I missed the announcement.I hope I qualify with my...

I missed the announcement.
I hope I qualify with my 125000.

Regards

Desmond

Austindo Resources to raise up to $1.7 million by placement
and
offer Share Purchase Plan to existing shareholders
Austindo Resources Corporation NL (“ARX”) has resolved to proceed with a placement of up
to 52.5 million shares at 3.2 cents per share to raise additional working capital of $1.7 million
which will fund the Company through and beyond the completion of its Bankable Feasibility
Study (“BFS”) in respect of its 75% owned Cibaliung Gold Project in Banten Province,
Indonesia.
The Board is also pleased to confirm that it has resolved to offer shareholders as at 20 August
2003 the opportunity to participate in a Share Purchase Plan. Details of the Share Purchase
Plan will be confirmed on or before 20 August 2003.
The placement will be made to the Company’s major shareholder and interests associated
with some of the directors of the Company and accordingly, will be subject to shareholder
approval.
PT Austindo Nusantara Jaya and associates (“ANJ”), which currently hold 47.9% of the
issued capital of the Company, will subscribe for up to 33.0 million shares ($1,056,000).
Mr. George Tahija, the President Director of ANJ and a Non-Executive Director of the
Company, has confirmed that ANJ remains extremely confident in the Company’s Cibaliung
project in Indonesia and its prospect of adding significant value to the Company.
Mr. Pieter Greeff - the Chairman of the Company, and Mr. John Carlile - a Non-Executive
Director, have also indicated that, subject to shareholder approval, they intend to participate in
the placement.
The placement will also be offered to other major shareholders of the Company and
potentially to new investors identified by the Board. The placement will be completed
following shareholder approval. A general meeting to consider this proposal is scheduled to
be held on 30 September 2003.
The Company has previously confirmed that it is proceeding with a BFS on the Cibaliung
project.
A preliminary feasibility study recently undertaken by the Company was based on a resource
of 610,200 equivalent gold ounces announced by the Company on 28 April 2003.
Key findings of the preliminary feasibility study were:
Mine life of 6 years with a increased production rate of 220,000 tonnes per annum with
recovery of gold and silver by a conventional gravity - CIL processing plant;
Annual production of approximately 70,000 ozs gold equivalent;
Initial capital estimate of some US$ 30 million;
Average life of mine cash operating costs of less than US$200/oz.
It is anticipated that the BFS will be completed in the first half of 2004.
The proposed placement and Share Purchase Plan will place the Company in a healthy
position to finalise the BFS and meet its working capital requirements while project funding
for the Cibaliung project is put in place and the Company’s interests in Victoria are advanced.
Yours sincerely
Ian L. Price
Managing Director