Annual report for ML 22934 Groundrush for the year to 13 September 2002

Abstract

This report details drilling programs and their results and the IP survey undertaken at the start of the report period. Exploration included RC drilling with diamond tails for 7,545m of RC and 2,779m of core drilling. The results very significant and increased the resource base and improved the confidence in some areas of existing inferred resource. The mineralisation continues at depth from 200m to 500m below the surface and included an ore grade and width intersections to the known resource. The Ground Rush resources are estimated for 3.15 Mt at 4.7g/t Au ( Indicated ) and 1.84 Mt at 4.3 g/t Au ( Inferred) for a total of 730 000 ounces. Production during the year was 1.4 Mt at 4.1 g/t Au.