Any comments from those with the charting tools etc?Second...

Any comments from those with the charting tools etc?


Second Quarter Activities Report

Document date: Wed 29 Jan 2003 Published: Wed 29 Jan 2003 20:36:10
Document No: 231550 Document part: A
Market Flag: Y
Classification: Second Quarter Activities Report
CROESUS MINING NL 2003-01-29 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
HALF YEAR GOLD PRODUCTION TO SHAREHOLDERS HALF YEAR RESULT

FOR THE THREE MONTHS ENDED 31 DECEMBER 2002

Croesus Mining produced record earnings of $23 million for the half
year before interest expense, tax, depreciation and amortisation
(EBITDA).

Group gold production was 136,988 ounces at a cash cost of $373 per
ounce with production from Norseman operations a record 70,507 ounces
at a cash cost of $332 per ounce.

Production for Central Norseman Operations for calendar 2002 was a
record 137,023 ounces, the highest in CNGCs 68 year history.

Cash reserves continued to grow totalling $31 million at the end of
2002.

This strong performance has enabled Croesus to repay all bank debt
and invest over $6 million in exploration expenditure.

The Croesus hedge book was reduced by 62,000 ounces to 148,600 ounces
and now represents 24% of ore reserves (and 5% of total resources).

Ore reserves at Norseman grew by 10% (net of production) to 390,000
ounces and a number of promising production targets were identified.

Shareholders will be rewarded with a 2 cent return of capital to be
paid in January 2003.
HALF YEAR GOLD PRODUCTION
31-Dec-02 31-Dec-01
Gold Production Ozs 136,988 56,665
Cash Cost $ 373 347
Sales $M 79.4 29.6
EBITDA $M 23.3 6.9

EXPLORATION HIGHLIGHTS

* Lights of Israel deposit extended with the first 2 holes reporting
excellent results of 8m @ 5.8 g/t and 6.3m @ 7.0 g/t gold.

* Strike length of the Redfin vein extended from 30m to 120m (and
still open) with intercepts including 0.2m @ 134g/t, 0.5m @ 357g/t
and 0.7m @ 207g/t gold.

* HV1 extension confirmed with down plunge intercepts of 2m @ 69.8g/t
and 0.4m @ 24.9g/t gold.

* Drilling of the St Patricks reef intersects the overlying Norseman
reef with unexpected results including 2m @ 12.6g/t, 1.9m @ 20.7 g/t
and 0.5m @ 32g/t gold.

* A new lens (Lens 4) discovered at Scotia with results including
4.1m @ 12.1g/t , 1.9m @ 45g/t and 2.5m @ 41g/t, 0.6m @ 134g/t gold.

Gold production was 7% below forecast, largely a result of the
Norseman and Davyhurst treatment plants underperforming with a
corresponding adverse affect on processing availability. The majority
of these plant issues have since been resolved. As for the previous
quarter higher cash costs largely reflect the joint venture payments
for Lights of Israel ore at Davyhurst that report as a cash cost but
represent the total cost to Croesus.