RDR - Reed Resources, page-2

Hi periscopes,
are these the drilling results you are referring to? :


Company Announcement


Comet Vale Drilling Results/Sand Queen Main Shaft

REED RESOURCES LTD 2002-08-01 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
COMET VALE DRILLING RESULTS

The Company informs the market that significant gold intersections
have been returned from the first phase of an ongoing Reverse
Circulation (RC) drilling program being conducted at the company's
Comet Vale project and includes results of 4 m @ 21.65 g/t Au, 3 m @
5.76 g/t Au, 3m @ 11.01 g/t Au and 2 m 12.18 g/t Au.

The drilling program has focussed, successfully, on establishing
continuity of the Comet Vale lode between the Sand Queen shaft and
the Sand George prospect. Drilling has confirmed the presence of a
gold mineralised lode in a structural position equivalent to the
Comet Vale lode, based on gold intersections and coincident anomalous
silver, lead and zinc assays.

Drilling at the southern edge of the Sand Queen workings
(approximately 50m South of Main Shaft workings) has confirmed an
extension of the lode South of the known workings with best results
of 4 m @ 21.65 g/t Au (35 metres below surface). Another intersection
of 3 m @ 5.76 g/t Au is alongside a 3m cavity (90m below surface),
believed to be a stope.

Drilling beneath the Sand King mine, approximately midway between
Sand Queen and Sand George, has confirmed a gold mineralised lode in
the Comet Vale lode position with intersections of 6 m @ 1.27 g/t Au
and 2 m @ 1.65 g/t Au in separate drill holes. Results from holes
currently in progress are pending.

Infill drilling at the Sand George prospect has continued to provide
encouraging results with intersections of 3 m @ 11.01 g/t Au,
including 1 m @ 32.38 g/t Au and 5 m @ 7.19 g/t Au, including 1 m @
19.92 g/t Au. Additional infill drilling is in progress.

Results from the RC drilling program at Comet Vale are summarised
below:

FRO COMET VALE
DRILL COLLAR COLLAR m TO INTERVAL GRADE LODE
DH DEPTH
HOLE EASTING NORTHING (m) (m) (m) Au(g/t) LOCATION

DRC70 7782 13349 21 27 6 1.27 Sand King
80 81 1 4.19
DRC71 7762 13349 57 59 2 1.65 Sand King
61 62 1 1.79
Sand Queen
DRC73 7763 13449 42 46 4 21.65 south
includinq 42 43 1 43.33
including 44 45 1 36.38
Sand Queen
DRC74 7731 13449 90 92 2 1.52 south
Sand Queen
DRC75 7707 13449 158 159 1 0.56 South
Sand Queen
DRC76 7757 13499 47 49 2 2.92 South
Sand Queen
DRC76 7757 13499 76 77 1 1.89 south
Sand Queen
DRC77 7720 13494 117 120 3 5.76 south
DCR79 7800 13124 57 58 1 19.27 Sand George
including 79 80 1 32.38
DRC80 7751 13124 108 114 6 1.42 Sand George
DRC83 7800 13174 57 59 2 12.18 Sand George
DRC84 7725 13174 127 132 5 7.19 Sand George
including 131 132 1 19.92
DRC86 7788 13199 67 68 1 2.05 Sand George
DRC87 7812 13224 38 39 1 3.32 Sand George
DRC88 7787 13224 64 68 4 2.4 Sand George

Note: All hoes drilled with a dip of -60 towards 085.5 AMG. Samples
at 1 m drill intervals. All samples analysed by Fire Assay with an
AAS finish.

The results confirm the Company's view that there is potential for
high grade lode and remnant ore at the south end of the Sand Queen
mine and that the Comet Vale lode structure has the potential to
host additional high grade resources similar to that previously
mined at the historical Sand Queen-Gladsome mine and recently
discovered at the Sand George prospect.

Further drilling, currently in progress is expected to more
accurately define the position of the lode, which is complicated by
cross faulting that has caused offsets in the lode. The Comet Vale
lode has been traced over a distance of at least 400m to the south
of Sand Queen as a near continuous structure linking the Sand Queen
mine with the Sand George prospect.

SAND QUEEN MAIN SHAFT - REHABILITATION

Significant progress has been made in rehabilitating the Sand Queen
main Shaft in preparation for the commencement of de-watering
operations. Pump, Generator and pipeline is expected to be on site
and operational by month end.

Contractors have re-collared and concreted the shaft down to fresh
rock. Transportable offices, workshop, ablution facilities, fuel
farm and utilities have been established on site.

It is the Company's belief that as exploration continues in the area
the gold inventory can be significantly expanded.

D J Reed
EXECUTIVE CHAIRMAN


They are prospective, but not breathtaking.Hopefully the infill will make them more exciting.

Cheers
GZ