Annual report for Tanami Mine Joint Venture MLS 119-133, MLS 153, MLS 167, MLS 168 and MLS 180 for the years ending 31 December 2001 and 31 December 2002

Abstract

This report covers exploration activities on the Tanami Mine Joint Venture Leases for the Period January 2001 to December 31 2002. Exploration on the leases finished in February March 2001 prior to the Tanami Mining Operations closing in September-October 2001. Exploration in 2001 focused on extending resources around existing pits at Dinky (MLS 153), Camel Bore (MLS 168) and between existing pits at Banjo and Orion (MLS 180). Trenching and RC drilling were undertaken at Typhoon to define a mineralised trend northeast of Dingo, Hurricane and Dice Pits in MLS153. Geological mapping was compiled into digital format for the Legs, Carbine, Jims Main and Beaver Creek Pits. Mining undertaken by Otter Gold Mines Ltd involved opencut operations at 13 pits in MLS167, MLS168 and MLS180. Approximately 0.678Mt of ore at 2.8g/t Au were mined for 61,000oz. The best intercepts included 12m @ 12.8 g/t Au, 12 m @ 5.5. g/t Au and 10m @ 5.31 g/t Au. No further exploration or geology work was undertaken at the Tanami Joint Venture until Mid 2003 when a high level review of the resource potential on the leases was undertaken by Newmont Mining Corporation. A review of exploration potential and a data compilation-verification exercise are due to commence in late October 2003. This resource, exploration and data review work will be discussed in the Annual Report for the Tanami Mine Joint Venture year ending 31 December 2003.