announcement, page-2

Just seen it - here it is if this is the one u mean:

GOLDEN VALLEY MINES LIMITED 2002-07-01 ASX-SIGNAL-G

HOMEX - Perth

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The Directors wish to provide the following update of exploration
activities in the East Kimberley region:-GVM

has completed the first phase of exploration in the East Kimberley.
This programme included:-

* Initial RC drilling of gold-copper targets at the Glidden and Wills
Creek projects,

* Airborne aeromagnetic surveys at the Wills Creek, Glidden, Laura
River and Cummins Range projects.

One third of the initial reverse circulation (RC) drilling planned by
GVM for the current field season has been completed. This drilling,
and other recent activities including geochemical and geological
mapping programmes, has been directed at prioritising the large
number of prospects on its eight 100%-owned projects.

GLIDDEN PROJECT (GOLD-COPPER; 100% GVM)

RC drilling at the Taylor River prospect targeted the immediate
eastern strike extensions of a wide zone of outcropping creek bed
mineralisation. The 242 metres of drilling undertaken was limited to
a 40 metre strike length and obtained a best drill intercept of 1
metre grading 0.3g/t gold and 1.94% copper. The creek bed
mineralisation was terminated and/or offset by faulting. RC drilling
planned for the Hardman prospect, located 7kms to the east, will
initially focus on wide diamond drill intercepts of primary
gold-copper mineralisation obtained by a previous explorer in the
late 1960s. The intervening strike extensions between the Taylor
River and Hardman prospect will be assessed following a structural
interpretation that incorporates the recently acquired aeromagnetic
data, geological mapping and soil sampling.

Wills Creek Project (Gold-copper, 100% GVM; Nickel-PGE, Anglo
American and Falconbridge Australia Ltd earning 70%)

583m of RC drilling was completed and targeted selected gold-copper
targets. Drilling encountered several zones of anomalous gold
mineralisation with a best drill intercept of 4m grading 0.8g/t gold.
Further drilling at Wills Creek will await the completion of
geological mapping, the synthesis of newly acquired aeromagnetic
data, and additional geochemistry.

Joint venture partners Anglo American and Falconbridge (Australia)
Ltd, who are principally targeting Voiseys Bay-style nickel
mineralisation, have completed a reconnaissance evaluation of
multiple electomagnetic (EM) and magnetic anomalies. Ground EM, soil
geochemistry and drilling are planned to commence from mid July.

AEROMAGNETIC SURVEYS

Detailed aeromagnetic surveys, which are relatively new to the East
Kimberley region, have generated a large number of bullseye anomalies
and structural targets that will be assessed as the field season
progresses.

R Linnell
CHAIRMAN