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leonora Leonora

Gwalia

Deep resource development drilling, initially
targeting the known higher grades, of gold
mineralisation between 1,200mbs and 1,500mbs was
completed in late 2005 and early 2006. This drilling
resulted in an Indicated and Inferred Resource
estimate for Gwalia Deeps of 7.3Mt @ 8.5g/t gold,
containing 2.0Mozs of gold. Total Resources for
Gwalia, including the Intermediates, are now
2.6Mozs.

Subsequent to completing the Resource estimate hole
GWDD11B intersected 12m @ 60g/t in the South West
Branch Lode at 1,540mbs and is the strongest
intersection to date for Gwalia Deeps. See Table 3.
Deeper drilling which tested the mineralisation at
1,720mbs intersected 7m @ 10.3g/t gold which represents a 240m down dip extension of the
mineralisation from the previous deepest drill hole.
This drill hole intersection is on the southern margin
of the Gwalia mineralised system.

Gold mineralisation is now confirmed to extend for
1,090m down dip from the base of previous historic
mining. The Gwalia Deeps Mineral Resource estimate
of 2.0Mozs extends 525m vertically or 890m down dip
below the base of previous mining.

Further infill drilling to establish Indicated Mineral
Resources for gold mineralisation between the base of
the previous mining levels at 1,075mbs and 1,200mbs
is underway and is scheduled to be completed during
the June 2006 quarter.

Diamond drilling from the surface will also be used to
define remnant ore from the Intermediates Inferred
Resources (0.59Mozs), some of which may be
extracted as the Hoover Decline progresses past the
old workings.
Drilling continues with three rigs. A fourth rig is to
be added during the June 2006 quarter.


Tarmoola

A Mineral Resource estimate for Tarmoola was
completed following a review of the geological model.
The Measured and Indicated Resources using 0.5g/t
gold cut�]off totalled 58Mt @ 1.1g/t gold containing
2.1Mozs of gold.
Drilling of mineralisation located within a possible
eastern wall cutback and the granite hosted
mineralisation in North Pit, South Pit and to the west
of South Pit is continuing.

Leonora Feasibility Study

The Leonora Feasibility Study comprises the Gwalia
Deeps and the Tarmoola Open Pit and Processing
Plant. Feasibility work is underway to determine the
viability of commencing gold production at the
earliest possible time. The Feasibility Study is
considering both stand alone and combined
operations for Tarmoola and Gwalia Deeps and is on
track to meet the planned completion date in the
September 2006 quarter.