half year accounts

Highlights for the period include:

• Half yearly gold production increased over 100% compared to the full year ended 30 June 2007 when production first commenced.

• Half yearly underground mine development metres increased by over 10%.

• The average cost of sales per ounce of gold was $448 for the period.

• Half year revenue was up over 130% compared to full year revenue to 30 June 2007.

• Net assets increased by 4%.

• Company remains loan debt free and unhedged.

• 10 million ounce gold resource remains constant, with potential to increase.

• Over 10,000 metres of diamond core drilling completed during the half year.

• High grade intersections with the maximum grade being 0.2m @ 641g/t gold.

With the current spot price of gold being above A$1,000 per ounce, production increasing from the Charters Tower South operation, a significant diamond core drilling program underway and significant geophysical targets, the Company is well positioned to see gains in revenue and assets in future periods.

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