KEY RESULTS

Conrad Silver Project, NSW

·        An initial resource estimate has been completed for the area drilled near the King Conrad Shaft.

·        The resource amounts to approximately 10.4 million ounces of silver equivalent.

·        This is a substantial part of what will be required to justify reopening the Conrad Mine.

·        Preliminary metallurgical results are encouraging.

·        The Greisen Lode contains significant native silver.

·        Regional exploration on the Conrad tenements has identified attractive additional targets.

·        Good grades of silver, lead and zinc are indicated, while some new prospects contain significant molybdenum, bismuth and/or tin.

·        Drilling to expand the mineral resource at Conrad will resume in early February.

Mt Isa Region Copper Projects, Qld.

·        A drilling program commenced at Volga was terminated prematurely due to unsatisfactory performance by the drilling contractor.

·        Only four holes were completed before suspension of the program.

·        Three of those holes intersected interesting copper and/or gold values.

Other Projects

·        Evaluation of new gravity concentration technology promises to enhance scope for production at Elsmore and elsewhere.

·        Oberon Project converted to a financial interest in a new IPO.

Corporate

• Exploration expenditure during the Quarter was approximately $715,000.
• Placement raises $5.7 million.

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