+++ nustar in joint venture with cullen res +++

ASHBURTON GOLD PROJECT: The project is located in the North West of Western
Australia and hosts the Paulsens deposit. The feasibility study was completed in
the Dec 2002q and estimated a net cash flow after debt repayment of $30m. As at June 2003, resources were 3.44Mt @ 4.6g/t Au for a total gold recovery of 511,700oz Au. In October 2003, NMC received commitments to finance the project re-engineered as a high grade shallow underground mine at reduced capital cost. The funding arrangements comprised a debt-for-equity swap.

As at June 2003, Mt Clements contained inferred non JORC resources of 550,000t @ 2.3g/t Au for 40,600oz Au. Eastern Hills contains an inferred resource of
607,000t @ 2.4% lead and 1.7% antimony