Mining Exploration News - Australia & SE Asia

The Tasmania Reef was intersected in the 655 Central Stope Access in late March. The average horizontal width intersected was 4.5 metres at a grade of 30.1 g/t gold. To date, sill driving has extended over a strike length of approximately 19 metres at an average horizontal width of 4.7 metres at an average grade of 25.1 g/t gold.

DRILLING RESUMES AT HIGH GRADE	Project Interests:
DAIRI ZINC/LEAD PROJECT	IAX	80%
	PT Aneka Tambang	20%

Herald's 71% owned subsidiary, International Annax Ventures Inc. (IAX) reports as follows:

The Company is pleased to announce that it has commenced the year 2001 drilling program at the Dairi project in Sumatra, and will achieve cost savings in positioning the drill rig, by sharing a helicopter under contract to the nearby Anglo/Normandy joint venture project.

The year 2001 drilling program will be focused toward expanding the previously announced Anjing Hitam indicated resource of 7.5 million tonnes grading 16.7% zinc, 10.3% lead (27.0% combined zinc-lead) and 14g/t silver, plus an additional inferred resource of 2.5 million tonnes grading 11.3% zinc, 6.8% lead (18.1% combined zinc-lead) and 13g/t silver. These resources were defined by 24 diamond drill holes along an 800 metre length of the zone between section 9457N and 10100N.

This year's initial hole, SOP46D, is collared on section 9470N and will test the extension of high grade zind-lead sedex mineralisation approximately 120 metres down dip of hole SOP41D that assayed 15.6% zinc and 9.1% lead (24.7% combined zinc-lead) over 6.6 metres.

The Anjing Hitam zone, which remains open in several directions, is located at the southern end of the 3.5 kilometre-long Sopokomil sedex horizon. North of the Anjing Hitam zone, 8 widely-spaced exploratory drill holes collared over a 2.7 kilometre strike length have intersected significant sedex-style zinc-lead mineralisation. This drilling has identified the previously reported Base Camp and Bongkaras zones. Notable was hole SOP45D, the last hole drilled in the
Year 2000 program, with a 5.5 metre intersection grading 14.6% zinc and 8.5% lead (23.1% combined zinc-lead) in the Bongkaras zone, located in the northern most exposure of the Sopokomil horizon.

DIORO EXPLORATION (30 MARCH 2001)

The following summarises the exploration activity of Dioro Exploration NL for the quarter ended 28 February 2001:

GOLD

FROG'S LEG PROJECT (Mungari East Joint Venture)
Dioro holds a 49% interest in the Frog's Leg Project, located 22 kilometres west of Kalgoorlie, Western Australia. The remaining 51% interest is held by the Joint Venture operator, Mines and Resources Australia Pty Ltd, a wholly owned subsidiary of the Cogema group.

During the quarter the joint venture carried out a program of drilling which comprised 4,360 metres of RC drilling and 5,605 metres of diamond drilling at the Frog's Leg project, plus a further 4,500 metres of aircore drilling to test the interpreted southern extension of the "Raleigh Trend". This drilling forms part of a $1,800,000 program (Dioro's share $882,000) that commenced late in November 2000 and is scheduled for completion in early April 2001. Geochemical and geophysical surveys were also carried out to determine the prospectivity of the project tenement outside the areas already tested.

Drilling at Frog's Leg is testing the mineralised zone to vertical depths of up to 400 metres below surface. The Hornet project located on the adjacent East Kundana Joint Venture project (Goldfields 51%), immediately to the north of Frog's Leg and on the same geological structure, has previously been extended to a vertical depth of 500 metres.

Frog's Leg is the first major project or prospect to be identified within the Mungari Joint Venture tenements. These tenements include an 11 kilometre long section of prospective stratigraphy, lying immediately adjacent and along strike from the interpreted Raleigh and ABC lines of mineralisation on neighbouring ground, that is at an early stage of exploration evaluation. This prospective stratigraphy is an extension of the same rock sequence that hosts the Kundana orebodies and the recently defined Raleigh and Hornet-Rubicon-Pegasus deposits.

COMMENT
As the program is incomplete the implications of the excellent drilling results highlighted above cannot be fully evaluated, but it is clear that they will have a positive impact on the resource upside at Frog's Leg to a significant, but as yet unqantified, extent. At the commencement of the current program Frog's Leg had an inferred resource of 339,000 ounces to a depth of only 180 metres, and remained open along strike to the north and south, and at depth. Deeper drilling is being carried out in the current program, with the deepest mineralised intersection to date being at 468 metres down hole (approximately 380 metres vertical depth), and the indications are that the mineralisation still remains open at depth and along strike in a number of areas, notably at the northern end.

A revised resource estimation taking into account the latest drilling results is likely to be commence at the end of the present program (tentatively scheduled for completion in April) following the completion of a revised geological model.

MINERAL DEPOSITS (30 MARCH 2001)

Mining to Proceed on Fullerton Extension

The New South Wales Government made a major announcement in relation to Stockton Bight last month balancing protection of the environment, a local Aboriginal land claim and the plans of industry while taking account of developmental concerns. The package of measures approved paved the way for the creation of a new 4,200 hectare national park/conservation area whilst, at the same time, facilitating concurrence by the Department of Urban Affairs and Planning with the company's Development Approval for the right to continue mining at the southern end of the area. The land claim in favour of the Worimi Local Aboriginal Land Council over 5,002 hectares was approved on the basis that the park/conservation sections be leased back by the State Government in consideration for which all annual fee is payable to the Land Council and Worimi people are employed as rangers.

ROC OIL (30 MARCH 2001)

Activity Update

1 APPRAISAL DRILLING

1.1 UK ONSHORE: ESKDALE-13: (ROC: 5% FREE CARRIED)
As of 29 March 2001, (UK time), the Eskdale-13 appraisal well in PEDL 002 was at a depth of 2056 metres after recently completing wireline logging operations. The programmed Total Depth of the well is 2220 metres.

1.2 UK NORTH SEA: CHESTNUT OIL FIELD (ROC: 29.75% CARRIED)
As of 29 March 2001, (UK time), the Chestnut Field appraisal well, 22/2A-11, in UK North Sea licence P 354, was preparing to drill ahead in a side track hole at a depth of 2489 metres, several hundred metres above the anticipated reservoir.

2. DEVELOPMENT

2.1 UK NORTH SEA: KYLE OIL FIELD (ROC: 12.5%)
Final preparations are underway for the start of full-scale oil production from the Kyle Field via the Curlew Field's floating production facilities. First oil is expected to flow next week.

3. SEISMIC

3.1 ONSHORE UK: SOUTH HUMBER BASIN (ROC: 100% AND OPERATOR)
A 50km 2D seismic survey in PEDL 76 in the South Humber Basin has been completed. It was possible to carry out the survey despite the Foot-and-Mouth disease restrictions in the UK, because it only used roads and non-agricultural paths. These restrictions, however, continue to cause the postponement of the planned 400 sq km 3D survey, and, with no sign of an end to the disease or the associated restrictions, it is not possible to forecast when this survey will commence.

3.2 EQUATORIAL GUINEA: RIO MUNI BASIN (ROC: 60% AND TECHNICAL PARTNER)
The 100% ROC-funded, 1380 sq km, 3D seismic survey in Blocks H15 and H16 in the deep water offshore Equatorial Guinea is essentially complete except for the acquisition of some infill lines which is expected to be completed within the next day or two.

VICTORIA PETROLEUM (30 MARCH 2001)

Victoria Petroleum NL, as Operator for the Eagle Project Joint Venture, advises that the Eagle-1 exploration well is currently being prepared for drilling by plugging back the existing Mary-Bellocchi #1 wellbore and setting sidetrack equipment.

The sidetrack will be commenced at 3490 metres (11,500 feet) and drilled to a measured depth of 4557 metres (14,950 feet). A horizontal well bore of up to 300 metres (1000 feet) in length between 4252 - 4557 metres (13,950 - 14,950 feet) is programmed.

The commencement of drilling the sidetracked Eagle-1 is forecast to commence late April-early May, subject to rig availability.

Eagle-1 is testing the oil and gas development potential of the Eagle Prospect, San Joaquin Basin, California.

OIL SEARCH (30 MARCH 2001)

Drilling activities have commenced in the Highlands of Papua New Guinea. This is part of the contracted exploration, appraisal and development drilling programme that will continue through 2001 and 2002.

The northern drilling programme involves sequential drilling of a development well in Kutubu, an appraisal well at Moran, exploration activity at Bakari and further development activity at Kutubu and Moran.

The programme has a range of low risk development wells, mitigating production decline at Kutubu, significant production holes at Moran, as part of the Moran Central development, and high impact exploration well at Bakari.

The order of drilling for the southern drilling programme in the Gobe, Saunders and PPL219 areas is now being finalised. and will be announced when the rig is contracted. This programme is due to start in June and continue into 2002.

ROMA PETROLEUM (30 MARCH 2001)

Roma announced that it and Guinness Peat Group plc the holders in equal shares of Exploration Permit NT/P56 in the Bonaparte Basin, Timor Sea offshore Darwin, have entered into a farmout agreement with King Resources Inc of Mississippi, USA. Under the terms of the agreement King will carry out at its cost an 860 km 2D seismic survey and drill four wells to test the Plover Formation.
This formation is the reservoir for the large Greater Sunrise gas condensate fields to the north and west in adjoining petroleum titles.
The seismic survey is due to commence in May and the Initial Well in October this year.
Roma and Guinness Peat will each have an overriding royalty of 2(1/2)% and a working interest of 7(1/2)%.
King Resources will recover the cost of the Initial Well from production of that well prior to Roma and Guinness Peat participating in the proceeds of production from that well. Roma and Guinness Peat can contribute on a well by well basis their respective 7(1/2)% of the costs of wells 2, 3 and 4 or alternatively pay a 500% penalty to King Resources from production of each well for their share of the cost that well.

CROESUS MINING (29 MARCH 2001)

Further drilling from the Lady Gladys deposit at Davyhurst has continued to yield high-grade gold intercepts providing the likelihood of a significant reserve boost. Drilling has been completed over a 400m long zone and the mineralisation remains open in all directions.

The ore zones dip shallowly to the east and are continuous along strike and down dip. The very high-grade intercepts show good continuity over a smaller interval, possibly representing individual shoots within the broader mineralised zone.

Ore resource calculations are close to being completed and pit optimisation studies will be carried out following this work.

Croesus Mining, Exploration Manager Michael Fowler said "the results look like supporting an expanded mining operation at Lady Gladys and adding further life to the Davyhurst operation. Our ongoing work will include diamond drilling and further step out and deeper drilling. Most of the intercepts are less than 70 metres deep providing good upside for further extensions to the resource."

LAKES OIL (28 MARCH 2001)

EAGLE OIL/GAS DEVELOPMENT OPERATIONS - CALIFORNIA, USA

Lakes Oil N.L. ("Lakes") wishes to announce that is has negotiated a 15% interest in the Eagle oil/gas project in California, USA previously called Mary Bellocchi. Lakes originally participated in the drilling of the Mary Bellocchi No.1 well in 1986. At that time the well flowed 223 barrels of 42^o API oil per day and 0.82 million cubic feet of gas per day before excessive water and migrations of fines interfered with the flow of hydrocarbons.

The Joint Venture now believes that horizontal drilling technology, not available in 1986, can solve the engineering problems that occurred. It is now planned to re-enter the original hole and drill out the casing, allowing the drill to enter the "pay" zone (Gatchell Sandstone) horizontally. Should this be successful it should result in a much improved rate of recovery of both oil and gas.

A workover rig is currently on site assessing the well bore’s integrity prior to bringing in a larger rig late in April which will carry out the planned re-entry and horizontal drilling.

ASX participants and equities in the Eagle Oil/Gas Development are as follows:

Lakes Oil NL 15.00 %

Victoria Petroleum NL 32.50 % (Operator)

Sun Resources NL 10.00 % (Reducing to 7.5 % on exercise of back in rights on payout on production)

First Australia Resources NL 15.00 %

QUEENSLAND GAS (28 MARCH 2001)

QUEENSLAND GAS COMPANY COMPLETES RIDGEWOOD No 1 WELL

The Directors of Queensland Gas Company Limited (QGC) are pleased to announce that the company’s eighth well, Ridgewood No. 1 was completed at 1500 hours on Thursday 22 March 2001.

The well is located approximately 23 kilometres east of the township of Tara in the Surat Basin in Queensland, and approximately 65 kilometres southeast of QGC’s Argyle field.

The two upper seams (total of 12.8 metres of coal) have been under-reamed and the well has been completed and shut in as a potential coalbed methane well.

This well is the first of a two well program to earn QGC a 50% interest in the Walloon Coal Measures in ATP 621P.

Interests in the Walloon Coal Measures in ATP 621P when QGC earns its 50% will be:

Spudding of Linda-2 Appraisal Well

The well is located in TL/1, 17.5 kilometres north-east of Varanus Island at latitude 20deg32'44.96"S and longitude 115deg41'36.56"E.
As at 6.00am yesterday, the well has drilled ahead to 153 metres measured depth and will continue to drill ahead to the planned total depth of 2,905 metres measured depth.

The Linda-2 well has been designed as an appraisal well to test the lateral extent of a 91 metre hydrocarbon column discovered in Linda-1, and to test the possibility of an oil leg at the base of the column.
The Linda structure is a new stratigraphic play concept comprising Middle Jurassic Biggada fan sandstones sealed by surrounding Dingo Claystone.
The Linda-2 well is expected to take 13 days to reach its projected total depth of 2,905 metres measured depth.

Simpson-2: xtn of Simpson oil field confirmed - Wireline logging has been completed confirming the intersection of 11 metres (gross) of 40deg API oil. The oil water contact and pressure gradients indicate that the Simpson-2 oil intersection is a southern extension of the Simpson oil field.

UPDATE ON PROPOSED ACQUISITION OF NORMANDY TENNANT CREEK PTY LTD

Giants Reef is pleased to advise that arrangements for the purchase of all of the shares in Normandy Tennant Creek Pty Ltd (NTC) are progressing satisfactorily.

On 26th of February 2001, Giants Reef announced its successful bid, subject to normal commercial due diligence and formal documentation, for the purchase of all of the shares in NTC for $A7,000,000 from Normandy Consolidated Gold Holdings Pty Ltd, a wholly owned subsidiary of Normandy Mining Limited (Normandy). One of the principal assets of NTC is a 57% joint ventured interest in the undeveloped high grade Chariot gold deposit. The Chariot deposit contains an indicated and inferred resource of 353,000 tonnes at 20 grams per tonne and is open at depth. Metallurgical testwork by AMMTEC Ltd of Perth, indicates that Chariot ore is amenable to processing through Giants Reef’s TC8 gold treatment plant with an expected gold recovery of better than 97 percent.

Having completed its due diligence with a successful outcome, Giants Reef has given notice to Normandy that it is proceeding with the acquisition of the shares in NTC.

Funding for the acquisition of NTC and the development of its interest in the Chariot deposit is to be sourced from a debt and equity package comprising:-

a) A $9 million loan facility and
b) A $3 million equity capital raising.

Debt Facility
Giants Reef has been advised by BankWest that the Bank has approved the proposed loan facility subject to satisfactory completion of the Bank’s due diligence and satisfying conditions precedent normal for a loan of this type.

Equity Capital Raising
The Company proposes to place up to 75 million shares at an issue price of 4 cents each plus 37.5 million free attaching 30th June 2004 options.

A notice of meeting seeking shareholders’ approval of the placement in accordance with ASX Listing Rule 7.1 is planned to be issued shortly.

Giants Reef has appointed Carmichael First Capital Pty Ltd (a subsidiary entity of stockbrokers D.J. Carmichael & Co) to act as its corporate advisor in relation to the equity capital raising and to manage the placement. Giants Reef may seek to have the placement issue underwritten as part of these arrangements

The acquisition of NTC achieves a significant milestone for Giants Reef in that:-

a) It will transform the Company from an explorer to a profitable gold producer and,
b) With the addition of the NTC tenements, Giants Reef will control virtually all of the highly prospective and high grade Tennant Creek mineral field.

Helix has completed the three month Scoping Study on its 100% owned Munni Munni platinum group metals (PGM) project near Karratha in the Pilbara region of Western Australia. The Scoping Study recommends immediate commencement of a Feasibility Study that will take up to 12 months to complete at an estimated cost of $8 million.

MUNNI MUNNI PROJECT SUMMARY

IRR of 34% with payback of pre-production capital of $70 million within 5 years
NPV of $156 million to $205 million with IRR of 34% and capital payback within 5 years
1.3 kilometres long "Central Zone" defined, currently containing 13.5 Mt inferred resource at 3.0 g/t 4E PGM (1.3 million ounces). Diamond drilling to increase resource to over 20 Mt in progress
Excellent potential for further resource identification nearby to Central Zone and along 40 kilometres of projected Ferguson Reef extension
Planned feasibility to investigate mining at 1.5 Mt per annum via open cut and underground operations

VICTORIA PETROLEUM (27 MARCH 2001)

Victoria Petroleum NL wishes to advise that Participation Letter Agreements have been entered into with Sun Resources NL, Lakes Oil NL, First Australian Resources NL and private American interests to fund the first stage of drilling operations at the Eagle Oil Pool Development Project, Eagle No 1, the re-entry, sidetrack, horizontal drilling and completion of the 1986 Mary Bellocchi-1, oil and gas discovery well.
Eagle No 1 is the first well in the Eagle Oil Pool Development Project, a horizontal drilling project targeting potential recoverable reserves of 24 million barrels of oil and 62 million cubic feet of gas.

The success of Victoria Petroleum's efforts to secure participating partners to carry out the Eagle Oil Pool Development Project has resulted in the commencement of field operations on Friday 23rd March 2001 at Eagle No 1, the first well in the Eagle Oil Pool Development Project.

ZIMBABWE PLATINUM MINES (27 MARCH 2001)

Directors announced the decision to proceed with the Ngezi opencast platinum-mining project on the Great Dyke in Zimbabwe. Equity participation in the Ngezi project by Impala Platinum Holdings Limited (Implats), and project debt funding by Absa Bank Limited (Absa), have been secured, subject to shareholder approval. The Government of Zimbabwe has given its full support to the project and has provided Zimplats with all the necessary approvals. The South African Reserve Bank has approved the investment and debt funding.

Implats has agreed to acquire from Zimplats a 30 percent participation in the planned Ngezi opencast mine and the Hartley Platinum Joint Venture company for US$30 million. Absa has committed to project debt funding of up to US$30 million on commercially acceptable terms, including political risk insurance. Zimplats and Impala Refining Services (IRS) have also entered into an agreement whereby IRS will buy from Zimplats the smelter matte containing the platinum group metals, gold, nickel and copper which will be produced from the Ngezi opencast mine ore.

GCR has received the results of a Scoping Study on its 100%-owned Kempfield silver-barite-base metals property. The study was undertaken by Resource Management Group, a Perth-based mining consultancy recently involved with the re-opening of the Radio Hill mine in Western Australia.

The study was based on a measured, indicated and inferred resource of 4 million tonnes grading 93 g/t silver, 25.3% barite and minor amounts of zinc, lead and gold. The results assume the sale initially of 40 thousand tonnes per year of barite concentrate, increasing to 80,000 tonnes per year in year five, for which a marketing exercise is continuing.

The Scoping Study produced the following results, assuming a discount rate of 7.5% and an exchange rate of 0.52 US$/A$:

Mine life	10 years
Throughput	400,000 tonnes per year
Capital expenditure	$12 million
Cumulative after-tax cashflow	$40 million
NPV after tax	$21 million
Internal rate of return	43%
Payback period	2.6 years

The economics of the study have been assisted by the lower Australian dollar. The large, world-class barite resource at Kempfield provides an opportunity to generate significant cashflows if suitable markets can be developed.

A 19-hole programme of RC drilling is presently underway to confirm and increase the resources in the McCarron, Quarry and Mather zones. Results of this programme should be available in the June quarter.

A Pre-feasibility Study, incorporating the results of the current drilling programme and the barite marketing exercise, is scheduled to be completed in the September quarter. If the Pre-feasibility Study is positive it would be followed by a Feasibility Study aimed at developing the project with production to commence during 2002.

ICON ENERGY (24 MARCH 2001)

Up-date Report

During the past month Icon’s preparation for drilling in Louisiana has continued as planned. Well site building is progressing in spite of heavy seasonal rains. OCS Services, our engineering contractors from Layfayette, and BCI Inc have placed several contracts for well services. Test piles to support the drilling rig in the swamp are due to be driven in the coming week.

No delays are expected on the deep well programme due to start in May and the shallow drilling programme ahead of that. Many shareholders have called Icon recently asking for a "spud date". The exact drilling start date can only be confirmed when the rig is released to Icon, which will be announced immediately.

Prices in the US remain above $US5.00 per mcf for Henry Hub gas and oil prices have remained firm and expected to hold with the latest OPEC production cut.

Shareholders are encouraged to be patient while this complex drilling operation gets underway.

In ATP 620P Queensland Gas Company, as operator, for the CBM gas appraisal programme has commenced drilling Argyle # 4, the last of five wells drilled in the initial gas appraisal. A short break will follow to establish the final development plans for this new gas field. A production licence application has been made over the area to the Department of Natural Resources and Mines from where petroleum exploration and production is now administered under the new Beattie State Government in Queensland.

Macmin Ltd has been advised that the Minister for Natural Resources and Mines has recommended the grant of the Mining Lease to the Governor in Council. The Governor in Council is the final approval body, which grants the Mining Lease.

A recently completed Feasibility Study outlined a staged development of the reserves and resources. Mining will be via an open pit with agglomerated heap leach and dump leach techniques being used to extract the silver and gold from the ore.

Negotiations are advancing for financing of the construction component of the mine development at Twin Hills. An exclusive mandate fee was paid to BankWest on 20 March 2001 to allow for due diligence study to be completed prior to a financing package being offered.

The Directors of Queensland Gas Company Limited (QGC) are pleased to announce that the third appraisal well at the Argyle coalbed methane (CBM) field, Argyle No. 3 was completed on Wednesday as a potential coalbed methane producer. Testing of the well during drilling produced gas at a rate of 850 000 cubic feet per day (24 000 cubic metres per day) and water flow of 1 860 barrels per day.

The well intersected 19.7 metres of coal in the upper Walloon Coal Measures. The main coal interval has been under-reamed to enhance the production potential.

The well is located approximately 900 metres east of QGC Argyle No 1 and approximately 25 kilometres south of the township of Chinchilla in the Surat Basin in Queensland.

Resources in the Boulder Block area have been estimated following completion of programmes of reverse circulation drilling in January 2001. The mineralisation lies some 2.5 km from the plant site, immediately to the south-west of the existing high grade Albion pit. Indications of an extension to the Albion mineralisation were known only through high grade intersections in several wide spaced historical drill holes.

The Boulder Block inferred mineral resource is tabulated below.

CUT OFF GRADE TONNES (Mt) Ni % Co %
0.8% Ni 4.4 1.18 0.07
1.4% Ni 1.1 1.63 0.10
Lithologically the mineralisation is composed of an 8m to 10m thick serpentinite-nontronite assemblage. Similar material has been processed from the Albion pit and which elsewhere has demonstrated excellent processing characteristics.

GALLERY GOLD (23 MARCH 2001)

Gallery Gold Limited, a WA based exploration company, has today released an inferred resource estimate of 557,000 ounces of gold on its 100 percent owned Mupane Prospect located in the southern African country of Botswana.

Gallery Gold has been conducting a major gold exploration program in Botswana, since late 1996. This program has successfully located a number of significant gold prospects which are currently being evaluated. The prime focus of present exploration is the Mupane Prospect, some 30 kms SE of the city of Francistown.

In February 2001, Gallery Gold Limited commissioned Resource Service Group Pty Ltd ("RSG"), a WA based consulting company, to conduct an independent audit of its Botswana Gold Project and to prepare an initial estimate of gold resources at the Mupane Prospect.

The Mupane Prospect inferred resource estimate is as follows:

LOCATION TONNAGE (MT) GRADE (G/T) CONTAINED OZ (AU)

Area 1 3.74 3.6 438,000
Area 2 1.33 1.8 76,000
Area 3 0.14 1.5 7,000
Area 4 0.63 1.8 36,000
TOTAL 5.84 3.0 557,000

AMITY OIL (22 MARCH 2001)

A Joint Venture agreement has been reached for a gas production project on the Gocerler gas discovery in the Thrace region of Western Turkey. A pipeline licence has been granted and Amity, as operator of the project, has today placed orders for the manufacture and construction of a 15 kilometre gas pipeline from the Gocerler Field direct to an industrial centre near the city of Corlu.

The pipeline route has been approved by the Joint Venture and ground permitting is now in progress. Delivery of the pipe is expected by late April 2001 and construction of the pipeline, gas treatment plant, metering equipment and condensate storage facility is estimated to be completed in June 2001.

Aurora Gold announced an agreement to acquire the Wafi copper/gold project and exploration tenements in Papua New Guinea's Morobe Province, near its 50%-owned Morobe Gold Project.

Under a Heads of Agreement signed today, Aurora will acquire Rio Tinto's interests in the Wafi tenements effective from 1 January 2001, although Rio Tinto will continue to manage the project on Aurora's behalf until all conditions precedent have been met or waived.
These conditions include PNG Government consents, a decision by Aurora to proceed with development of the Morobe Project following completion of the bankable feasibility study, which is currently in its final stages, and signing of final sales documentation.

The Wafi tenements cover some 182 sq kms and are situated 40 kms west southwest of Lae and 55 kms to the north west of the Aurora managed Morobe Project, that includes the Hidden Valley/Kaveroi Creek tenements controlled by Morobe Consolidated Goldfields Limited ("MCG").

The consideration for the acquisition comprises a front end sum, payable should Aurora decide to develop a mine at Wafi, plus a royalty arrangement covering all future gold and copper production.

BLIGH OIL & MINERALS (22 MARCH 2001)

A three zone test programme on the Rimu B1, drilled in the third quarter, 2000, has recently been completed. A test over the perforated interval 3502 - 3522 metres, in the Upper Rimu limestone, flowed after acidizing at a final rate on a 16/64 inch choke of 505 barrels of 46 degree API gravity oil per day ("bopd"), 2.8 million cubic fed of gas per day ("mmcfgpd") and 95 barrels of water per day at a flowing tubing pressure of 2,324 psia.
The well has been temporarily shut in pending longer-term production testing. The successful test of the Upper Rimu limestone in the B1 well follows the discovery of oil and gas in this zone in the Rimu-B2 well, located 336 metres north-northwest of the Rimu-B1, in December,2000. The Rimu limestone in the B2 well flowed at rates up to l384 bopd and 9.4 mmcfgpd without water.

The company has reached an agreement in principle with Pasminco to acquire the Long Plains magnetite deposit, located eight kilometres south of Ivanhoe's Savage River iron ore (magnetite) mine in Tasmania, Australia. Based on Pasminco's drilling and Ivanhoe's fieldwork, the Long Plains Deposit contains up to 30 million tonnes of magnetite mineralization. Subject to confirmation drilling, the Long Plains Deposit has the potential to significantly increase the resource base of the Savage River Mine.

Ivanhoe Mines will have 15 months to evaluate the deposit. If it proceeds with the acquisition, Ivanhoe will pay Pasminco A$1.8 million (approximately US$900,000) in cash or Ivanhoe shares, at Ivanhoe's option, subject to regulatory approval.

Additional exploration is required to determine whether the Long Plains Deposit contains a mineral resource. Further geological field mapping and ground geophysical work will begin immediately to outline the boundaries of the deposit, and additional resource confirmation drilling will begin in the second quarter.

MOUNT BURGESS MINING (22 MARCH 2001)

Native Title Negotiations - EL 74/196

This is to inform you that the Company has successfully concluded negotiations with the Bullenbuk Native Title Group, in respect of Exploration Licence Application 74/196, situated in the Phillips River Mineral Field, north of Esperance in Western Australia.

The agreement concluded allows the Company to proceed through to mining without further negotiation in the event of discovering a mineable resource.

The grant of the tenement by Minerals Title Division is now only subject to the payment of GST on the rental component.

Exploration Licence 74/196 (The Lort Project) contains a significant isolated magnetic anomaly, which the Company intends to explore once the tenement has been granted.

ROC OIL COMPANY (22 MARCH 2001)

1 APPRAISAL DRILLING

1.1 UK ONSHORE: ESKDALE-13: (ROC: 5% FREE CARRIED)
As of 20 March 2001, UK time, the Eskdale-13 appraisal well in PEDL 002 was cutting a core in the Kirkham Abbey Limestone, which is one of the reservoir objectives of the well. After coring, the well will drill to an expected Total Depth of 2,220 metres.

1.2 UK NORTH SEA: CHESTNUT OIL FIELD (ROC:29.75% CARRIED)
As of 20 March 2001, UK time, the Chestnut Field appraisal well, 22/2A-11, in UK North Sea licence P354, was preparing to drill a side track hole after the well had been plugged back to 1770 metres following difficult hole conditions which were encountered just prior to running the 9% inch casing.

2. DEVELOPMENT

2.1 UK NORTH SEA: KYLE OIL FIELD (ROC: 12.5%)
Final preparations are underway for the start of full-scale oil production from the Kyle Field via the Curlew Field's floating production facilities. First oil is expected to flow within 2 weeks.

3. PRODUCTION

3.1 ONSHORE UK: SALTFLEETBY GAS FIELD (ROC: 100% AND OPERATOR)
During February 2001, Saltfleetby gas sales averaged 40.6 MMSCFD, and the average (spot and contract) price achieved was 22.3 pence per therm (A$6.71/MCF) which is the highest average monthly price received since the field came on-stream in December 1999. As previously reported (ROC's ASX Release 1 March 2001) the decline in Saltfleetby production is largely a reflection of the natural decline in production from the Saltfleetby-5 well which produced more than 1 billion cubic feet of gas within four months of coming onto production. During the early part of March, Saltfleetby-5 was shut-in with the intention that the remaining Namurian reserves will be recovered once surface compression facilities are installed. This compression capacity, available at the Thaddlethorpe Gathering Terminal, where Saltfleetby gas is processed, is expected to be utilised by ROC towards the end of 2001 - The other four Saltfleetby wells, all producing from the main Westphalian reservoir, continue to produce according to forecast and current production from these wells is approximately 34 MMSCFD, which is comparable to rates achieved in August and September 2000 although they were partly a reflection of temporary surface facilities constraints at Thaddlethorpe.

3.2 MONGOLIA: EAST GOBI BASIN (ROC: 100% AND OPERATOR)
Production at ROC's field facility in the Gobi Desert has continued through a particularly harsh Mongolian winter. Current production rates approximate 150 BOPD and there is approximately 21,000 barrels of oil in storage awaiting shipment and export sale to China which is expected to occur in 2001.

4. SEISMIC

4.1 ONSHORE UK: SOUTH HUMBER BASIN (ROC: 100% AND OPERATOR)
A 50km 2D seismic survey in PEDL 76 in the South Humber Basin is scheduled to be completed later this week. It was possible to carry out the survey despite the Foot-and-Mouth disease restrictions in the UK, because it only used roads and non-agricultural paths. These restrictions, however, continue to cause the postponement of the planned 400 sq km 3D survey. and, with no sign of an end to the disease or the associated restrictions, it is not possible to forecast when this survey will commence.

4.2 EQUATORIAL GUINEA: RIO MUNI BASIN (ROC: 60% AND TECHNICAL PARTNER)
The 138C sq km 3D seismic survey in Blocks H15 and H16 in the deep water offshore Equatorial Guinea is 8O% complete. The survey, which is 100% funded by ROC, has been essentially trouble-free and is expected to be finished by the beginning of April 2001.

Woodside Energy Ltd, operator of the North West Shelf Venture, advises that it has experienced further operational difficulties with the LNG Train 1 propane compressor, which caused an unplanned shutdown in October 2000.
Woodside had planned a shutdown of this compressor on 30 March to effect permanent repairs. However, excessive vibration has led to this shutdown being brought forward.
LNG processing by Train 1 has been suspended pending resolution of this problem.

Woodside Petroleum Ltd reports that the Montesa-1 exploration well located in the Carnarvon Basin was plugged and abandoned after drilling the 8 1/2 inch hole to a total depth of 2302 metres and running wire-line logs. The Marine 500 drilling rig left Montesa-1 location on 20 March 2001.
All reported depths are referenced to the rig rotary table.
Woodside's interest in WA-271-P is 100%.

Woodside Petroleum Ltd, Operator of the ZOCA 91-01 Joint Venture, reports that the Kuda Tasi-1 exploration well located in the Bonaparte Basin reached a total depth of 3535 metres on 16 March 2001. On 20 March, preparations were being made to plug and abandon.
Since the last report, the 8 1/2 inch hole section had been drilled to a total depth of 3575 metres and wireline logs conducted over the primary objective. Preliminary evaluation of the log data indicates a 17.5 metre gross oil column has been intersected between 3428.5 to 3446 metres.
All reported depths are referenced to the rig rotary table.
Woodside's interest in ZOCA 91-01 is 40%. Other participants are Inpex Timor Sea Ltd (35%) and Santos (ZOCA 91-01) Pty Ltd (25%).

Woodside Petroleum Ltd, Operator of the WA-208-P Joint Venture, reports that the Delilah-1 exploration well located on the North West Shelf in the Dampier Sub-basin was spudded on 15 March 2001. The operation was drilling ahead at 2172 metres on 20 March 2001.
The Ocean General semi-submersible rig is drilling the well. The location is approximately 4 kilometres west of the Legendre South-1 well. Water depth at the location is 55 metres and planned total depth is 2950 metres.
All reported depths (except water depth) are referenced to the rig rotary table.
Woodside's interest in Delilah-1 is 29.5%, Santos Offshore Pty Ltd 20.0%, Mobil Australia Resources Company Pty Limited 33.0%, Agip Australia Limited 12.5% and Mosaic Oil NL 5.0%.

GLENGARRY RESOURCES (20 MARCH 2001)

An exploration licence application for tantalite has been accepted by the Northern Territory Department of Minerals and Energy. This application (EL 23093), referred to as Barrow Creek, is located approximately 200km north of Alice Springs and 15km north west of Barrow Creek in the Northern Territory and has an area of over 350sqkm.
The Barrow Creek EL covers numerous prospector pits and shafts which were worked in the 1950's producing tin and tantalum. This mineralisation is hosted by north trending pegmatite dykes and quartz veins which have been intruded into shear zones. The country rock comprises Proterozoic quartz - mica schists and amphibolites which are surrounded by the Barrow Creek granite complex.

Gateway Mining NL will conduct an initial reverse circulation drilling program at its exciting Cowra project in the highly prospective New South Wales Lachlan Fold Belt, where the company has identified skarn or calc-silicate hosted replacement style copper-gold mineralisation.

Drilling is scheduled to commence in the last two weeks of March, comprising of approximately 1,500 metres (15 angled holes x 100 metres). This will test the recently delineated Nasdaq prospect to a vertical depth of 85 metres.

Since it picked up exploration lease EL 5114 at Cowra two years ago, Gateway has carried out a range of geochemical and geophysical studies. Much of the recent work has focussed on Kiola; a seven kilometer x four kilometer zone of structurally controlled copper-gold mineralisation and alteration. Superimposed on the area are numerous circular features identified from photogeological work.

Initial soil sampling over a large area of potentially productive host rocks identified the Nasdaq target, an area of up to 1.25 x 2.50 kilometres with encouraging copper-gold mineralisation. A second more detailed sampling program returned localised zones of coincident gold-copper-bismuth covering a zone of 300 x 600 metres. Results of ground magnetics and geological mapping have confirmed the area’s prospectivity.

Lucky Draw, Browns Creek and Junction Reefs are all gold-skarn deposits that are specific to the NSW porphyry setting and it appears that EL 5514 has this style of mineralisation at Nasdaq.

Nasdaq is a unique target in that it has never been drill tested. It has coincident positive stream, soil (copper-gold-bismuth) geochemistry, ground magnetics and radiometrics all hosted within a favourable host rock.

Despite the negative climate for mineral exploration, directors are pleased that Gateway has been able to make substantial progress at its Cowra project. They are highly encouraged with the potential of Nasdaq and other targets in EL 5514. Drilling results will be reported when they are at hand.

A brief, 4 hole diamond drilling programme was completed at the Batu Besi Prospect in January-February 2001.

A ground magnetic survey was also completed over the Batu Besi, Burung Mandi and Air Antu grids.

The drilling has provided further excellent tin results, especially in hole BBH16RD with 90m aggregate intersection with @ 1.10% Sn including 23m @ 1.77% Sn.

DALGARANGA PROJECT
The Dalgaranga treatment plant has successfully completed the commissioning process reaching design capacity of 20 tonnes per hour on 24 February and commenced 24 hour operations on a two shift basis on 4 March. Plant feed has consisted of tailings from the historical operations and recoveries have averaged above 60%, which is in excess of the budgeted recovery of 50% used in the initial plant studies.
The plant was commissioned on low grade tailings material and the head grade of the tailings has varied between 250 and 650 g/t Ta(2)O(5) which is in line with the budgeted grades. Minor modifications have been made to the wet tabling circuit to produce a concentrate containing 8 to 10% Ta(2)O(5) for transport to the mineral dressing plant in Perth.

BINNERINGIE PROJECT
Australasian Gold Mines announced that its 50% owned subsidiary Tantalum Australia Pty Ltd ("TA") has entered into a formal option to purchase agreement whereby TA can acquire a 100% interest in two granted mining leases located near Binneringie in the Coolgardie Mineral Field of Western Australia. The option can be exercised at any time prior to the 21 October 2001. Further details of these agreements are set out in this announcement.
The Binneringie project tenements cover an area of 4 square kilometres located 60 kilometres east of Widgiemooltha, Western Australia. The Binneringie project is considered to have the potential for the discovery of primary pegmatite hosted and alluvial tantalum deposits.

GREATER PACIFIC GOLD (16 MARCH 2001)

RESULTS FROM RC PERCUSSION DRILLING AT THE GABANINTHA VANADIUM PROJECT, MEEKATHARRA WA
In November/December 2000 thirty-one RC percussion holes (GRC018 to GRC 048) were drilled on P 51/2226 owned by Greater Pacific Gold Limited and the "Defined Area" on E 51/843 and E 51/431 covered by the Nowthanna Joint Venture in which Greater Pacific Gold Limited has an 80% interest in any vanadium. The holes were drilled on 15 traverses (average of 2 holes per traverse) spaced along strike at approximately 400 metre intervals at an azimuth of 050deg and a dip of 60deg except for GRC 025, which was drilled vertically because of access problems. A total strike length of 8 km was tested by these drill traverses and 1.5 km remains to be tested within the above areas controlled by Greater Pacific Gold Limited. As there is no outcropping vanadiferous titanomagnetite in the southern part of the area explored, the drill holes were located by carrying out ground magnetic traverses.

The drilling confirmed the continuity of the magnetite bands. The depth of cover in the southern part of the Greater Pacific Gold Limited controlled areas is only shallow, varying from 2 to 8 metres. The average combined width of the vanadiferous magnetite bands intercepted in the drill holes was 23 metres (approximates to true width). The individual vanadiferous magnetite bands had an average true width of 12 metres reaching a maximum true width of 44 metres.

GOLD AND RESOURCE DEVELOPMENTS (16 MARCH 2001)

The Board of Directors has approved a further 15% expansion of the Macraes Gold Project milling capacity from 3.9mtpa to 4.5mtpa.
Further, pending the successful application by GRD Macraes to vary the existing Reefton access agreement with the Department of Conservation the Macraes autoclave capacity will also be increased to accommodate the additional concentrate feed.
As a result GRD Macraes forecast gold production when sourced from two areas will increase by nearly 50% to approximately 250,000 ounces per annum from 2002.

The total capital costs for:

Expanding the Macraes milling capacity from 3.9mtpa to 4.5mtpa;
Expanding the Macraes autoclave capacity to include the higher concentrate feed from both projects; and
Developing the higher grade Reefton Gold Project;

is expected to be $35 million AUD +/- 10%.

DOMINION MINING (16 MARCH 2001)

Dominion announced a spectacular series of drilling results from its 100%-owned Challenger Gold Project in South Australia, underlining the exceptionally high-grade nature of the deposit as it moves closer to launching project development in the second half of 2001.

The in-fill drilling results, which were designed to confirm the initial 100,000 ounce open pit gold resource at Challenger could lead to a future resource upgrade. This coincides with the release by Dominion, of a progress report on the Bankable Feasibility Study on Challenger and the Company's Half Yearly accounts.

The Challenger drilling results included two stunning intersections of 12 metres at 56 g/t gold and 14 metres at 21.3 g/t gold. These results occur at the bottom of the proposed opencut offering considerable encouragement for both the initial feasibility and an eventual transition to underground mining.

The most important feature of the Feasibility Study to date is the delineation of a water supply in close proximity to the proposed site for the Challenger treatment plant, eliminating the last remaining item of uncertainty relating to the infrastructure required to implement the project.

The project is also subject to the successful completion of negotiations with registered Native Title claimants. These are well underway.

Dominion also released encouraging exploration results from its south west Yilgarn Project, a major regional project in Western Australia, following the latest phase of work.

Gindalbie has secured a $9.5 million finance facility for the development of the Minjar Project from Macquarie Bank Ltd.
The facility consists of $7.5 million direct project finance and $2.0 million as a forward price prepayment. The availability of the prepayment was a function of the higher than expected A$ gold price and the fact that the average spot price exceeded the Company's best expectations arising out of the feasibility study.

The Company has now given the go ahead for development of the Minjar Project to commence in April 2001 with production expected by October 2001.

The Company will relocate the 500,000 tpa Marymia treatment plant to Minjar to treat the initial 140,000 ounces in gold equivalent reserves at a cash cost of A$320/oz.

HARDMAN RESOURCES (16 MARCH 2001)

The Joint Venture partners in offshore Mauritania Blocks 2-6 have reached final decisions on the drilling program scheduled to begin in early April. These decisions were presented to the Mauritanian Government during meetings on 3-8 March. Logistical preparations in-country are already well advanced and the Scarabeo-7 rig is currently on tow to Mauritania with arrival on site expected at the end of March and a spud date on or around 1 April.

Details of the two wells to be drilled during this first drilling phase are as follows:

The Chinguetti-1 well will target the prospect now named Khede (formerly referred to as Lead 1). This consists of stacked Tertiary targets draped over a salt diapir in a water depth of 800 meters. The primary target is interpreted as Miocene sand at an approximate depth of 2365-2500 meters. Proposed total depth (TD) is 2620 meters below sea level.
The Courbine-1 well will target the Courbine prospect (formerly referred to as Lead 8). This consists of an interpreted Cretaceous Canyon fill draped over a toe thrust at an approximate depth of 3720 to 3920 meters below sea level, in a water depth of 1200 meters. Base case proposed TD is 4000 meters, however an operationally contingent TD of 4800 meters is carried as an option and would allow a test of a deeper Cretaceous target.

King's Offshore Diamond Exploration Programme on the west coast of South Africa continues to find top quality rough diamonds.
Excellent weather conditions for exploration on Concession 5(a) has allowed our Exploration and Recovery Vessel in South Africa to return with 331 only 20 kg bags of diamondiferous gravels over the past week.

The recovery of 18.37cts of rough diamonds (12 stones in total) was highlighted by a 7.63ct stone. Other stones recovered over 1 carat were, 1 only 2.31ct, 1 only 2ct, 1 only 1.81ct and 1 only 1.l4ct. These diamonds were recovered from an area in Concession 5(a) where on a previous trip a 4.25ct diamond was also recovered. The average size of each diamond recovered in Concession 5(a) is normally 0.5cts. This area currently explored by King's has recovered an average of > 1.5cts per diamond.

The quality of the diamonds recovered from this am are such that we expect the price per carat at auction should be well above average.

CHATTERBOX DRILLING
Metex, together with its 50% equity partner in the Laverton Exploration Joint Venture ("LEJV") Delta Gold Limited announced that the initial program of RC drilling at Whisper has been completed by the Granny Smith Joint Venture ("GSJV") (Placer 60% Delta Gold 40%).
The program comprised 55 holes for 4,508m and had the principal objective of upgrading parts of the Whisper deposit to the status of a measured and indicated mineral resource. A secondary objective was to test for mineralisation below corrently defined pit shells. Better results returned external to current pit shells included 10m @ 11.26g/t from 60m in GWRC348, 13m @ 8.52g/t from 74m in GWRC349, 5m @ 6.23g/t from 76m in GWRC366, 5m @ 10.32g/t from 53m in GWRC367, 3m @ 10.78g/t from 117m in GWRC374 and 7m @ 3.41g/t from 72m in GWRC377.

As previously advised the resources under review total 6.2 million tonnes @ 2.3g/t for approximately 463,000 ounces of gold at Innuendo, Whisper, Rumour and Garden Well. On the successful conclusion of the feasibility study the GSJV will have the right to mine and process ore in return for an escalating two stage royalty payable out of production to the LEJV. Additional oxide resources at Beasley Creek and Gladiator North (for 151,000 ounces) are not included in the current agreement.

On the commencement of mining a two stage royalty will apply. The initial royalty rates apply to the first 75,000 ounces of gold produced, and depending on gold price, range between $28.75 and $60 per ounce. Once 75,000 ounces have been recovered the rates range between $43.80 and $75 per ounce. The lower rates apply for gold prices well less than the current spot prices, with the highest rate applying above $525. All figures are in Australian dollars. The current Australian dollar gold price is in excess of $530 per ounce.

Using the agreed upon royalty rates it is anticipated that Metex's share of cashflow from production will be approximately $3.0 to $3.5 million for each year of production at current gold prices. Subject to the successful conclusion of the feasibility study this cashflow could commence early 2002.

ELKEDRA DIAMONDS NL
The Company has previously announced a new exploration and corporate initiative for diamonds in the Northern Territory. This initiative began early in 2000 and has progressed to the stage where 6 of the 26 applications covering a substantial part of the Aljawarra cratonic nucleus (part of the highly prospective North Australian Craton) have passed all requirements and are awaiting grant. The Aljawarra Craton has geological, tectonic and magnetic features typical of diamond producing cratons, particularly the Siberian Craton that hosts some of the world's largest and most lucrative kimberlite pipes.

This stage of land acquisition and consolidation has occurred during a period of increasing interest in diamond exploration in northern Australia. This interest has in part been facilitated by high quality regional geophysical data being made available by the Northern Territory Geological Survey.

Metex will be a substantial stakeholder in Elkedra, and is currently completing a $600,000 seed capital raising so as to commence field activities during the forthcoming dry season. This is being undertaken with the assistance of State One Equities Pty Ltd. It is anticipated that an IPO prospectus capital raising will be undertaken during the second half of 2001. Metex shareholders will receive a priority entitlement in any proposed raising.

Titan has agreed to purchase the Carr Boyd Rocks nickel property from Defiance Mining NL for $800,000 cash.
The purchase will be made by Titan's wholly owned subsidiary, Australian Nickel Mines NL, with payment in two installments, being $500,000 within 14 days of signing the Purchase Agreement and the balance of $300,000 due twelve months from that date.

The Carr Boyd Rocks Ni-Cu sulphide mine is located approximately 80 km north-west of Kalgoorlie, within the Eastern Goldfields region of WA. The tenement package covers approximately 53 square kilometres overlying the Carr Boyd Rocks layered mafic-ultramafic intrusion, including a significant portion of the important, basal intrusive contact. The deposit is hosted by the Carr Boyd layered, mafic- ultramafic complex, which is similar to Titan's Radio Hill and Mt Sholl intrusions. On a global scale layered mafic-ultramafic intrusions host approximately 90% of all known nickel sulphide mineralisation and a large percentage of all known Platinum Group Element mineralisation.

GCR will drill the platinum-palladium mineralised zones at the Mulga Springs and Little Darling Creek prospects at Broken Hill. GCR will shortly regain management of the properties from joint venture partner WMC who has advised it plans to withdraw from the joint venture. Over 25 shallow RC holes will be drilled with the aim of delineating a mineable resource of oxide ore containing platinum group metals (PGMs).

Limited drilling by previous explorers was aimed at exploring for a continuous sulphide resource, however recent increases in the price of PGMs make a small oxide resource a viable target.

At Mulga Springs, previous explorers selected a 120 kilogram sample from old mining dumps for preparation as a PGM assay standard. The sample averaged 19.6 g/t platinum, 50.0 g/t palladium, 3.0 g/t rhodium, 4.7 g/t irridium, 2.0 g/t ruthenium and 3.0 g/t osmium. The in-situ value of this material at present prices is over four thousand dollars per tonne ($4,000/t).

Oxiana Resources has now completed first pass resource evaluation drilling on the five Sepon gold deposits - Nalou, Discovery, Discovery West, Namkok West and Namkok East

Drilling to close off extensions to high grade mineralisation at the Nalou, Namkok West and Discovery West gold resources has been completed. Assays received to date for Namkok West indicate further extensions of higher grade mineralisation to the south and northwest.

Infill drilling to prove up measured resources within priority areas of each resource is in progress.

Preliminary resource modeling of the Nalou, Discovery West and Namkok West and East gold deposits has been completed and preliminary modeling of the largest gold resource, Discovery, is being completed. First pass results indicate a robust global gold resource within which there are a number of discrete near surface higher grade zones.
These near surface higher grade zones will provide strong early cash flows and significantly enhance project economics.

In mid February 2001, Thrace Joint Venture Technical Committee meetings and formal Operating Committee meetings were held in Ankara to consider programmes put forward by the Joint Venture Operator, Amity Oil International Pty Ltd ("Amity") to advance the Gocerler gas discovery towards production and for future development and exploration programmes.

Agreement was reached on all programmes, subject to certain conditions. Amity is working on behalf of the Joint Venture to meet the conditions and is confident there will be no delay in bringing the Gocerler gas discovery to production and moving into the next Joint Venture exploration phase.

The Thrace Joint Venture participants are Amity Oil International Pty Ltd, 50% and Turkiye Petrolleri AO, 50%.

AUSTPAC RESOURCES (14 MARCH 2001)

Austpac has completed an initial bulk sampling program from the heavy mineral horizon of the WIM 150 deposit. WIM 150 lies within Exploration Licence No 4521 in the Southern Murray Basin. Over 400 tonnes of ore from the heavy mineral section have been stockpiled for upgrading as required. The sample site will be rehabilitated as a dam for the landowners.
Earlier drilling by CRA indicates the WIM 150 resource contains at least ten million tonnes of ilmenite, six million tonnes of "Hi-Ti" minerals (rutile and leucoxene) and four million tonnes of zircon. The mineralization observed at the sample site appears to be typical of that reported elsewhere in the deposit. It is fine-grained and the heavy minerals will require treatment to produce readily saleable products.

A heavy mineral concentrate will be produced from the bulk sample for processing at Austpac's pilot plant at Newcastle. Bench scale testwork undertaken last year at Newcastle on similar fine-grained heavy minerals from another deposit was successful, and the main focus of the forthcoming pilot plant program is to produce a marketable synthetic rutile product from this large ilmenite resource.

NEW ZEALAND - PEP38719, TARANAKI BASIN, BLIGH INTEREST: 5.00%
The Rimu-A3 spudded on 6 March and is currently drilling ahead at a depth of 1374 metres. The Rimu A3 is being drilled from the A pad to evaluate the upper and lower Tariki Sandstone reservoir at a location approximately 370 metres south-southwest of Rimu A1. The well will be directionally drilled to an along hole depth of 4900 metres.

Once drilling operations on Rimu A3 have been completed, the rig will be moved to the Kauri location. Testing of the Tariki sands in the Rimu A2, and any testing that may be warranted in the Rimu A3, will then be undertaken, utilising a workover rig.

Testing operations are currently underway on the Rimu B1. Following completion of this testing programme, testing of the Rimu limestone zone in the Rimu B2 will be carried out.

Subject to the Operator's approval, Bligh intends to release the results of the testing as each well is completed.

COPPER MINES AND METALS (14 MARCH 2001)

A recent visit to the Acoje mine site in the Philippines has been made by Copper mines and Metals Ltd (CMML) personnel and consultants.
The ongoing field programme of detailed surface geological mapping of the initial 6,000 metre strike length of the Acoje mine site area is well advanced. Mapping to date has confirmed the presence of at least four (4) parallel nickel sulphide bearing black dunite zones with thicknesses ranging up to 80 metres in outcrop. These were the zones drilled and partially mined for nickel and platinum in the 1970's. One of these zones is that reported to contain a nickel sulphide resource of 2,375,000 tonnes plus an additional 2,500,000 tonnes of potential resource. Estimates of grades were 10 g/t platinum plus palladium (ratio 40:60), 0.4% nickel and 0.3% copper. Averaging 3 metres wide this zone is the priority target for drilling and metallurgical sampling to classify resources to modern standards.

An independent analysis of resources at Dragon's Svartliden Gold Project in Sweden has been completed by Resource Service Group Pty Ltd. The grade of the total resource has increased significantly from that reported in the December 2000 Quarterly Report to the ASX. The current resources including allowance for likely mining dilution are as follows:

i) Mineralisation in volcanic and sedimentary lithologies based on selective mining unit dimensions of 5m east x 2.5m north x 2.5m bench height, and a 1.5 g/t lower cut off*

TONNES g/t GOLD OUNCES

Measured 240,000 8.3 63,000
Indicated 1,220,000 4.4 172,000
Inferred 260,000 3.0 25,000
Total 1,720,000 4.7 260,000

ii) Mineralisation in granitoid rocks based on selective mining unit dimensions of 25m east by 10m north by 5m bench height, and a 1.5 g/t lower cut off*

TONNES g/t GOLD OUNCES

Inferred 152,000 3.2 15,700

Initial pit optimisations and estimates of project economics indicate that the resources would sustain a 50,000 oz per annum operation on an average diluted head grade of 5.9 g/t gold.

CLEAR BRANCH FIELD, JACKSON PARISH, NORTH LOUISIANA TOLAR NO 1
Gas shows have been reported in mud logs while drilling the Hosston sand series in the Tolar No 1 well. Nineteen (19) feet of gross sand was drilled over the interval from 9,220 to 9,239 feet with drilling breaks and increased background gas readings (46 units).

SOUTH DREW FIELD, OUACHITA PARISH, LOUISIANA POLICE JURY NO 1 WELL
Gas shows have also been reported in mud logs while drilling the Police Jury No 1 well. Forty (40) feet of gross sand was encountered with associated drilling breaks and increased background gas readings (46 units) over the interval from 9,440 to 9,480 feet.

GYMPIE GOLD (14 MARCH 2001)

Gympie announced that a large stockwork gold orebody has been found and drilled in its new Lewis Mine at Gympie in southeast Queensland. It has been named Rands Dyke Stockwork.
It is a wide stockwork zone located within 30 vertical metres of the path of the Lewis Mine decline scheduled to be developed over the next 3 months. It is 65 metres north of the vertical Inglewood Lode that is the initially planned target of the Lewis Mine exploratory development.

A surface diamond drillhole and an underground diamond drillhole from the Lewis Decline intersected the new orebody within a few days of each other. The two similar-looking intercepts are 20 metres apart and both comprise wide zones of thin stockwork veins, some containing visible gold. The drill-core from the underground hole has been assayed first while that from the surface hole is being documented and photographed in detail.

Kimberley Diamond Company NL (ASX: KIM) has further enhanced the potential for development of an integrated mining operation incorporating its Blina and soon-to-be-developed Ellendale Field, with new results confirming the likely existence of a separate lamproitic source for the alluvial diamonds recovered at Blina.
The fast-emerging Australian diamond group is currently undertaking a feasibility study to develop and mine Ellendale Pipes 4 and 9, which it acquired through a landmark agreement with Argyle Diamond Mines last month.
The latest results include the recovery of large (+0.8mm) chromite grains from two upstream tributaries of Blina's main ancient paleao-gravel system known as the Terrace 5 gravels, indicating the likelihood of a proximal primary source for the Terrace 5 diamonds.

Drilling Activity Update

1. UK ONSHORE: ESKDALE-13: (ROC: 5% FREE CARRIED)
As of 12 March 2001, the Eskdale-13 appraisal well in PEDL 002 had run and cemented 7 inch casing to a depth of 1375 m and the rig was picking up drill pipe to drill ahead in 6 inch hole.

2. UK NORTH SEA: CHESTNUT OIL FIELD (ROC: 29.75% CARRIED)
As of 12 March 2001, the Chestnut Field appraisal well, 22/2A-11, in UK North Sea licence P 354, was preparing to set 9 (5/8) inch casing prior to drilling an extended horizontal section to a planned Total Depth of 3750 m. If the well is successful, an Extended Well Test will be carried out to evaluate fully the long term production potential of the Chestnut Field.

ICON ENERGY (7 MARCH 2001)

Activity Report

Icon is pleased to announce that Argyle #3 in ATP 620P has successfully flowed gas at the rate of 850,000 cubic feet per day from the Macalister Lower Seam of the Walloon coal Measures. This well is the fourth well drilled in ATP 620P and supports the viability of a commercial development from this coal bed methane gas field.

Argyle #3 is located 900 metres east of the successful Argyle #1 well which flowed gas at a rate exceeding one million cubic feet per day. The Argyle gas field is 25 kms south of the town of Chinchilla and about 20 kms north of the Roma to Brisbane gas pipeline.

Queensland Gas Company is the Operator for the appraisal drilling programme in ATP 620P where Icon energy holds a 12.5% interest.

Queensland Gas Company has signed a farmout agreement with Icon in respect of three other areas ATP 632P, 648P and 610P. In addition, Icon holds a 5% overriding royalty in ATP 691P with Queensland Gas Company as the working interest holder.

Icon holds a 100% interest in ATP 626P which has similar coal bed methane potential in the Walloon Coal Measures.

New issue announcement

Icon has issued 600,000 ordinary securities at a price of 10 cents per share as part consideration of the Purchase and Sale Agreement dated 30 January 2000 signed with Bayou Choctaw Inc and Warren Operating Company in relation to the Louisiana project.

MOUNT BURGESS MINING (7 MARCH 2001)

Mount Burgess Mining N.L. ("MTB") has signed a joint venture agreement with Heron Resources N.L. ("Heron") with respect to a contiguous group of tenements which cover the entire Ilaara greenstone belt in the Eastern Goldfields Province of Western Australia (the "Perrinvale Joint Venture").

According to the terms of the joint venture, MTB has the right to earn a 70% interest in the properties by way of spending $500,000 on exploration over a three year period. Heron will retain the rights to any nickel or cobalt mineralisation and to any sulphur, including sulphuric acid which may be produced as a by-product. MTB is committed to at least one years exploration after which time it may withdraw.

The Ilaara greenstone belt comprises a sequence of tholeiitic basalts separated by a central corridor of felsic to intermediate volcanics and is considered prospective for the discovery of volcanogenic massive sulphides ("VMS") basemetals deposits and structurally controlled gold deposits.

The project area is situated from 170 to 320 kilometres northwest of Kalgoorlie and comprises four granted Exploration Licences and four Exploration Licence Applications. This tenement holding extends for over 120 kilometres.

Mount Burgess Mining N.L. has, in its own right applied for one exploration licence contiguous with and to the north of the Perrinvale Joint Venture tenements.

ASTRO MINING (6 MARCH 2001)

Bow River Diamond Project, Western Australia

DETAILS OF ANNOUNCEMENT
The richly diamondiferous Argyle lamproite pipe is unique in the world because it occurs by itself, whereas most lamproite and kimberlite pipes occur in clusters or "fields" containing several pipes.

The Company recently completed high-resolution aeromagnetic surveying over five areas of Proterozoic basement rocks near the Argyle Diamond Mine. These surveys were designed to detect lamproite pipes, similar to the diamondiferous Argyle pipe. Preliminary interpretation of the aeromagnetic data has identified a number of magnetic targets that occur on 100% Astro Mining tenements and joint venture tenements (Conquest Mining JV).

Previous diamond indicator mineral sampling in some of these areas would not have detected lamproite pipes due to the presence of transported cover rocks. Astro geologists consider the magnetic targets to be highly significant as they may represent the undiscovered part of the "Argyle lamproite field".

Some of the magnetic targets have a similar shape and size to the lamproite pipes of the diamondiferous Ellendale field located in the West Kimberley of Western Australia.

Field inspection of the targets has confirmed that some sit below Cainozoic cover rocks and a drilling program is required to test these targets.

DRILLSEARCH ENERGY (6 MARCH 2001)

(Drillsearch Energy NL owns 45% of Circumpacific Energy Corporation. Circumpacific is listed on CDNX Listing Code: CER)

WELL NAME AND CIRCUMPACIFIC INTEREST:
TLM Oiltech Lambert 5-4-52-22 W5M. Circumpacific has earned a 14% working interest in the well and in 3 sq miles of Crown Leases.

AREA LOCATION:
Lambert approximately 180 km. west of Edmonton, Calgary, Canada

REPORT:
1. BACKGROUND
In November, 2000, Circumpacific with Talisman Energy Inc ("Talisman") as operator drilled to contract depth of 4,900 metres on a deep multi zone gas well at Lambert. Drilling encountered a number of gas zones including a 20 metre gas column at the base of a Devonian Age Leduc Formation reef. The well so far has contributed a significant addition to the undeveloped gas reserves held by Circumpacific.

2. CURRENT PROGRESS
At our last report on 30th November, 2000, the Lambert well had been suspended pending completion of a vertical seismic profiling survey (also known as "walk away seismic").
That survey has now been completed and interpretation is in progress.
The purpose of the survey was to investigate the full geometry of the Devonian Age Leduc formation reef.

Subject to the results of the seismic survey, the partners intend that a deviated well will be drilled from the 3,800 metre intermediate casing point to further test the Leduc reef.

The total cost of the deviated well is expected to be CAD$1 million and Circumpacific's contribution will be CAD$140,000.

DRILLING:
A further report will be issued at the time the deviated well is commenced. Timing for those drilling operations will depend on rig availability.

Exploration

During the six months to 31 December 2000, the Company conducted exploration both in joint venture with other parties and in its own right as follows:

At Mount Weld the Company conducted exploration over Exploration Licence E39/518, situated southeast of the Red October gold deposit. Some 8,500 metres of RAB and Aircore drilling were conducted over the project. A gold anomaly known as the Majella prospect was delineated which is believed to have been generated from a gold enrichment overlying mineralised sediment.

At Telfer, Normandy Gold Pty Ltd, a subsidiary of Normandy Mining Ltd, conducted a significant programme of RAB, aircore, RC and diamond drilling over the Company's tenements. Normandy Gold Pty Ltd has now earned a 40% equity in the project with the Company holding the remaining 60%.

At Tay, a 100% controlled project where the Company is exploring for both gold and nickel, a number of electromagnetic targets were tested with RC drilling, all of which intersected iron sulphides.

At Tsumkwe, a diamond project in Namibia, where the Company can earn up to 75% in the project, the Company conducted ground magnetics, loam sampling and drilling in the search for kimberlites.

On 29 August 1999, the Company announced to the Australian Stock Exchange that it was to embark upon a 10/12 (within 10% and 12 months) on market share buy-back. By 31 December 2000, the Company had bought back a total of 8,817,778 shares for a total cost of $1,043,818.

During the half year the Company changed its name to Mount Burgess Mining N.L.

The loss for the six months to 31 December 2000 amounted to $268,796.

Since 31 December 2000 the Company has bought back a further 248,357 shares for a cost of $21,938 making a total buy-back of 9,066,135 shares for a total cost of $1,065,756.

On 19 February 2001, as announced to the Stock Exchange, the Company terminated its share buyback.

DIORO EXPLORATION (3 MARCH 2001)

Frogs Leg Prospect - further encouraging results from the ongoing drilling program at the Mungari East project being conducted by Mines and Resources Australia Pty Ltd on behalf of the joint venture.

INTERSECTION HIGHLIGHTS
DIAMOND DRILLING

22 metres @ 3.11 g/t from 446 metres downhole depth (inc 1m @ 34.38 g/t)
20 metres @ 7.42 g/t from 213 metres downhole depth (inc 3m @ 32.94 g/t)
6 metres @ 12.48 g/t from 160 metres downhole depth
14 metres @ 7.97 g/t from 159 metres downhole depth
1 metre @ 14.41 g/t from 200 metres downhole depth
1 metre @ 11.6 g/t from 105 metres downhole depth

FINAL RESULTS FROM RE-SAMPLING OF RC HOLES

12 metres @ 18.39 g/t from 46 metres downhole depth (inc 5m @ 41.02 g/t)
10 metres @ 8.09 g/t from 30 metres downhole depth (inc 1m @ 52.62 g/t)
3 metres @ 6.73 g/t from 77 metres downhole depth

Santos Ltd, as Operator for the PPL 9 Joint Venture Parties, announced the discovery of a new oil discovery in the South Australian section of the Cooper/Eromanga Basins.

The Moomba 136 exploration well has reached a total depth of 2179m after penetrating a 10.4m oil column in the Jurassic Hutton Sandstone. A drill stein test (DST 1) conducted over the interval 1997m-2007m flowed 51degAPI oil to surface at 611 kilolitres per day (3845 barrels per day) at a flowing tubing head pressure of 210 psig. The test, which was conducted through a 13mm (1/2") surface choke, is the second highest oil flow recorded from the South Australian section of the Cooper Basin.

The well will be cased and suspended as a future oil producer, with production expected to commence by the end of March 2001.

The North West Shelf Venture Participants today signed an agreement with Mobil Australia Resources Company Pty Limited and Phillips Australia Gas Holdings Pty Ltd in relation to the development of the Perseus/Athena gas field.

The Perseus/Athena field straddles the WA-1-L and WA-17-L licences off Karratha, Western Australia, WA-1-L is held by the North West Shelf Venture Participants and WA-17-L is held by Mobil Australia Resources Company Pty Limited (50%) and Phillips Australia Gas Holdings Pty Ltd (50%).

Under the agreement, Woodside, as Operator of the North West Shelf Venture will produce gas from the WA-17-L permit on behalf of WA-17-L Participants through the North Rankin A production facility. The term of the contract is for the life of the Perseus field.

Agreement has also been reached between the WA-17-L Participants and the North West Shelf Venture Participants for the sale and purchase of the WA-17-L gas so produced. The terms of this agreement are confidential.

EAGLE BAY RESOURCES (2 MARCH 2001)

Eagle Bay has executed an agreement with Woodside Energy Ltd to take the first assignment of the offshore semi submersible drilling rig "Ocean Bounty" to drill the Northright-1 oil exploration well in VIC/P41 in Bass Straight.
The "Ocean Bounty" will be mobilised by Woodside Energy Limited from the Timor Sea in early April to within lkm of the proposed Northright-1 drilling location, prior to EBR taking its assignment. The total cost of the mobilisation/demobilisation of the rig from northern Australia is estimated at A$16m. However, by taking the first drilling slot in the southern Australian drilling campaign, Eagle Bay Resources NL may assist Woodside to avoid a "whale window" restriction imposed on the Woodside areas by federal government environmental agencies. Accordingly Eagle Bay Resources NL has secured a fixed price of A$1.5m for its share of the mobilisation/demobilisation cost of the drilling rig. The estimated cost to drill Northright-1 is A$3.2m. Combined with the mobilisation/demobilisation cost the total exposure for Eagle Bay Resources NL is A$4.7m, well covered by our current cash funds.

Tribune Resources NL announced the results of preliminary exploration on the Seven Mile Hill Joint Venture project at Binduli in Western Australia. The company has a 50% interest in the project with Rand Mining NL. The programme consisted of aircore and reverse circulation drilling to test a 1200 m zone where the prospective Binduli Shear passes through the project area. The Binduli Shear extends south from the Croesus operated Centurion and Ben Hur pits where the closest pit is less than 1 km to the north-west from the northern boundary of the tenement.

The aircore drilling programme was comprised of 76 holes totalling 3,050 m at an average depth of 40 m. Eight RC holes were drilled as a follow-up to test the more interesting intervals.

The drilling identified a zone of anomalous gold (>0.1g/t) up to 300 m wide over and adjacent to the entire strike length of the projected position of the Binduli Shear. A number of low grade gold values were intersected over significant widths such as in hole BRC 2 where 0.45 g/t gold was intersected over a 52 m interval between 48 m and the end of the hole at 100 m. The highest individual assay recorded was 10g/t over 1 m in BRC 5 between 56-57 m. These results are considered to be particularly encouraging given the close proximity of the Croesus mining operation to the north west.

SANTOS (2 MARCH 2001)

Santos Ltd, as Operator for the South West Queensland Unit, announced a deeper pool gas discovery in the Roti field in the Queensland sector of the Cooper/Eromanga Basins.

The exploration well, Roti 2, has flowed gas and associated condensate at rates of 113,300 cubic metres per day (4.0 million cubic feet per day) and 36 kilolitres per day (223 barrels per day) from a new pool in the Permian Patchawarra Formation over the interval 2291m - 2327m, through a 13mm (0.5") surface choke.

Commenting, Santos Queensland and Northern Territory General Manager Rod McArdle said:
"This second flow continues Santos' run of successes in South West Queensland this year (Raworth #1 results were announced 1 February 2001). Roti is likely to be a modest size gas field with a resource potential of up to 20 billion cubic feet of gas. The reservoirs are rich in LPG and condensate with liquids yields ranging from 60 to 70 barrels of liquids per million cubic feet of gas. An appraisal well is proposed to be drilled in the near future and an exploration programme of seismic is in preparation to pursue the success and mature nearby leads".

Progress Report: Waitaria #2 - Sun advised PEX and CMR electric logs over the deepened well section containing the thicker sandstone units of the Tunanui Formation have been evaluated by both the Operator and Schlumberger. A number of intervals appear encouraging for hydrocarbons bearing in mind the now demonstrated suppression of hydrocarbons by the high (15 pound) mud weight.

The Operator has recommended open hole testing of a number of intervals that total 61 metres (200 feet) through a 7" liner slotted over the intervals of interest. These intervals are as follows; 8,084 - 8,104 feet, 7,940 - 7,960 feet, 7,340 - 7,400 feet, 7,250 - 7,270 feet, 6,388 - 6,408 feet, 6,190 - 6,210 feet, 4,846 - 4,866 feet and 4,612 - 4,632 feet. Duration of the completion and testing programme is estimated to be 8 to 10 days. An update on progress will be given on Tuesday, 6 March.

BENDIGO MINING (1 MARCH 2001)

The exploration strategy for the redevelopment of the Bendigo goldfield has been revised to reflect the exploration results achieved to date.

SUMMARY

Gold mineralised reefs at Bendigo Display characteristics critical to the successful exploration and redevelopment of the goldfield. The most important characteristics of those reefs are that they:
i. Occur in close proximity to the anticline axis.
ii. Display a relatively small cross sectional area but a large strike extent (up to 5 kilometres).
iii. Are sub-horizontal and parallel to the crest of the anticline axis.
iv. Occur as groups or "clusters" due to interrelated structural controls. The reef clusters form distinct linear bands termed "ribbons".
V. Contain gold mineralisation which is both coarse grained and erratically distributed resulting in a high "nugget effect".
The characteristic of ribbons to repeat at regular intervals with depth is fundamental to the exploration potential of the Bendigo Goldfield. Ribbons on average repeat at 210 metre vertical intervals.
Reported historical production in the field averaged 134,000 Ozs/ribbon kilometre.
The resource potential/ribbon kilometre is significantly greater than the historical production as the historical production figure does not take into account:
i. Remnant and marginal ore
ii. Losses on processing
iii. Loss on mining
iv. Theft
V. At least 4,000,000 Ozs missing from the recorded production due to poor documentation.
A conservative estimate of the goldfield's potential, allowing for some of these factors, is 165,000 Ozs/ribbon kilometre. This produced an estimated resource potential of 12,300,000 0zs for the New Bendigo as reported in December 2000.
However, applying "best estimate" parameters for all of the factors listed above increases the estimated New Bendigo resource potential to over 25,000,000 Ozs. This demonstrates the degree of conservatism used by Bendigo Mining NL and the enhanced level of confidence in he current 12,300,000 Ozs resource potential estimation.

CONQUEST MINING (1 MARCH 2001)

During January 2001, a high resolution aeromagnetic survey was flown over selected areas of Conquest's tenements in the Bow River area of the East Kimberley region of Western Australia, which are in the immediate vicinity of the Argyle Diamond Mine.

Previous exploration focused upon extensions to known alluvial diamond resources, however the now aeromagnetic survey has delimited a series of dipole "bulls eye" magnetic anomalies which may be prospective lamproite pipes. Further analysis of the geophysical data is continuing and ground exploration of the two series of aeromagnetic anomaly clusters is planned for the forthcoming field season, this work will include a drilling and sampling programme to test for the lamproitic and diamond potential.

This work will commence as soon as weather and access conditions become favourable.

In December 2000, BHP Minerals Pty Ltd flew an airborne gravity gradiometer test survey of 45 square kilometres covering the two Pteropus pipes (11 and 2 hectares in size) using their exclusive new Falcon(TM) technology.
The area is 100% owned by Striker and BHP have a 2.5% production royalty in the event of any anomaly identified becoming commercial.

BHP have advised that both known pipes were found to have an associated gravity response and initial interpretation suggests that there are at least two additional anomalies with similar gravity responses which warrant field assessment.
One anomaly is approximately coincident with a Magnetic target identified by Striker and is on structure with both Pteropus pipes. Diamonds have been recovered from streams draining the area.

The purpose of the Falcon survey was to determine if the two known kimberlite pipes had a detectable gravity response and to detect new gravity anomalies in the immediate vicinity.

Following field assessment, drill testing will be undertaken during the 2001 field season.

A further announcement will be made upon completion of additional interpretation of data by BHP with respect to the final number of anomalies identified from the Falcon Survey.

SUN RESOURCES (1 MARCH 2001)

Waitaria #2 in PEP 38335, East Coast Basin, North Island of New Zealand, at 0600 hours WST, 28 February 2001, had completed PEX and CMR electric logging of the deepened section of the well containing the thicker sandstone units at the base of the Tunanui Formation to total depth of 2,545 metres (8,347 feet). Interpretation of CMR is still to be received from Schlumberger.

Some encouragement is seen in intervals in the electric logs to date over the deepened section of the well bearing in mind suppression of hydrocarbons by the high mud weight. A completion recommendation on this deepened well section will be forthcoming from the operator when all data has been evaluated.

TAP OIL (1 MARCH 2001)

Hydrocarbons discovered at Sth Plato-1 Exploration Well

Since the last report dated 16 February 2001, the well has drilled ahead to its target depth.

Measurement While Drilling log data indicates that the well has intersected a 27.4 metre hydrocarbon bearing reservoir metres. The objective reservoir sand was intersected 16.5 metres high to prognosis.

FORWARD PROGRAMME
The forward programme will comprise the acquisition of pressure data and the collection of fluid samples to evaluate the nature of intersected hydrocarbon column.

South Plato-1 will be completed and suspended as a future production well and should it also prove to be oil, will be included into the development plans for the Simpson oil field.

The rig will then skid back to the Gibson-1 exploration well to complete drilling the final leg of that well which is being drilled from the same surface location. It is anticipated that Gibson-1 will reach its target depth by Tuesday, 6 March 2001.

TAP COMMENT
This is an exciting addition to the drilling campaign in the area just a few kilometres south of the Varanus island production hub. There are numerous other prospects identified in the immediate area.

Log and cuttings analysis are similar to those observed in the Simpson-1 oil discovery, 2 kilometres to the north east. However, the forward work programme described above will determine the nature of this discovery in the next few days.

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.

Lakes Oil NL	15.00 %
Victoria Petroleum NL	32.50 % (Operator)
Sun Resources NL	10.00 % (Reducing to 7.5 % on exercise of back in rights on payout on production)
First Australia Resources NL	15.00 %

Queensland Gas Company Limited	=	50%
Icon Energy Limited	=	12.5%
Pangaea Oil and Gas Pty Limited	=	37.5%

Exploration News

March 2001

Proposed New Floats/ Share Issues

BEACONSFIELD GOLD (30 MARCH 2001)

HERALD RESOURCES (30 MARCH 2001)

DRILLING RESUMES AT HIGH GRADE

DAIRI ZINC/LEAD PROJECT

QUEENSLAND GAS COMPANY (30 MARCH 2001)

BEACH PETROLEUM (30 MARCH 2001)

DIORO EXPLORATION (30 MARCH 2001)

GREENSTONE RESOURCES (30 MARCH 2001)

MINERAL DEPOSITS (30 MARCH 2001)

MOLOPO AUSTRALIA (30 MARCH 2001)

NOVUS PETROLEUM (30 MARCH 2001)

PETSEC ENERGY (30 MARCH 2001)

RAND MINING (30 MARCH 2001)

ROC OIL (30 MARCH 2001)

VICTORIA PETROLEUM (30 MARCH 2001)

JOHNSON'S WELL MINING (30 MARCH 2001)

MOSAIC OIL (30 MARCH 2001)

OIL SEARCH (30 MARCH 2001)

ROMA PETROLEUM (30 MARCH 2001)

CROESUS MINING (29 MARCH 2001)

HARDMAN RESOURCES (29 MARCH 2001)

LAKES OIL (28 MARCH 2001)

QUEENSLAND GAS (28 MARCH 2001)

BLIGH OIL & MINERALS (28 MARCH 2001)

TAP OIL (28 MARCH 2001)

WOODSIDE PETROLEUM (28 MARCH 2001)

GIANTS REEF MINING (27 MARCH 2001)

AQUILA RESOURCES (27 MARCH 2001)

HELIX RESOURCES (27 MARCH 2001)

MOSAIC OIL (27 MARCH 2001)

RIMFIRE PACIFIC MINING (27 MARCH 2001)

TECTONIC RESOURCES (27 MARCH 2001)

VICTORIA PETROLEUM (27 MARCH 2001)

ZIMBABWE PLATINUM MINES (27 MARCH 2001)

GOLDEN CROSS RESOURCES (26 MARCH 2001)

ICON ENERGY (24 MARCH 2001)

MACMIN (24 MARCH 2001)

QUEENSLANND GAS COMPANY (24 MARCH 2001)

DIAMOND VENTURES (23 MARCH 2001)

PRESTON RESOURCES (23 MARCH 2001)

TAP OIL (23 MARCH 2001)

TRIBUNE RESOURCES (23 MARCH 2001)

BURDEKIN PACIFIC (23 MARCH 2001)

GALLERY GOLD (23 MARCH 2001)

MOSAIC OIL (23 MARCH 2001)

SANTOS (23 MARCH 2001)

AMITY OIL (22 MARCH 2001)

AURORA GOLD (22 MARCH 2001)

AUSTRALIAN GOLD COUNCIL (22 MARCH 2001)

AUSTRALIAN WORLDWIDE EXPLORATION (22 MARCH 2001)

BLIGH OIL & MINERALS (22 MARCH 2001)

CARNARVON PETROLEUM (22 MARCH 2001)

IVANHOE MINES (22 MARCH 2001)

MOUNT BURGESS MINING (22 MARCH 2001)

OXIANA RESOURCES (22 MARCH 2001)

ROC OIL COMPANY (22 MARCH 2001)

SANTOS (22 MARCH 2001)

BULLION MINERALS (21 MARCH 2001)

MOSAIC OIL (21 MARCH 2001)

WOODSIDE PETROLEUM (21 MARCH 2001)

GLENGARRY RESOURCES (20 MARCH 2001)

GATEWAY MINING (20 MARCH 2001)

PHOENIX MINING (20 MARCH 2001)

TAP OIL (20 MARCH 2001)

UNION CAPITAL (20 MARCH 2001)

HERALD RESOURCES (16 MARCH 2001)

AUSTRALASIAN GOLD MINES (16 MARCH 2001)

CLUFF RESOURCES PACIFIC (16 MARCH 2001)

DIORO EXPLORATION (16 MARCH 2001)

GIANTS REEF MINING (16 MARCH 2001)

GREATER PACIFIC GOLD (16 MARCH 2001)

GOLD AND RESOURCE DEVELOPMENTS (16 MARCH 2001)

DOMINION MINING (16 MARCH 2001)

GINDALBIE GOLD (16 MARCH 2001)

HARDMAN RESOURCES (16 MARCH 2001)

KINGS MINERALS (16 MARCH 2001)

METEX RESOURCES (16 MARCH 2001)

Proposed New Floats/
Share Issues