now controls 100% of new gold mine, page-3

I don't hold but am considering.18 November, 2002

EQUITY ISSUE CLOSES RAISING $5 MILLION
The Company wishes to announce that the Capital raising has closed after having raised the targeted $5 million.

The Chief Executive Officer of Giants Reef Mining Ltd, Mr Peter Smith, said that in the current market conditions this was a very pleasing result. As previously advised the Company welcomed Colonial First State and the Scudder Gold and Precious Metals Fund to the register.

Subject to BankWest completing the due diligence on the Chariot bankable feasibility study and proceeding with financing under the existing loan facility, the company is now in a position to fund its 57% share of the Chariot project, in addition to the 100% cost of refurbishing the 100% owned 300,000 tonne pa rated Warrego treatment plant.

The company is currently waiting for the designated 60 day period following the declaration of the Chariot Mining Area for the joint venture partners, Sons of Gwalia and Newmont NFM to finalise their commitment to the project.

M T A Smith
COMPANY SECRETARY




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