re: GRD Gold and other things GRD NL 2001-11-21...

re: GRD Gold and other things GRD NL 2001-11-21 ASX-SIGNAL-G

HOMEX - Perth

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The consolidated access agreement in respect of the Reefton Gold
Project in the South Island of New Zealand has been agreed and signed
by GRD Macraes and the Department of Conservation.

The project can now be commercially developed. GRD Macraes gold
production will increase to 250,000 ounces per annum with the
commissioning of Reefton.

The project parameters for Reefton are:

Throughput 1.0 million tonnes per annum
Production 70,000 oz per annum
Construction Start January 2002
First Gold Pour December 2002
Reserves 597,000 ounces
Resource 1,340,000 ounces
Capital $30 million

The Reefton goldfield consists of a 35 km gold mineralised belt
located in a North South striking corridor Gold production from the
goldfield totals over 2.0 million ounces from numerous high-grade
underground mines between 1870 and 1951.

The Project Development Team will now finalise the revised project
optimisation, pre-access work plans and permits, in anticipation of
the Board decision to proceed, which is expected shortly.