now controls 100% of new gold mine, page-4

The last big announcement a few days ago regarding the start of construction etc. did not prompt any buying the day it came out, however the following trading day things started to move. Monday will see if the same delayed buying, post announcement, will happen.

More info at the website also has a recent corporate presentation with the basic facts of the project.

20 December, 2002

AQUIRES 100% INTEREST IN CHARIOT PROJECT

Giants Reef Mining Limited ("GTM") wishes to announce that it has
entered into a Conditional Agreement with Sons of Gwalia Limited
("SGW") to acquire their wholly owned subsidiary PacMin Mining
NL("PacMin"), whose sole asset is a 43% interest in the Chariot
project in the NT. Following the purchase of PacMin, Giants Reef will
own 100% of the project.


PacMin has recently entered into arrangements to purchase the Newmont
NFM 10% interest in the Tennant Creek Central JV #2 ("TCCJV#2), which
contains the Chariot project.


Chariot is a high grade gold deposit containing 404,000 tonnes
averaging 18 g/tonne, located 6 kms from Tennant Creek. Preliminary
mining construction has commenced with open pit ore scheduled to be
stockpiled during the first quarter of 2003 with the first gold pour
scheduled by mid year.


The acquisition of PacMin, is conditional upon GTM securing funding
and shareholder approval. An EGM to approve the funding is likely to
be held in mid February. The Company is well advanced in discussions
with its bankers and various other providers of capital to complete
the purchase.


The purchase price will comprise 2 payments, and possibly a third
deferred payment. $5.4 million is payable on settlement with a
further $1.5 million 30 days after the first gold pour. There is a
performance related payment which is conditional upon certain
performance targets being exceeded which, if triggered, would be
payable in 2005.


PacMin contains carry forward tax losses relating to its interest in
the Chariot project, which may be available to the company.


Mr Peter Smith, CEO of GTM said "We are delighted to have been able
to acquire 100% of the Chariot project. We are confident that the
purchase will add value to GTM shareholders."


For further information please contact:


Mr Robert Rae or Mr Peter Smith
NON EXECUTIVE CHIEFS EXECUTIVE OFFICER
DIRECTOR
Tel: 02 8227 9191 Tel: 08 8962 1330


M T A Smith
COMPANY SECRETARY