Ann: Portia Mine Manager Appointed , page-2

Portia contains a 67,000 ounce of gold in a 1-4 metre thick layer of silty material lying immediately above the bedrock.

A native title agreement and Mining Lease (ML 6346) are in place over the Portia deposit.

Mining may only progress once PIRSA approves the MARP.

At recent gold prices, this project should be viable for a conventional open pit operation and gravity separation of the free gold.

To date, it has not been possible to determine a gold resource in the bedrock from surface drilling owing to poor sample quality and unreliable assays, combined with the erratic and patchy gold distribution. The open pit mine will allow clean access to the bedrock mineralisation for larger sampling.

If Portia works out (remember it is the gold in the bedrock that is the key), then it will be replicated at Lorenzo and Shylock (as HAV has indicated in annoucements in the past) going forward.

Cheers

Cheers