So much for that turkey who keeps telling us that the gold...

So much for that turkey who keeps telling us that the gold project is behind schedule...note plant commissioning still projected for end 2002!!!


OXR - ASX Company Announcement
$gen0 THIS IS A PRIORITY ITEM
28 October 2002
Part 1/2
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OXIANA RESOURCES NL
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HOMEX - Melbourne
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Third Quarter Activities Report

QUARTERLY REPORT SEPTEMBER 2002

HIGHLIGHTS

SEPON PROJECT 80% OXIANA, 20% RIO TINTO

GOLD

Construction is on schedule for plant commissioning end 2002. In-fill
and extension drilling at Discovery West, the first deposit to be
mined, has outlined high grade extensions.

Scout drilling at the nearby Luang Prospect has intersected
significant near surface gold mineralisation.

COPPER

The Bankable Feasibility Study (BFS) was completed and preliminary
results announced demonstrating world class project characteristics.
The Khanong copper orebody is high grade, leachable, low cost and
long life with outstanding economics and strong upside. Financing and
more detailed engineering is now underway targetting plant
commissioning end 2004 and first production early 2005.

Scout drilling at the nearby Thengkham copper prospect intersected
high grade copper mineralization over 3 kilometres of strike. The
potential for a supergene deposit with similar characteristics to
Khanong is considered high.

CORPORATE

Oxiana listed options were 99% exercised by optionholders by the
expiry date of 30 September 2002, leaving 1% for the underwriters.
This added $59m to the treasury and completes the Sepon Gold Project
financing. Oxiana remains debt and hedging free.

MORE TO FOLLOW