3 metres at 35.9 g/t au

As foreshadowed in the Company’s 24 November Announcement, an exploration drilling
program commenced on 5 December, designed to test the extent of the previously announced
shallow, high-grade mineralisation at Malbec, and to drill test six previously undrilled gravity
anomalies in the Chariot Mineralised Corridor.
At West Gibbet (4.5 km east of Chariot), four holes for 384 metres have been completed, two of
which intersected ironstone up to 5 metres thick as predicted by modelling of the gravity
profiles. These West Gibbet ironstone intercepts are considered particularly encouraging as
they may represent the up-dip extension of an ironstone containing 3 metres at 35.9 g/t Au
from 241 metres intersected by previous explorers.
At Malbec, the planned program of seven reverse circulation drill holes for 521 metres has been
completed. Six of these holes intersected the ironstone host rock in the predicted down hole
position, and has confirmed the continuity of the ironstone for at least 40 metres to the west.
The term “ironstone” is used in the Tennant Creek Goldfield to describe magnetite-rich and/or
haematite-rich rocks, often with associated chlorite and other minerals, that host gold and
gold/copper mineralisation.
Samples have been submitted to the laboratory and assay results are awaited. Subject to the
receipt of assay results, the Company is planning to rapidly advance detailed drilling at Malbec
as soon as practicable.
As previously advised, an escalation of the exploration program is planned for calendar 2004,
with continued emphasis on the Chariot Mineralised Corridor and the initiation of exploration
within a second mineralised corridor. Further details of this expanded program will be
included in the December quarterly report.