accumulation?

Seems to have formed a base, slightly higher volume today. Probably in lieu of the finalisation of estimates from Kainantu due very soon.

I'm holding, expecting big things from this company.


Company Announcement


Kainantu Gold Project - Update

HIGHLANDS PACIFIC LIMITED 2003-02-28 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
The finalisation of the definitive capital and operating costs
estimate for the Kainantu Gold Project will be delayed.

Recent metallurgical test work on a bulk sample collected from the
strike drive has demonstrated excellent gold recoveries in excess of
93%. However, this section of the gold mineralisation has reported
higher levels of soluble copper than encountered in previous
testwork.

As a consequence, additional testwork and engineering studies are
required to finalise the metallurgical flowsheet. The capital and
operating cost estimates cannot be completed until the process
flowsheet has been determined.

The additional work is expected to take up to three months to
complete.

ABOUT KAINANTU

Located in the Eastern Highlands' Province of PNG, the Kainantu Gold
Project (100% Highlands Pacific) consists of three exploration
licences totalling 261 square kilometres encompassing the high-grade
Kainantu goldfield. A feasibility study completed in December 2001
envisages an underground gold mine producing up to 140,000 ounces of
gold per annum at an average head grade of around 32g/t gold over
approximately 7 years (based on the current estimated mineral
resource).


For further information contact:

Ian Holzberger Jeff Forbes
MANAGING DIRECTOR GENERAL MANAGER FINANCE
Phone: (61 7) 3239 7800 Phone: (61 7) 3239 7800
Mobile: 0418 886 165 Mobile: 0408 756 790
Email: [email protected] Email: [email protected]