coming good....

CONQUEST MINING
LIMITED
23 March 2004
The Australian Stock Exchange
Company Announcements Office
Level 4,
20 Bridge Street
Sydney NSW 2000
Dear Sir,
CROWN DIAMOND MINE, SOUTH AFRICA
(no relation to Crown Diamonds NL)
The Directors advise that Conquest Mining Limited (Conquest) has obtained the
exclusive right to aquire 100% of the Crown Diamond Mine Project located 25 km
north of Kroonstaad, South Africa from the Chistiaan Potgeiter Trust, subject to the
completion of a technical, legal and financial due diligence study to the satisfaction of
Conquest. The indicative purchase price of the Project is 40 million Rand (~AUD8
million) and it is anticipated that the due diligence will take between one and four
months to complete.
I
t is Conquest’s intention to completely debt fund the acquisition should it be satisfied
with its due diligence on the Project. Rupert Resources Pty Ltd previously conducted
a AUD4.0 million prefeasibility study at the Crown Diamond Mine using Steffen
Robertson Kirsten (South Africa) and MPH Consulting (Botswana) from 1997 to
2000. Studies include a bankable feasibility study for retreating tailings at surface
that have remained untouched for the past seventy years.
I
n the event Conquest proceeds with the acquisition, it has agreed to provide
Hastings & Associates Pty Ltd a finder’s fee of AUD750,000 in cash and 20,000,000
CQTO options, subject to receipt of shareholder approval.
The Crown Diamond Mine produced an estimated 701,346 carats between 1902 and
1931 by open pit and underground methods to an approximate depth of 240 metres.
The mine fell into disuse during WWII and remained mothballed with DeBeers until
1997, whereupon it was sold to the current owner.
MPH reports several other diamond exploration targets within the Project area.
DeBeers has recently commenced a AUD5.6 million prefeasibility study at the
Voorspoed kimberlite pipe, 5km east of the Crown pipe.
The Company will be reviewing additional data and be in a position to make further
statements in relation to the Crown Diamond Mine Project.
J TERPU
Managing Director
ACN 009 232 277
ABN 33 009 232 277
Suite 4/ 213 Balcatta Rd,
Balcatta WA 6021
Tel: (08) 9240 4111
Fax: (08) 9240 4054