could be year of the giant, page-3

re: could be year of the giant-independaant report Aegis Equities Comments
�� Projects: GTM has completed its first full year of production lifting annualised output to 80kozpa in the Sept quarter from the
Malbec West and Chariot mines. The head grade in the September quarter was 15.3g/t with a gold recovery of 98.7%
underlining how attractive this style of ironstone hosted mineralisation can be. GTM is also developing small, high grade
underground deposits like Cat’s Whiskers which contains 6koz in 9kt of ore. Mining commences this quarter.
�� Potential: The aim is to expand the September quarter production rate by a third during FY05 to 25koz, meeting the target of
becoming a 100kozpa producer with costs in the lowest quartile. Exploration is expected to extend the 2 year mine life at
Chariot by drill testing the depth extensions of the westerly plunging shoots. Extensive drilling programs will also test a
number of other targets during FY05. The Tennant Creek deposits whilst initially small and discrete can prove to be more
substantial once opened-up.
�� Overall: The growth strategy is to explore the Chariot/Eldorado/ Comstock corridors, using ground gravity, RAB and RC
drilling, looking for high-grade, ironstone hosted gold deposits that can be developed cheaply, generating healthy cash flows
and making good shareholder returns. The Warrego treatment plant has spare capacity and GTM will follow-up at some 60
known prospects on the company’s ground, looking for easily developed oxide targets and primary deposits to compliment
Chariot.