good each way bet, page-3

This is extracted from the Chairman's Report to the AGM on 15 Nov02. It doesnt give any cause for concern but I welcome your thoughts.

Regards M.

" Gold production in the 2004 financial year will be in excess of
550,000 ounces irrespective of when the north end Tarmoola production
re-commences.

Our estimated delivery price for gold this financial year, from our
gold hedge book, is A$595 which is above the current spot price.

It should also be noted that a large proportion of our gold hedge
book is in the form of Put Options which represent uncommitted
ounces. There are no over-committed ounces in our gold hedge book
relative to forecast gold production."