significant molybdenum documented

Significant Molybdenum Documented at the Kodu Deposit - Papua New Guinea

Attached is a company announcement from TasGold’s joint venture partner South Pacific Minerals Corporation on the documentation of molybdenum assay averages for previous drill holes at Mt Bini (EL 1348), PNG.

TasGold has a 15% free carried interest to completion of bankable feasibility study and financial closure on this exploration license, plus 2 other ELs and 7 additional ELAs in PNG from South Pacific.

In addition, TasGold has ~17% direct equity in South Pacific for an effective 32% equity in all the projects at this time. TasGold’s equity in SPZ is currently valued at ~A$1.4 Million.

Please see SPZ’s attached release and visit our website at www.tasgold.com.au for additional information.

Email: [email protected]

13/7/2005

SIGNIFICANT MOLYBDENUM DOCUMENTED AT THE KODU DEPOSIT
PAPUA NEW GUINEA

South Pacific Minerals Corp. is currently undertaking an aggressive exploration program at the Mt Bini
exploration license with a ~3,000m resource expansion and verification drilling program at the Kodu
Deposit and sub-regional exploration to refine/ define additional targets to evaluate, trench and drill test.
The Kodu deposit has a current NI 43-101 Inferred Resource of 1.64 million ounces of gold and 750
million pounds of copper in 85Mt of 0.40% Cu + 0.60g/t Au. The porphyry copper /gold /molybdenum
deposit is located ~50km NE of the capital of Port Moresby and is only partly drilled, with copper, gold
and molybdenum grades. The deposit remains open in all directions with grades generally increasing with
depth and potentially continuing around the annulus of the composite intrusion.

Molybdenum was historically analysed
in the 11 angled core holes completed to
date (~3,680m) by previous explorers at
Kodu, but was not considered during
the resource calculation or previously
reported. The molybdenum weighted
assay averages have now been
calculated for previously drilled holes.
Significant intervals include: hole 6
with 84m of 111 ppm Mo from 10m
plus 226m of 102 ppm Mo from 126m,
hole 8 with 110m of 136 ppm Mo
from 18m and hole 1 with 172m of 103
ppm Mo from surface.
The molybdenum (and Au, Ag, Cu, Pb,
Zn) assaying was conducted on half
core sample pulps by Analabs Pty Ltd
(in both their Lae, PNG and Brisbane,
Australia Laboratories) using a
perchloric acid digest on a 0.2gm
sample split with an atomic absorption
finish.

The remaining half drill core is still on the project site and in relatively good condition; selected sections
are being halved (to quarter core), sampled on a 2m basis and will be despatched to Australia for reanalysis
using a more appropriate analytical technique to molybdenum trioxide. It is anticipated that this
program will take some time to complete concurrently with the drilling program (then ship and analyse)
and that assays will be available for reporting in September. SPZ Exploration Manager Mr Peter Ruzicka
(BSc, B.App.Sc., MSc in progress, member AUSIMM) is the qualified person supervising this work.

South Pacific Minerals is at the forefront of mineral exploration in Papua New Guinea with an 85%
interest in three porphyry copper /gold +/- molybdenum and epithermal /intrusive related gold exploration
licenses and 7 EL applications covering a total area of ~11,000 sq kms. Most of these properties have
advanced stage projects with significant known gold +/- copper in trench and drill hole, with additional
drill ready targets that will be evaluated in due course.

To find out more about South Pacific Minerals Corp. and it’s exploration projects, please visit our website
at www.southpacificminerals.com or contact Graham Harris, VP of Corporate Development at 604-662-
8183 or [email protected].
South Pacific Minerals Corp
P.A.McNeil
President / CEO M.Sc.
The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. The statements made in this
News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may
also affect the actual results achieved by the company.

PLEASE NOTE THE FOLLOWING:

If you make missleading or fraudulant statements, you can be prosecuted under s1040E(False or Missleading Statements in Relation to Financial Products) and s1041F(Fraudulently Inducing Persons to Deal in Financial Products) of the Corporations Act of 2001.