.

Anaconda Nickel (7 July 1999)

Anaconda will farm in to the Weld Range and Range Well laterite nickel and platinum projects in WA. Anaconda will earn up to 75% in the projects from Dragon Mining and Sons of Gwalia by spending $1 million on exploration over 3 years.

Defiance Mining (7 July 1999)

Defiance has announced promising drill results from its Mathinna project in NE Tasmania - including 10m @ 9 g/t Au and 8m @ 8.9 g/t. Shares were suspended as the ASX wanted clarification of "visible gold".

Icon Oil (5 July 1999)

USA EXPLORATION PROGRAMME

Icon Oil reports that the Indian Creek No.1 well in Montana has reached a total depth of 1385 metres and recovered live oil in the mud tanks while drilling a three foot thick sandstone bed in the Tyler Formation. Electric logs indicate that the porosity in the sand is about seven percent and wellsite evaluation indicates a fined grained well cemented sandstone. The Tyler Formation was penetrated as prognosed and was structurally high but the reservoir characteristics are not sufficient to sustain commercial production. Fluorescence and cut was observed in the shallower Greenhorn Sandstone but this reservoir would required fracing to get hydrocarbons to flow. The results of drilling Indian Creek No.1 are encouraging and further drilling to the southwest in a similar structural position is being studied. The well was drilled 10 percent under budget.

The rig will be moved to Sand Creek No.1 15 miles to the north to drill a four way closed structure which has Tyler sandstone objectives which are different to those in Indian Creek No.1. The Swift Sandstone is one of several prospective sands in this well. Sand Creek No.1 is expected to commence drilling on Thursday 8 ^th July and take ten days to reach total depth of 1700 metres.

BHP (3 July 1999)

BHP has said its Ekati diamond mine in Canada has reached full capacity of 250,000 carats/month - and in May produced 308,000 carats.

Comalco (3 July 1999)

J.M.Huber Corp will conduct a feasibility study on the viability of restarting Comalco's kaolin operations at Weipa in Qld (closed in 1996 after 10 years of losses).

Golden State Resources (3 July 1999)

Golden State says it and Helix Resources' Highway project near menzies in WA, could host 4.8 million tonnes of laterite nickel grading 1.24% Ni and 0.11% Co (at a 1% cut-off). Drilling has been completed on 10% of the 10km nickel target zone.

St Francis Mining (3 July 1999)

St Francis says it will acquire unlisted Bluefire Gas in a deal which could see it generate revenues of almost $70 million within 5 years, issuing Bluefire shareholders 152 million shares.
Bluefire provides compressed natural gas, LPG and LNG for vehicles, generators and machinery.

BeMaX Resources (2 July 1999)

BEMAX LAUNCHES MAJOR BASIN DRILLING PROGRAM, BOOSTS EXPLORATION COFFERS

Murray Basin minerals sands explorer and developer BeMax Resources NL as operators will shortly kick off a major exploration drilling program on behalf of the Murray Basin Joint Venture at the promising Pooncarie prospect after bolstering its exploration coffers through a $485,000 placement.
The 18,700 metre program will focus on the Pooncarie South area in the northern Murray Basin , which yielded several significant discoveries in the December Quarter of 1998, and is designed to determine the dimensions and heavy mineral sand content of the many strands identified so far in the area.
BeMax, which is a key player in the rapidly emerging Murray Basin mineral sands province and one of the few junior companies still actively spending money on exploration in the current market, recently signalled a commitment to accelerate exploration and development of its extensive interests following the appointment of Mr Stephen Everett as its Managing Director.
Mr Everett said the drilling program would provide the first definitive indication of the dimensions and resource potential of the Pooncarie South prospect.
"Apart from the delineation drilling, the program also includes further reconnaissance drilling in this highly prospective area, as well as test drilling along strike from a number of pre-existing holes at the Gingko, Gallipoli and Laburnum prospects," Mr Everett said.
Mr Everett said the program was scheduled to begin on July 12 and would run for approximately 3 months. At the end of this period, BeMax and its joint venture partners at Pooncarie, Imperial Mining (Australia) NL (25%) and Probo Mining Pty Ltd (25%) are expected to approve the next stage of the exploration program.
BeMax also announced today that it had completed the placement announced on 4 June, raising $485,000 from unrelated private investors at 10 cents a share. The funds will be directed to exploration and assessment work on the Murray Basin projects.
In addition to the Pooncarie Joint Venture ground, the Company holds 100% interest in 2,086 square kilometres of granted tenements and a further 5,112 square kilometres of applications for which grant is expected shortly.

BHP (2 July 1999)

BHP has sold its Hope Bay gold deposit in Canada to Cambiex Exploration for US$23 million. BHP retains the option to claw back an equity stake if it becomes a major producer.

Woodside Petroleum (2 July 1999)

Woodside has lost the battle to acquire a stake in 2 Bass Straiot gas permits. Both Shell Australia and Santos subsidiary Crusader Victoria exercised pre-emptive rights to acquire 10% of the Kipper permit and 23% of the Basker-Manta-Gummy deposit held by The News Corp.

Aurora Gold (1 July 1999)

Aurora has denied an Indonesian media report that output at its Mt Muro gold-silver mine has been 'totally stopped' after it was stormed and occupied by angry villagers. Aurora says the mine is continuing normally.

Icon Oil (1 July 1999)

Drilling Results ATP562P Heidi#1

Icon announces that Heidi#1 reached a total depth of 1928 metres on the 29th June 1999. The primary objective was achieved but unfortunately the Showgrounds Sandstone was poorly developed and lacking porosity and without hydrocarbon shows. The well has been plugged and abandoned.

Pacific Mining Corp Normandy Mining (1 July 1999)

Pacmin announced a high-grade gold find close to the surface at the Chariot prospect at Tennant Creek in the NT. Better intersections included 14m @ 66.2 g/t Au, 9m @ 100.6 g/t, 15m @ 9.66 g/t, 10m @ 12.0 g/t and 11m @ 10.1 g/t. The mineralisation is hosted within a steep-dipping ironstone unit, 6-11m thick, which remained open below 250m depth and along strike. Pacmin's shares rose 14 cents to $1.60.

CurrentExploration News

Exploration News - Jan to March 2000

Exploration News - Jan to June 1999

Exploration News - 1998

Exploration News - 1997

Other Mining News Clippings (off-site)

Disclaimer:
The information contained in these pages serves as a guide only. Digital Reflections shall not be liable for any accidents, injury, irregularity, loss or damage caused by or arising as a result of information contained within this World Wide Web site.

TEST NO.	TEST INTERVAL (Metres)	FLOW RATE MMCFD*	CHOKE SIZE (Millimetres)
1	260.0 - 266.5	7.4	25
2	230.0 - 236.0	TSTM	OPEN

7m	@ 6.9g/t Au
32m	@ 9.1g/t Au
3m	@ 10.2g/t Au
12m	@ 10.9g/t Au
12m	@ 5.0g/t Au
3m	@ 55 g/t Au
11m	@ 9.2g/t Au
16m	@ 14.3g/t Au
3m	@ 21.7g/t Au

Total Operation	Nov-Dec 1998 ^#	March Qtr 1999	June Qtr 1999*
Sand Treated (t)	2,534,411	5,915,595	2,515,083
Rutile (t)	2,671	5,453	3,615
Zircon (t)	1,376	2,514	1,121

	September Quarter Forecast
Sand Throughput (t)	2,580,000
Rutile (t)	3,020
Zircon (t)	1,000

Measured	161,000	oz
Indicated	286,000	oz
Inferred	40,000	oz
	487,000	oz