for gold miner experts, page-2

2003-04-30 ASX-SIGNAL-G

HOMEX - Melbourne

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PERSEVERANCE: EXTENDS PHOENIX SHOOT BY 25%

Perseverance Corporation Limited (PSV) announced in its March Quarterly Report today that drilling had intersected the Phoenix Shoot some 400 metres down plunge from the previous deepest drill holes.

Drill hole SPD 150 on Section 7000N intersected 7 metres grading 5.5 g/t Au from 850 metres down hole (approximately 750 metres beneath surface).

SPD 150 has extended the Phoenix Shoot by 400 metres down plunge, or 25%, and this very persistent structure remains open. In-fill drilling is required to determine the gold contained in the latest extension. However, in light of the consistency of the mineralisation in the Phoenix it is expected that in time, a significant increment to the resource base will be generated.

Mr John Quinn, the Company's Executive Chairman, stated, "Drilling during the Quarter has indicated that the Phoenix Shoot is developed over 2000 metres down plunge and is well mineralised at the deepest intersection made to date. The Phoenix Shoot is known to be very consistently mineralised over 1600 metres down plunge prior to the current drilling. It has been demonstrated to contain approximately 800,000 ozs of gold of the total 1.15M ozs high grade resource previously reported in the Central Zone."

Mr Quinn also noted that the Fosterville Bankable Feasibility Study was on track for completion in the Third Quarter of 2003.

Perseverance are planning a mine and treatment facility to produce approximately 100,000 oz of gold per annum over an initial ten year life.