bingo! - major gold intercept

75 metres grading 10.4 g/t gold in WY376

The current drilling phase at Wyoming is nearing completion with a
total of 10,791 metres in 103 holes which comprised 29 RC holes (5046
metres), 71 aircore holes (4597 metres) and 3 diamond core holes
(1148 metres including precollars completed to date). Many results
are still to be received but preliminary 3 metre composite analyses
have been returned for RC holes which tested parts of the Wyoming
One, Two and Three targets.

Results of 3 metre samples grading greater than 1g/t gold are
tabulated below.

HOLE NO EAST NORTH AZIMUTH INTERCEPT GRADE INTERVAL EOH TARGET
(DEG) METRES G/T AU METRES METRES ZONE

WY 343 614000 6394175 090 18 2.44 66 - 81 186 Wyoming 3
including 3 7.13 72 - 75
and 6 1.98 99 - 105
and 6 2.03 111 - 117
and 6 1.62 159 - 165
WY 344 614000 6394150 090 6 1.18 102 - 108 180 Wyoming 3
and 3 3.98 117 - 120
and 6 2.16 126 - 132
and 9 1.19 147 - 156
WY 346 614075 6394100 090 3 1.56 102 - 108 126 Wyoming 3
WY 370 614140 6393900 270 3 1.91 135 138 180 Wyoming 2
WY 371 614020 6393850 270 6 2.94 120 - 126 156 Wyoming 2
WY 373 614045 6393600 270 3 1.33 105 - 108 138 Wyoming 2
WY 374 614180 6393425 270 9 1.36 162 - 171 192 Wyoming 1
WY 375 614200 6393400 270 3 6.50 159 - 162 210 Wyoming 1
WY 376 614200 6393375 270 9 1.95 141 - 150 263 Wyoming 1
and 75 10.43 183 - 258
including 21 22.71 192 - 213

All holes drilled at a nominal inclination of -60deg.

Gold analysis by 30g fire assay from 3 metre composites. One metre
resplit check sampling of the mineralised zones is in progress.

# Drill hole ended in mineralisation.

The high grade mineralisation intersected in WY 376 is located near
the north end of the Wyoming One ore body and the hole appears to
have intersected the andesitic volcaniclastic sequence below the
south plunging keel of the porphyry intrusive that is spatially
associated with the gold mineralisation. This is the first time this
structure has been intersected by the drilling, and the geometry of
the mineralisation and its true width are not yet clear. However the
discovery opens up a new high grade ore zone to supplement the broad
widths of dominantly porphyry related mineralisation previously
reported at Wyoming One.

Further drilling at Wyoming Three has resulted in a revised model for
the mineralisation which was tested by several north-south oriented
drill holes. Although results are awaited for these holes the veining
intersected confirmed a probable west-north-west trend to the
mineralisation which appears to be associated with cross cutting
structures that offset stratigraphy. These structures are located at
the southern end of a major kilometre wide structural corridor and
represent a new, previously untested style of mineralisation.

The results from the Wyoming area confirms the exciting potential of
this previously only partly tested area and its scope to be the
centre of a new gold development for the Company.

A updated drilling plan and cross sections will be available for the
31 December Quarterly Report, later in January.