the only way to get nickel, page-5

FRIEDA RIVER PROJECT
(Highlands Pacific: 88%)
The Frieda project is the subject of a joint venture agreement between
Highlands Pacific, OMRD Frieda Ltd and Noranda Pacific whereby Noranda is
funding the further evaluation of known porphyry copper-gold deposits.
Highlands is managing the current field program.
The programme for 2004 will consist of a USD3million 8,000 metre drilling
programme. This is significantly greater than the budget for the past two years.
This programme will be focused on zones of high grade copper and gold
mineralisation including extensions to the Nena deposit.
The 2003 programme has completed preliminary evaluation at Trukai and a
resource estimated from this and earlier drilling has resulted in the addition to
the total porphyry resource of around 105Mt averaging 0.8% Cu and 0.41g/t Au
(calculated at a 0.5% Cu cut off).
In addition the mineral resources at Nena and Horse/Ivaal were reviewed.
These resources, including Koki, are now estimated to collectively contain
approximately 12.8 billion pounds (5.8 million tonnes) of copper and 11.4 million
ounces of gold.