re: $2.18 - thanks to hotcopper I agree TO2GO. Let's hope...

re: $2.18 - thanks to hotcopper I agree TO2GO.
Let's hope history does not repeat and people are fully informed of the risks

Document date: Thu 18 Jul 2002
Published: Thu 18 Jul 2002 10:33:12
Document No: 219748
Document part: A
Market Flag: N
Classification: Other

WESTGOLD RESOURCES NL 2002-07-18 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The Directors of Westgold Resources NL are pleased to announce that
Westgold has reached a conditional agreement with Precious Metals
Australia Ltd, Roderick Smith, Andrew McKee and Guy Brooke, The Earl
of Warwick to settle its Supreme Court damages action.

The principal terms of settlement are as follows:

1. Westgold will receive payments totalling $2,150,000;

2. payments of $1,100,000 have been made today to Westgold's
solicitors and will be held in an interest bearing trust account
pending completion of the settlement;

3. further funds of $150,000,will be paid to Westgold's solicitors by
Friday, 19 July 2002;

4. a further sum of $100,000 will be paid to Westgold's solicitors
on or before 16 August 2002;

5. the balance of funds, namely $800,000 will be paid within 45 days
of today's date namely by 31 August 2002. This payment will be made
by Precious Metals Australia following shareholder approval for a
placement to be made;

6. on completion of the payments, Westgold will discontinue its
present Supreme Court action and Mr Smith will discontinue his appeal
in the Industrial Relations Commission.

A formal Deed of Settlement will be entered into by the parties in
the next few days. It will be a term of that formal Deed of
Settlement that the payment proposed to be made by Precious Metals
Australia to Westgold is secured by a guarantee and indemnity to be
given by Mr Roderick Smith, itself secured by a mortgage over
property.

As part of the settlement, Mr Smith has formally apologised to
Westgold and to Mr Daniel Hill in the terms of the apology annexed
to this announcement.

If shareholders have any queries concerning this announcement, they
should contact Westgold's company secretary, Mr Andrew Chapman.

A Chapman
COMPANY SECRETARY


LETTER FROM PRECIOUS METALS AUSTRALIA LTD

I write to you to express my genuine, sincere and unreserved apology
for my conduct both in persuading you to invest in Precious Metals
Australia Limited and thereafter in denying liability to you for that
investment.

In particular, in respect to Mr Hill, I unreservedly apologise not
only for my conduct in relation to Mr Hill but also for the comments
I have made of and concerning Mr Hill during the course of our
dispute.

I acknowledge at all times Mr Hill and Westgold have been acting
properly and reasonably in attempting to pursue Westgold's legitimate
legal interests against myself and Precious Metals Australia Limited
and others. In this regard I specifically acknowledge that I unfairly
and unreasonably attempted to depict Westgold's pursuit of its legal
rights as being a personal issue unreasonably raised by Mr Hill
against me. I accept that my conduct in this regard was unacceptable,
wrong and unfair in particular to Mr Hill. I acknowledge there was no
basis whatsoever for my assertions in this regard.

I acknowledge that each of you is free to deal with this apology
as you see fit.

R Smith