ARX-Mt Alexander Aquisition-Bonkers

Its appears with agms its what they dont tell you whats going on eh Bonkers.Now I know what all those sellers at 5 are hanging around for.

Acquisition of Mt Alexander Goldfields NL

Announced by:AUSTINDO RESOURCES CORPORATION NL (ARX)
Announced on: 04/06/2002 15:25:22
Part: A
Words: 340
Status: Market sensitive (Y)
Industry Sub Group: Mining Explorer (27)



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AUSTINDO RESOURCES CORPORATION NL 2002-06-04 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
Austindo Resources Corporation NL, an Australian based company
currently exploring for precious metals in Indonesia, is pleased to
announce the acquisition of Mt Alexander Goldfields NL (MAG).
Austindo will acquire 100 percent of MAG for a cash consideration of
A$300,000.

MAG is an Australian company with an extensive exploration and mining
tenement position which encompasses the whole of the Mt Alexander
goldfield in the Castlemaine district of Victoria, Australia. MAG was
responsible for the consolidation of all of the Mt Alexander
goldfield tenements, which historically produced more than 5.6
million ounces of gold. The Mt Alexander goldfield is the southern
extension of the Bendigo goldfield and is considered highly
prospective for Bendigo style high grade reef mineralisation.

In addition to holding 213 square kilometers of exploration licenses,
MAG holds 345 hectares of mining licenses and owns an 80,000 tonne
per annum CIP plant which is currently under care and maintenance.

As foreshadowed in the 2001 Annual Report, Austindo has been actively
seeking opportunities elsewhere in the Australasian region, in order
to broaden its portfolio and to provide a spread of geographic risk.
The MAG tenements contain a number of prospective, high grade,
exploration targets which will now be followed up. This acquisition
will allow Austindo to bring to bear its proven expertise in
exploring for high grade narrow vein and reef type deposits to this
extensive and extremely prospective goldfield. Austindo considers
that there are excellent opportunities to revitalise mining and
exploration in and around the Castlemaine area, where Bendigo style
of mineralisation is known to exist.

As previously announced, the Company is also conducting a preliminary
feasibility study into a potential 50,000 ounce per annum gold mine
at its Cibaliung Project in Indonesia. The results of this study will
be available in July, when a decision will be made whether to proceed
to a full scale feasibility study.

For further details contact:

Andrew J Cooke,
COMPANY SECRETARY
Austindo Resources Corporation NL

Tel: (612) 9925 0155
Fax: (612) 9964 0080
[email protected]