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Stock to Watch: MICHELAGO LTD
09:16, Friday, 1 August 2003

Sydney - Friday - August 1: (RWE)
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MINNOW MAKES ITS MARK AS 10 TO 15M
SHARES CHANGE HANDS EACH DAY OF WEEK

Overview:
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The round figure in share prices so often proves a temporary
barrier that many canny traders place their sell orders a fraction below
the round number or their buy orders a smidgin above.
Take Michelago Ltd yesterday for example.
After a merioric rise from a March 18 low of 0.06c to a July 30
high of 0.049c, the profit takers moved in and the price slumped 0.007c
in one day to 0.038c, the stock's biggest slide for a long time.
The proportionately heavy volume in Michelago's share trades
since March, however, suggests that the pullback will only be temporary
and a run towards at least half way to the March 2000 high of 0.215c
seems probable.
But be aware of the round figure effect.
Exciting news for shareholders is that the company expects to
shortly commence siteworks on its majority interest in the Jinya gold
mine in mainland China.
Michelago officials have gone to China this week to finalise the
formal registration process for the project, the last step prior to
establishing siteworks at Jinya, in the Guangxi Province within the
country's "Golden Triangle" region.
The company has acquired a 60 per cent interest in Jinya,
including exploration acreage, through a joint venture with Sydney gold
processing specialist, TST.corn Pty Ltd.
The remaining 40 per cent stake is held by one of China's most
established gold companies, Laizhou Jincheng Gold Mines.
"We aim to be on site within the next two months to commence
feasibility studies and pre-production planning at Jinya, in addition to
systematic regional exploration on the other projects in the area,"
Michelago chairman, Mr John Horan, says.
"Ore mined from Jinya will be transported to the Laizhou Gold Mine and
treated under an off-take agreement," Mr Horan said.
Michelago has completed a $Al million capital raising via an
underwritten share purchase plan with $A300,000 due next month from a
convertible notes transaction board appointment Michelago also announced
today the appointment to the company's Board of TST.corn principal, Mr
Peter Secker.
A mining engineer with more than 20 years experience in South
Africa, Australia and China, Mr Secker has a particular
understanding of mining operations and joint ventures within China's
resources sector.
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Share price: 0.038c
Share high/low 21.5c/0.06c

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Background:
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Michelago Ltd is principally involved in the exploration for
gold and base metal resources, with a focus on the Lachlan Fold Belt of
NSW.
In May 2003, the company entered into an agreement to earn a 60
per cent interest in the Jinya Gold Mine, located in China.
According to Aspect Financial Michelago plans to enter the
renewable energy market.
In 2001 and in Jan 2002 it signed a MOU with Pacific Power
International to provide assistance in evaluating a 30MW wind farm in
the NSW Southern Highlands.
In June 2002, MIC sold its wind farm rights and intellectual
property to ANZ Infrastructure Services Ltd, a division of ANZ Banking
Group Limited.
All current and future wind power projects will be pooled
through the Wind Power Investment Trust (WIPT), an investment trust
managed by ANZ Infrastructure Services.
Under the agreement, Michelago will sell its existing wind
development rights and intellectual property and receive 2 million $1
units in the trust.
Lucky Draw/Burraga in which the company holds a 25 per cent
stake is located near Oberon in Central NSW.
Copper resources as at April 2003 were estimated at 1.3Mt @
0.73% Cu for 9,500t Cu at the old Burraga Copper Mine area.
Michelago holds a 90 per cent interest in Mayfield, a gold and
copper resource.