mol being active again-annual meeting

Quarterly Report:

"The Company plans to release a new estimation of the Spinifex Ridge resource at its AGM on November 24, 2005 based on previous data and the results from its own successful drilling programme".

Continuing record molybdenum prices
• Pre-feasibility Study on track for completion in December with Definitive Feasibility Study in mid-2006

• Resource drilling complete - confirms integrity of historical data - identifies high grade extensions

• WorleyParsons appointed as lead engineers

• Sites for major project facilities identified - sterilisation drilling completed

• Metallurgical test work indicates 90% recovery with coarse primary grind

• Baseline environmental study complete - no major impediments

Gold - Dargues Reef, NSW
• Emerging gold province • Continued drilling success indicates million ounce potential at Dargues Reef •

Scoping study for underground mining operation planned early 2006. • Latest Drilling includes: • 74m @ 2.6 g/t Au • 50m @ 2.8g/t Au • 34m @ 3.7 g/t Au • 24m @ 3.8g/t Au • Regional exploration identifying possible Dargues Reef extensions and analogues"

Comment: The Annual Meeting could be a good one.

Gerry