re: announcement-cpc directors remiss RE: Settlement of Sale of...

re: announcement-cpc directors remiss RE: Settlement of Sale of Interest in Maari Oil Project (PEP 38413)
Further to the announcements made on 20 January and 4 February 2005 Westgold
Resources NL (Westgold) wishes to advise that Delta Oilfield Developments Limited,
via its wholly owned subsidiary Delta Oil Taranaki Pty Limited (Delta), has today
finalised the sale of its 5% participating interest in the Maari Oil Project to Cue
Energy Resources Limited (Cue).
Westgold and Carpenter Pacific Resources NL each hold a 50% interest in Delta.
The sale price was A$6.2 million cash (A$3.1 million before tax to Westgold) and is
effective from 1 December 2004. Any cash calls paid by Delta from 1 December 2004
to settlement date today have also been reimbursed.
Westgold believes that the sale of the interest in Maari has given it a good return on
its investment in the oil and gas sector and, with significant cash holdings, allows the
Company to concentrate on identification of further opportunities in the minerals
sector.