Company News March 1999 He knows nothing and thinks he knows everything. That points clearly to a political career. -- George Bernard Shaw,

Australian Resources (31 March 1999)

It is rumoured that Normandy Mining is talking with the administrator about the possible rescue of Australian Resources.

Golden Cross Resources (31 March 1999)

• FURTHER DRILL RESULTS FROM KEMPFIELD AND COMMENCEMENT OF PRE- FEASIBILITY STUDY ON OXIDE SILVER
  
• GOLD INTERSECTION AT KEN GLASSON ANOMALY, W.WYALONG

Kempfield Silver Project

GCR recorded positive initial drill results from its third drill programme at its 100% owned Kempfield silver property near Blayney, NSW. Kempfield hosts significant silver and barite resources along a 3 km strike length in Silurian Volcanics.
The programme consisted of 18 reverse circulation percussion holes, numbered GKF-43 to GKF-60 inclusive. The 1,219m drill programme had two aims; the first 10 holes, GKF-43 to GKF-52, were aimed at locating new silver-barite zones or extensions and holes GKF-53 to GKF-60 were aimed at filling in or extending oxide and supergene mineralisation in the BJ Zone. All holes were at a declination of 55 degrees and an azimuth of 110 degrees.

• West Wyalong

RAB drilling of the Ken Glasson gold geochemical soil anomaly one kilometre south of the Wyalong Goldfield intersected 1.5m at 2.26 g/t gold at the bottom of the hole (18m downhole). A four hole reverse circulation drilling programme is scheduled to commence next week to determine if the intersection represents the top of a gold-mineralised shear zone covered by transported soil.

Newcrest Mining (31 March 1999)

The NSW Government has approved Stage 2 of the Ridgeway Underground gold-copper mine. Successful completion of Stage 2 should result in a proposal for full development of the Ridgeway project being considered by the Newcrest Board later in 1999.

WMC (31 March 1999)

WMC and Uzbekistan Agencies Sign Agreement

Government agencies of the Republic of Uzbekistan and a subsidiary of the Australian-based minerals resources company WMC Limited have signed a Joint Venture Agreement (JVA) for the evaluation and development of the Zarmitan gold deposits, 90 km northwest of the ancient Uzbekistan city of Samarkand.

The JVA was signed in the Uzbek capital Tashkent and provides for the establishment and operation of a joint
venture company, to be formally known as "Closed Joint Stock Company Zarmitangold" (ZGC).
Shareholders in ZGC will be WMC (Zarmitan) Ltd (50%), the State Committee of the Republic of Uzbekistan on Geology and Mineral Resources (25%) and the Uzbek Association of Gold Mining and Diamond Processing Enterprises (25%).
The JVA covers the development of the Charmitan and Guzhumsai gold deposits which host an indicated resource of 20 million tonnes, grading 10 grams of gold per tonne of ore.

Woodside Petroleum (31 March 1999)

Woodside is moving to finalise commercial arrangements for the expansion of LNG facilities at its North West Shelf project.

BP Amoco / Atlantic Richfield (30 March 1999)

BP Amoco is discussing a $39 billion merger with Atlantic Richfield.

China - Oil (30 March 1999)

Production is to be cut by about 2% at China's largest oilfield, Daqing, in an attempt to boost profitability eroded by obsolete equipment and increasing water content in the oil it extracts. The oil field accounts for about one third of crude production.

CIM Resources (30 March 1999)

British-based RJB Mining has launched a $17.7 million takeover bid (7 cents/share) for CIM. RJB already has an 18.2% stake in CIM.

Great Central Mines (30 March 1999)

GCM managing director Joseph Gutnick has urged outstanding shareholders to accept Yandal Gold's $1.50/share offer. Gutnick has warned that the value of GCM shares may fall if ASIC is successful in stopping the bid.

APPEA (29 March 1999)

APPEA warns in a paper released yesterday that profitability in the local oil industry fell sharply last year before the worst effects of the oil price slump took effect. After-tax returns fell from 9.3% to 7.7%. A spokesman for the industry said prospects for the local industry would remain gloomy until prices recovered to at least US$17.00/barrel.

BHP Coal (29 March 1999)

BHP Coal has committed $18 million to upgrading operations at its Saraji coal mine in Qld - to extract coal from waste material. The new technology (Microcel) is the latest version of column flotation and is expected to increase the yield beyond that reported at Peak Downs where an earlier version is in operation.

Gold Price (29 March 1999)

The gold price weakened on news that Canada may support the sale of up to 10 million ounces of bullion by the IMF.

Herald Resources (29 March 1999)

Tanami Gold (29 March 1999)

Tanami has just concluded an agreement with Aboriginal owners and the Central Land Council allowing it to begin exploration immediately around Mt Davidson, 60km from the Granite gold mine. Tanami regards Mt. Davidson as among the most prospective of all its tenements.

BHP (27 March 1999)

BHP announced an 83% slump in third quarter after tax, before abnormals, profit to $46 million - due to weak commodity prices, lower sales and underperforming assets. An abnormal net gain of $372 million from asset sales boosted the bottom line to $418 million. BHP has held its fibnal dividend at 26 cents, fully franked, but warned it would have to review the situation - and future dividends would not be franked for at least the next 12 months.

Border Gold (27 March 1999)

Border Gold has acquired HOTS e-commerce Pty Ltd formerly known as Hospitality Open Trading Systems Pty Ltd (HOTS) at a total acquisition cost of approximately $1.9 million to gain direct entry to Australia's rapidly growing business-to-business electronic commerce market.

HOTS is a Western Australian based company which has developed an e-commerce Open Trading System built on the internationally renowned TRADE'ex electronic commerce software. HOTS is the only Australian company holding a full licence for this software.

The HOTS Open Trading System links suppliers, wholesalers and retailers within any vertical market allowing them to transact business electronically via the internet and significantly reducing the costs and time involved in ordering, invoicing, payment and supply.

Gawler Gold & Mineral Exploration (27 March 1999)

GOLD EXPLORATION

COMMONWEALTH HILL GOLD JOINT VENTURE

During the six-month period ended December 31, 1998, RAB and RC drilling programs were completed to further evaluate geochemical and geophysical anomalies the Mars, Comet, St. Andrews, Eaglehawk and Birthday prospects. Significant gold mineralisation has been demonstrated at the Comet and Mars prospects.

Mars Prospect

RAB and follow-up RC drilling programs were completed to test at depth coincident gold and arsenic anomalism previously revealed within gold-in-calcrete sampling programs. Gold mineralisation is interpreted as being associated with a shear zone adjacent to a northeast trending banded iron formation.

An RC drilling program, comprising fourteen holes, was completed during the reporting period to test at depth gold anomalism revealed by the RAB drilling programs and further confirmed the presence of gold mineralisation associated with an interpreted shear zone adjacent to a northeast trending banded iron formation.

Comet Prospect

RC drilling has revealed significant gold mineralisation exceeding 100 metres strike length related to a steeply east dipping structural zone within basement rocks. The zone of mineralisation is interpreted to have an average width of about 10 metres. Additional drilling is being planned to further test the extensions of the zone.

Drilling completed at the Birthday, Eaglehawk and St. Andrews prospects did not reveal any significant mineralisation.

BIBLIANDO VENTURE - South Australia
(Gawler Gold: 50 percent; Minotaur Gold, Manager: 50 percent)

The Bibliando Venture has selected three target locations which exhibit lineament conjunctions and coincident magnetic, gravity and geochemical anomalies to be tested by deep drilling during 1998-99.

Deep drilling commenced during December 1998. MBD-1, was completed at a vertical depth of 753 metres within Adelaidean sediments and revealed visible strata-parallel, structurally controlled, basemetal sulphide mineralisation. The presence of this Telfer style sulphide mineralisation is further supported by incomplete core analyses that report anomalous zinc, lead and copper values. Epigenetic sphalerite, galena chalcopyrite, pyrrhotite and pyrite occur within carbonate stockworks and as strataform replacements. Analytical results include 5 metres of 0.5 percent zinc and 0.2 percent lead from 141 metres depth. Additional analyses and mineralogy studies are awaited.

Hole MBD-1 was targeted within anomalous gravity and magnetic features adjacent to an interpreted strong northeast trending shear corridor. The epigenetic basemetal sulphide mineralisation identified within the drill core is considered very encouraging and will be further investigated by additional drilling. Basement rocks were not intersected within the drill hole and consequently the Olympic Dam style mineralisation model was not tested.

PLATINUM EXPLORATION

WIRRIDA PLATINUM JOINT VENTURE - South Australia

Calcrete sampling and subsequent aircore drilling at the Focus 4 target area located at the interpreted basal contact of the Wirrida Igneous Complex, returned cohesive groupings of elevated platinum values of up to 60 ppb Pt with accompanying elevated base metal values. RC drilling of the Focus 4 target zone returned disappointing analyses and does not warrant additional drilling at this location. The remaining 10 target zones are being re-evaluated and may be subject to RC drill testing in 1999.

For complete details of the Half-Yearly Report, click here.

Lakes Oil (27 March 1999)

Half-Yearly Report To 31 December, 1998 - Review of Operations:

A review of the Company's operating activities undertaken during the period follows.

Gippsland Basin (Victoria)

• PEP 135 - Onshore
  (Lakes Oil N.L., Operator: 100 percent)

  Attempts to produce from the gravels overlying basement at the Hunters Lane-1 well have thus far been unsuccessful due to hole blockage caused by sloughing Greensand section. It is planned to clean out the hole and install a slotted liner before resuming testing. Bailing tests at Hunters Lane-1 subsequently commenced on March 10, 1999 and are continuing.

Otway Basin (South Australia)

• PEL 57 - Onshore
  (Lakes Oil N.L., Operator: 80 percent)

  Interpretation of the Mulcrest seismic survey results confirms the presence of a sizeable culmination at Waarre Formation level near the western margin of the permit, approximately 10 kilometres northwest of Mt. Gambier. Subsequent to balance date, Lakes Oil has reached an agreement with a member of the Boral group of companies, whereby they will earn a 40 percent interest in the permit from Lakes Oil. Acquisition of 34 kilometres of seismic lines within PEL 57 should commence on, or about, March 18, 1999. This program is designed to further mature the Mulcrest prospect, located approximately 10 kilometres northwest of Mt. Gambier.

• PEL 62 - Onshore
  (Lakes Oil N.L., Operator: 50 percent)

  Oil Company of Australia has commenced production testing of its Killanoola-1 well, in the neighbouring permit PEL 27, which had previously flowed oil from the Sawpit Sandstone member of the Pretty Hill Formation. The results of this testing will have significant implications for the potential of the adjacent structures (Porthos, Athos and Aramis) in PEL 62.

Papuan Basin (Papua New Guinea)

• PPL 213 (formerly PPL 106) - Onshore
  (Lakes Oil N.L.: 5 percent; Operator: Barracuda Pty. Limited)

  The compulsory relinquishment required at the end of the second term of this permit has been submitted to the P.N.G. Government, and a new permit, PPL 213, has now been issued, incorporating most of the area covered by the former permit. The drilling of the Tumuli-1 prospect is now scheduled to commence in mid-April 1999, following the release of the drill rig from the Stanley-1 well. The Tumuli feature is capable of hosting several hundred million barrels, with a median target size of 350 million barrels recoverable.

• PPL 202 - Onshore, Papua New Guinea
  (Lakes Oil N.L.: 5 percent; Operator: Barracuda Pty. Limited)

  The Stanley-1 well, which is located in the neighbouring permit PPL 157, reached a total depth of 3,219 metres on March 4, 1999 after encountering approximately 11 metres of net gas/condensate pay in the Toro Sandstone. The well has been cased but will not be tested at this time.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There have been no significant changes in the state of affairs of the economic entity during the half-year ended December 31, 1998 that have not been detailed elsewhere in this Report.

SIGNIFICANT EVENTS AFTER BALANCE DATE

• During the period from February 10, 1999 up to the date of this Report, Lakes Oil issued additional shares and options in the capital of the Company. The securities were issued pursuant to the Company's prospectus dated December 10, 1998. As at the date of this Report, a total of 37,698,026 ordinary shares have been issued since February 10, 1999, at an issue price of 2.5 cents per share. In addition, a total of 9,424,583 options were also issued during that period. Each option, which was issued at no cost, entitles the holder to acquire one preference share in the Company at a price of 20 cents each at any time up to, and including, October 29, 1999. These issues raised a total of $945,450 for the Company which will be primarily used to fund its upcoming expenditure commitments in Papua New Guinea.
• On January 13, 1999, Mr. Stephen G. Marks resigned as a Company Secretary of Lakes Oil N.L.

Apart from these matters, there were no significant events which have occurred after balance date.

For complete details of the Half-Yearly Report, click here.

Newcrest Mining / Sedimentary Holdings (27 March 1999)

Recent drilling of the Klondyke epithermal vein at Cracow in Qld has returned encouraging gold values in 2 of 3 holes. Intersections included 12m @ 3.7 g/t Au, 8m @ 35 g/t (including 1m @ 215 g/t), and 8m @ 16 g/t (including 1m @ 38 g/t). Drilling is continuing to delineate the dimension and overall grade of the mineralised "shoot".

Resolute / Taipan (27 March 1999)

The ASIC has moved to block Resolute's joint bid for Taipan - as it potentially disadvantaged smaller shareholders.

Shell Australia (27 March 1999)

Shell will seek Government approval to walk away from its involvement in the non-productive Cornea field as the company prepares to slash exploration expenditure in 1999. Shell said a recently committed 5-well program demonstrated the futility of continuing with Cornea.

AMX Resources (26 March 1999)

Wayne Loxton has been appointed managing director, replacing Godfrey Rule.

BHP Petroleum (26 March 1999)

There are rumours that BHP is close to selling its stake in the Bayu-Undan project in the Timor Sea.

Herald Resources (26 March 1999)

RE: OPERATIONS, FINANCIAL POSITION

The Company wishes to advise of the following developments in relation to its gold production operations at Coolgardie and Sandstone.

Coolgardie

The Company has been treating low-grade stockpiles since July 1998. The grade from these stockpiles during this time has meant that profitability has at best been marginal, and at worst negative, at the prevailing low gold price. Combined with the impact of the gold royalty and other government imposts, it is with great regret that the Company has decided to cease milling operations after 9 years (the original mine life was 5 years).

As previously announced, the Company continues to be free-carried in current exploration efforts at Coolgardie by the MPI/Pittston joint venture which has been expending considerable sums on exploration since September last year, and which retains the option to buy into 60% of the operation for agreed sums.

Sandstone

The Company has been treating low-grade stockpiles since September 1998. Like Coolgardie, grades have been marginal and recent profitability has been a concern. At this stage, it is hoped to source and treat profitable stockpiles until the end of May 99, subject to favourable conditions (particularly weather) prevailing.

Financial Position

The Company's working capital position at the beginning of March (excluding the above outlays) was $13.2m. Despite the impending closures, the Company remains in a healthy financial position and is continuing to actively investigate opportunities to maximise the value of its assets.

For additional information, click here.

Leo Shield Exploration (26 March 1999)

Half Yearly Report - Review of Operations

Leo Shield maintains exploration concession interests in Ghana, Côte d'Ivoire, Burkina Faso and Guinea. In the period under review, active exploration funded by Leo Shield was restricted to the Grumesa Joint Venture in Ghana. Joint Venture partners undertook exploration on projects in Ghana and Côte d'Ivoire and efforts to farm out exploration interests in Guinea and Burkina Faso continued.

Leo Shield acquired the interest of its partner in the Manso Nkwanta Joint Venture in Ghana in December and is now focussing on increasing gold resources on the Abori concession and conducting a prefeasibility study on that project.

Ghana

After the July 1998 announcement of an inferred resource of 5.5 million tonnes at 1.0g/t Au for the southern portion of the Kayeya prospect within the Grumesa Joint Venture, Leo Shield undertook further wide spaced RC drilling to the north of the resource. Gold mineralisation was identified along the 3.5km by up to 1km wide structure, but the higher grade pods appeared to be less consistent in the north than in southern section. While there are numerous excellent targets for higher grade gold mineralisation at depth the project has at this stage been placed on a care and maintenance basis to enable Leo Shield to concentrate on the Manso Nkwanta project.

In December Leo Shield acquired the 50% interest of its joint venture partner in the Manso Nkwanta Joint Venture in Ghana, adjoining Resolute's Obotan Gold Mine. The interests in four concessions covering 215km ² and containing indicated and inferred resources totalling 372,000oz of gold were acquired for US$1,500,000 payable over one year and a royalty on gold production in excess of 100,000oz, capped at US$500,000.

Since acquiring the interest, all previous information was collated into a single database and field exploratiion commenced in January. On the Abori concession RC drilling of exploration targets and infill drilling of the existing resources was undertaken and extensive metallurgical testwork commenced. A prefeasibility study for a heap leach mining operation at the Abore North prospect is scheduled for completion in April 1999.

French West Africa

Randgold undertook an aeromagnetic survey over the 1,900km ² Tengrela joint venture area in northern Côte d'Ivoire and commenced exploration on the ground in November.

Soil sampling and pitting on the Korhogo concession in Côte d'Ivoire has identified a 21km long gold anomaly. A joint venture arrangement with a major producer should be finalised shortly.

The company closed its Mali operations during the period to conserve cash.

For complete details of the Half Yearly Report, click here.

Sudaw Developments (26 March 1999)

A billion dollar private enterprise rail project to link Queensland's Surat Basin to a port is to proceed. The rail-port will allow mining an estimated 4 billion tonnes of thermal coal reserves in the Surat Basin. Work is expected to start in 12 months - providing Sudaw receives commitments from coal miners.

Antaeus Energy / Thiess (25 March 1999)

Antaeus (ex Greenfields Energy Corp) has formed an alliance with Thiess to build a coke-making plant in Qld. A feasibility study on the proposed plant (1mtpy coke plus 60-70Mw of steam and electricity) will be undertaken

Beaconsfield Gold (25 March 1999)

Latest photos available from mine site - click here.

Great Central Mines (25 March 1999)

The bid for GCM is headed to the Federal Court after talks with the ASIC failed to resolve ASIC's fears the bid was illegal.

OPEC (25 March 1999)

OPEC nations have voted to cut crude oil production for a year - by 2.1 million barrels/day (2.6%).

Rio Tinto (25 March 1999)

Rio says buyers remain interested in acquiring the Las Cruces copper deposit in Spain. The project, too small for Rio, is expected to yield 60,000 tonnes/year of copper over 12 years.

Yesterday, the Supreme Court ordered coal mining union officials to stay away from a picket line at the Gordonstone mine in Qld.

Ross Mining (25 March 1999)

• Further progress has been made towards minimising risk associated with the transition to Year 2000;
• As detailed in the progress report of 4 February 1999, the project timeframe was adjusted to include the non-IT risk assessment performed by ICS. Key dates for the project are as follows;

  a) Stage 1; Risk Assessment - Scheduled Completion 31 March 1999
  b) Stage 2; Rectification - Scheduled Completion 30 July 1999
  c) Stage 3; Testing - Scheduled Completion 1 December 1999.

• The timeframe adjustment reflects the broadened scope of the project, and Ross Mining's ongoing commitment to minimising Year 2000 risk in all areas of operation;
• Stage 1 Risk Assessment is nearing completion with in total 650 "non-IT" items systematically inventoried and assessed at the Gold Ridge, Timbarra and Yandan mine sites.
• Assessment work is continuing, but in general a small percentage of critical items have been identified as "non-compliant" and requiring rectification.
• The Ross Mining Purchasing Process is being modified to ensure that future purchases are Year 2000 compliant;
• In addition, Ross Mining is evaluating critical business partner relationships to ensure that "supply chain" risks are minimised;
• The anticipated budget for the Year 2000 project as reported to the Australian Stock Exchange is $250,000. Based on the results to date it is anticipated that the project will be completed within this budget;
• Upon completion of stage 1 Risk Assessment further details will be reported.

Union Mining (25 March 1999)

COPPER-GOLD EXPLORATION AREAS - IRAN

Union Mining advises that its 50% owned Iranian registered company, Qeshm Union Itok International (QUII), has entered into a Letter of Understanding (LOU) with the Geological Survey of Iran (GSI) to undertake exploration over five (5) copper/gold areas in Iran, totalling some 1730 km ² . Union's porphyry copper consultants consider that the porphyry copper-gold belt in Iran holds similar mineral potential to equivalent belts in Chile and Peru. For details, click here.

Great Central Mines (24 March 1999)

The takeover offer by Yandal could be in trouble following concerns by ASIC - ASIC is alleging the offer breaches section 615 of the Corporations Law, which effectively prohibits companies with an already sizeable stake in a company from launching a bid. ASIC has ordered the offer be closed.

Mogul Mining (24 March 1999)

Mogul is to quit its remaining mining interests and will pay $1.75 million to acquire wine internet site group Ewines Pty Ltd.- who operate the WinePlanet internet site.

Southern Pacific Petroleum / Central Pacific Minerals (24 March 1999)

Shares in the oil shale "twins" have risen as construction of the $250 million pilot plant at the Stuart oil shale project in Qld nears completion. Partner Suncor Energy Inc. featured the 3 billion barrel oil shale deposit in its annual report last week.

Sun Metals Corp (24 March 1999)

South Korean investors in the world's largest zinc refinery threatened to postpone the $530 million Townsville project amid claims of union lawlessness. The dispute goes before the IRC today.

AMX Resources (23 March 1999)

AMX Resources' proposed acquisition of the Davyhurst mill and tenements would advance development of its Golden Cities gold project in WA, according to company chairman Michael Palmer. Under the deal AMX will issue 18 million fully paid shares to Davyhurst Project P/L's parent NM Rothschild & Sons, valuing the acquisition at just under $4 million - based on yesterday's AMX share price.

Ashton Mining (23 March 1999)

Ashton is upbeat about the year ahead - early indications are that the market for Argyle type diamonds continues to grow.

Australia LNG (23 March 1999)

Gas producers (Shell Australia, BP, Chevron, BHP and Woodside) have formed a joint marketing consortium - called Australia LNG. ALNG has been formed to establish a market outlet for Australian liquefied natural gas for Asian buyers.

Boral (23 March 1999)

Boral plans to double the size of its planned Ladbroke Power Station in SA (from 40-megawatts to 80-megawatts), bringing the total project to $65 million.

Chile Minera (23 March 1999)

Internet Service Provider Timemac has entered an option agreement to acquire Perth-based Chile Minera - in an bid to raise at least $2.5 million. Timemac, established last August, aimed to address a rich seam of potential presented by the Chinese- language Internet market.

Cyclone Vance (23 March 1999)

Offshore oil fields were shut down and gold and nickel miners faced critical power shortages due to the affects of Cyclone Vance. The cyclone had developed into a deep rain depression and was heading for the Kalgoorlie region.

Grange Resources (23 March 1999)

Grange is to acquire a 40% interest in Resource Trading Systems P/L and a 20% interest in Agricultural Trading Systems P/L for a total cash consideration of $1.45 million. RTS and ATS have developed business-to-business, e-commerce trading systems.

Mt Kersey Mining / Burdekin Resources (23 March 1999)

Mt Kersey has reached agreement in principle to spend up to $5.2 million farming into Burdekin Resources' Pinjin tenements in WA. Mt Kersey will earn a majority interest and have management rights.

Plenty River Mining (23 March 1999)

PRM and New Delhi-based Chambal Fertilisers and Chemicals plan to build a $700 million ammonia-urea fertiliser plant in far north WA.

WMC (23 March 1999)

WMC has established a $300 million domestic medium-term note program aimed at diversifying its debt sources. There was no immediate plan for an issue under the program.

Australian Resources (21 March 1999)

The administrator of Australian Resources said yesterday he was confisent a rescue package would be successfully negotiated.

For more information on Australian Resources, click here.

AGL (20 March 1999)

Boral (20 March 1999)

Emperor Gold Mines (20 March 1999)

Richfield Resources (20 March 1999)

Ross Mining (20 March 1999)

As a result of the successful 1998 drilling programme at Gold Ridge, the Mineral Resources and Ore Reserves of the Kupers and Dawsons deposits combined, have more than doubled. As a consequence, the Mineral Resources of the total Gold Ridge Project have expanded from 2 million to 3 million ounces of contained gold, an increase of 50%. Similarly Ore Reserve calculations based on a A$500 (US$315) gold price have increased Ore Reserves to 37.5 million tonnes grading 1.68 g/t with a contained gold content of 2.02 million ounces, an increase of 724,000 ounces. Sensitivity analysis using a gold price of A$450 (US$284) reduces the reserves by only 4%, confirming the economic robustness of the Gold Ridge Mine. Because of the shallow nature of the deposits, the overall waste to ore ratios is only 1:1. Cash costs of production are estimated to average A$275 per ounce of gold (US$173) using a processing rate of 3.4 million tonnes per annum.
Total capital costs to increase the plant throughput rate from the current design of 2.0 million tonnes per year to 3.4 million tonnes per year are estimated at $10 million, excluding capital requirements for additional power generation. At the increased throughput of 3.4 million tonnes per annum, gold production is estimated to increase to approximately 160,000 ounces of gold per year. As a result of the Ore Reserve increase, mine life can be maintained at this throughput rate for more than ten years. As a consequence, the Gold Ridge Mine would generate increased benefits for Solomon Islands-based stakeholders. For details, click here.

AGL (19 March 1999)

Austpac Resources (19 March 1999)

BHP (19 March 1999)

General Atomics (19 March 1999)

Merritt Mining (19 March 1999)

Minotaur Gold (19 March 1999)

HALF YEARLY REPORT - REVIEW OF OPERATIONS
In the half-year ended 31 December 1998 the Company incurred a consolidated operating loss of $90,036. Exploration activities are summarised below.

The Company's exploration activities continue to expand but with the majority of expenditure contributed by joint venture parties. Exploration is focused on three broad geological environments

- base metals (+ gold)	- margins of the Gawler and Curnamona Cratons plus the Curnamona Craton itself.
- gold	- Gawler Craton
- heavy minerals	- Murray Basin.

Base metal exploration is concentrated on the Bibliando Joint Venture (Minotaur 50% and operator) as well as regional geological evaluations. At Bibliando, geological, geochemical and geophysical surveys confirm the potential for Olympic Dam style mineralisation within basement rocks beneath sedimentary cover. Limited drilling intersected 5m of 0.7% lead and zinc within the cover rocks, interpreted to represent leakage from a potentially larger base metal occurrence within shear corridors cutting the prospect. Potential is seen for the occurrence of mineralisation both within and derived from the basement. The program is currently fully funded by Gawler Gold and Minerals Exploration NL with Minotaur as operator.
Regional studies relating to controls on base metal mineralisation have resulted in further tenement acquisitions within the Adelaide Geosyncline and along the margins of the Curnamona and Gawler Cratons.

Results from detailed calcrete geochemical surveys at Aurora Tank (Minotaur, 35% and operator) define a gold anomaly extending over 2 kilometres with several values exceeding 50 ppb. The anomaly lies mainly along the eastern contact of a strong magnetic feature interpreted to represent Archaean banded iron formation. It forms the northern extension to the Mars Prospect within the Commonwealth Hill joint venture (Minotaur 64% and operator) where preliminary RC drilling returned up to 4 m at 2 g/t gold.

Preliminary geological work has been completed on the five tenements held by Minotaur within the Murray Basin. Three of these are held 100% and two 50% by the Company and are considered prospective for the occurrence of heavy mineral (HM) deposits.

Previous explorers outlined an estimated + 17 million tonnes of 7.6% HM within the Wedderburn Licence (50% Minotaur), although this deposit appears too fine grained to economically process. However numerous coarser grained strand lines (ancient beach fronts) have been mapped to the east of the deposit. Some of the flanks to the strand lines were intersected by earlier broad spaced drilling with intersections such as 2m at 9% HM, 2m at 16.6% HM, 6 m at 2% HM recorded. The strand lines form well defined drill targets.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
During the period the Company placed 4,000,000 shares for $0.11 each. These shares were listed on 10 ^th December 1998.

On 3 ^rd December 1998 the company lodged a prospectus with the ASIC for the non-renouncable issue of 16,991,750 options having an expiry date of 31 ^st December 2001. These options were offered pro rata to shareholders on the 17 ^th December 1998 at an issue price of $0.05 and an exercise price of $0.20. The options were quoted on the Australian Stock Exchange on 15 ^th January 1999 on a Deferred Settlement basis.

Under the company's employee share plan, the company issued 120,000 options to its employees on the 23 ^rd November, 1998. The options are exercisable at $0.25 and lapse on 27 ^th November 2003.

The following joint ventures have been secured:

Bibliando - Gawler Gold and Mineral Exploration NL have been assigned a 50% interest in ELs 2229 and 2265. Gawler must expend $500 000 on the first year's approved program and budget to maintain this equity. Minotaur is operator of the joint venture.

Eyre Peninsula - Aurora Gold (W.A.) Pty Ltd (a wholly owned subsidiary of Aurora Gold Ltd) may earn a 51% interest in each of EL's 2260 and 2263 through the expenditure of $240,000 on each tenement and an additional 29% interest through an additional expenditure of $260,000 on each tenement. Aurora is operator of the joint venture.

Aurora Tank - The Commonwealth Hill Joint Venture (64% Minotaur, 36% Gawler Gold and Minerals Exploration NL) acquired a 55% interest in EL 2503 through purchasing the interests of Redfire Resources NL and Coombedown Resources NL for $5,000 each and $6,500 of exploration expenditure. Kelaray Pty Ltd (a wholly owned subsidiary of PIMA Mining NL) will hold a 45% participating interest in the joint venture. Minotaur is operator of the joint venture.

For complete details of the Half Yearly Report, click here.

Newcrest (19 March 1999)

North Ltd (19 March 1999)

Rio Tinto (19 March 1999)

ABARE (18 March 1999)

According to ABARE, Australia's minerals and energy export earnings are forecast to fall 10% to $36.3 billion between 1998/99 and 2000/01, mainly due to weaker commodity prices and a progressive appreciation of the A$.

Anaconda Nickel (18 March 1999)

Anaconda's share price recovered yesterday (up 11 cents to A$1.91) after the company denied it was facing serious commissioning problems at its Murrin Murrin laterite nickel mine in WA. The production of nickel/cobalt sulphides precipitate from feed solutions commenced successfully within the last 24 hours.

Gold (18 March 1999)

US President Bill Clinton said the IMF should sell some of its 103 million ounces of gold to ease Third World debt. It is estimated that the IMF could selll up to 10 million ounces.

Goldfields Ltd (18 March 1999)

Goldfields has announced a share buy-back (of up to 32% of its ordinary shares) that will result in the removal of RGC Ltd as a major shareholder (56.18% stake). The buy-back price is A$1.75/share. Shareholders will have the option of selling all 32% of their stock or any % up to that amount.

Golden Triangle Resources (18 March 1999)

GTR's plans for a $700 million magnesium project (80,000 tradeable magnesium ingots/year) improved with the release of a comparative study examining its 2 site options. Both potential sites - in Tasmania and NSW were "highly competitive on the world scene" but technology issues meant GTR favoured Tasmania.

Merritt Mining (18 March 1999)

For details of the Half Yearly Report, to 31 December, 1998, click here.

Minotaur Gold / Gawler Gold (18 March 1999)

A royalty agreement on the production of iron ore from the Commonwealth Hill area was signed with SASE Pty Ltd on Friday 12 March 1999. The agreement covers an area of approximately 3 000 square kilometres encompassing Exploration Licences 1900, 2024, 2034, 2171 and 2441 and any subsequent tenements held within the boundaries of these licences.
The Sequoia iron prospect, containing an estimated 20 million tonnes at 28% Fe, but with zones of higher grade mineralisation, lies within the area.
Under the terms of the agreement, the Commonwealth Hill joint venture partners (Minotaur and Gawler Gold) receive a royalty of one cent for every percentile of iron within every tonne of ore mined.
The agreement relates only to iron, with the rights to all other elements retained by Minotaur and Gawler. For details, click here.

Union Mining (18 March 1999)

Summary - Half Yearly Report - to 31 December, 1998

Results

The consolidated loss of the economic entity for the half year was $423,966 after income tax.

Review of operations

The activities of the economic entity for the half year period have been reported in the Exploration Quarterly Reports dated 30 October 1998 and 28 January 1999, and other disclosure Stock Exchange Announcements released via the Australian Stock Exchange. The 1998 Annual Report also contains activities up to its release date of October 1998.

The economic entity has been affected by the general down turn in world mineral prices, and as stated in the 1998 Annual Report has focused on seeking positions at minimal cost in major undeveloped resource projects predominantly in developing countries. This focus requires assessment of resource opportunities in selected commodities where these resources are already reasonably identified and with the help of the latest technology and lower operating costs can be generated into profitable ventures. Opportunities are perceived in developing countries, which offer lower cost, are less restrictive, and have less complex socially based legislation. If the country risk can be minimised, then commensurate rewards are anticipated. The first projects reviewed under this global focus are a major bauxite project in Guinea (West Africa) and major precious and base metals projects in Iran.

For details of the Half Yearly Report, to 31 December, 1998, click here.

Striker Resources (18 March 1999)

Striker expects to return to trading on the ASX within the next few days after shareholders approved a plan to resucitate the company - a $6 million placement to Diamond Rose and FAI Insurances who will become the largest shareholders with a combined 52.6%.

Taipan Resources (18 March 1999)

Rothschild has increased its stake in Taipan to more than 10%, a level at which it can block the takeover bid fby Resolute and Colin Ikin.

United Energy (18 March 1999)

UE will pocket $4 million annually from management fees under 7 year contracts associated with the newly privatised Victorian distribution and retail gas companies Multinet and Ikon Energy.

Western Metals (18 March 1999)

WM has posted half-year earnings of $3.5 million, well down from the $6 million in the previous corresponding period. It plans to pay a 2.86 cents converting preference share dividend due in May.

WM has finalised an agreement with Thailand-based Padaeng Industries - WM will retain its 14% shareholding in Padaeng for 12 months and will reduce its board membership from 2 to 1.

WMC (18 March 1999)

Standard & Poor's has affirmed its long (A) and short term (A1) ratings for WMC but revised the company's outlook from stable to negative. If anticipated debt reduction did not marterialise in the near term, the ratings could be lowered.

Anaconda Nickel (17 March 1999)

Anaconda's share price has fallen amid rumours that the lateritic nickel chemical process has problems with the flash vessels.

BHP Minerals (17 March 1999)

It is rumoured that BHP Minerals will slash exploration expenditure, cutting ap to $60 million from the 1999-2000 budget..

Australian Resources (17 March 1999)

Great Central Mines, Aust Resources' largest shareholder, has proposed a rescue plan that includes a rights issue to get shares in ARS trading again. ARS directors appointed an administrator after ARS financiers, Rothschild, refused to release $5.2 million that had been deposited last year following a convertible note issue. It remained uncertain why ARS had funds deposited with a debtor and why Rothschild did not release the funds. ARS has net debt to Rothschild of $7.89 million. Rothschild has appointed Ferrier Hodgson as receiver to Arimco Pty. Ltd., which operates ARs' mines in Wa and Qld.

Copper Mines of Tasmania - Mount Lyell (17 March 1999)

Twin Star Holdings of Mauritius will buy all of the issued capital of CMT. Twin Star is part of the Bombay-based Sterlite Group which owns India's largest private sector copper smelter. CMT went into voluntary administration last December.

Gold Price (17 March 1999)

French President Jacques Chirac has proposed that the IMF should sell part of its gold reserves - to reduce debts of poor nations. The gold price subsequently fell.

Straits Resources (17 March 1999)

J B Were & Sons issues a BUY recommendation for Straits. For details, click here.

Santos (17 March 1999)

Santos has purchased a 7.5% interest in the Bass Strait Kipper gas field for an estimated $10 million.

Union Mining (17 March 1999)

Re: Georgetown Sale

Union Mining NL wishes to announce that it has signed an agreement with Van Hoboken Pty Ltd and Hyland Corporation Pty Ltd, whereby the later two companies have acquired an option to purchase all of Union Mining's assets at Georgetown on the following basis:-

• The Georgetown assets to be sold comprise the Company's CIP processing plant, all existing Georgetown mining leases, and all exploration licences (excluding those already joint ventured with Kidston Gold Mines Limited).
• The option to purchase the Georgetown assets is exercisable on or before 31 July 1999, but the option can be extended until 31 December 1999 (with Union Mining's approval).
• Upon exercising the option, the purchasers will pay to Union Mining a total purchase price of $2.95 million, on the basis that the CIP Processing Plant is commissioned and ready for operating at 150,000 tons of ore per annum. Costs will be incurred by the company in re-commissioning the processing plant but that the purchasers are obliged to pay for any costs of re-commissioning in excess of $900,000.
• It is the intention of the purchasers to utilise the Georgetown assets (to be acquired from Union Mining) as the basis for a new capital raising. Union Mining is not a party to (and has had no involvement in) the capital raising although it is expected that the option would not be exercised by the purchasers unless the capital raising is successful.

For additional information, click here.

Ashton Mining (16 March 1999)

Ashton has posted an $11.6 million profit in 1998 (loss of $62 million in 1997) and declared a final fully-franked dividend of 2 cents (last year 1 cent). The turnaround was due to increased production, record diamond sales and lower costs.
Production from Argyle will fall about 18% this year as a major cutback of a mine wall will affect production but will extend the operation's lifespan by about 5 years to 2007. Argyle expects to release more details about a proposed underground operation next year.

Australian Resources (16 March 1999)

Appointment of Voluntary Administrator

The Directors of Australian Resources Limited resolved on 14 March 1999 to appoint a voluntary administrator.
Mr Martin Green of Grant Thornton accepted appointment as administrator.
Mr Green has advised that the first creditors meeting will be held on Friday 19 March 1999 in Sydney.
Trading in Australian Resources Limited shares has been suspended indefinitely.

N M Rothschild & Sons (Australia) Limited today appointed Andrew John Love, Peter Ivan Felix Geroff and Gary John Trevor, of Ferrier Hodgson, as receivers to Arimco Mining Pty Limited. Arimco Mining Pty Limited is the main operating company within the Australian Resources Group of companies. Mr Martin Green, the voluntary administrator of Australian Resources Limited and its subsidiaries, is currently engaging in discussions with the receivers and interested third parties to assess the viability of a restructure of the assets and operations of the Australian Resources Group of companies.

Mr Philip Pearce, Chairman of Australian Resources Limited, resigned as a Director of Australian Resources Limited on 14 March 1999 prior to the appointment of the voluntary administrator.

For more information on Australian Resources, click here.

It is understood the company owes about $30.4 million to creditors, $8.2 million to financiers but only has access to about $11 million cash. Australian Resources is 19.6% owned by Great Central Mines.

Base Metals Exploration / Caledonian Pacific Minerals (16 March 1999)

Unlisted Base is to proceed with a plan to increase its interest in Caledonian. Base plans to lift its interest by committing an additional $5.5 million, taking its total commitment to $18 million. It will be done in 2 stages and, when completed, Base will have a 40% stake in Caledonian.

Cumnock Coal (16 March 1999)

Cumnock has posted a $1.18 million profit for the 6 months to 31 December. No dividend was declared.

Envestra (16 March 1999)

Envestra's $1.2 billion acquisition of Victorian gas distributor Stratus at the weekend has been quizzed by Standard & Poor's and poorly received by the market which cut 10% of its share price. Envestra and Boral paid an earnings multiple of more than 14.5 times for Startus and retailer Energy 21.

Great Central Mines (16 March 1999)

The takeover offer (A$1.50/share) for GCM, by Yandal Gold, has been declared free of conditions.

Macmin (16 March 1999)

The company today issued a total of 7,971,400 fully paid ordinary shares. The shares were issued as part of the consideration for the re-acquisition of a 50% interest in the Texas project from Hunter Exploration NL and are subject to escrow terms as detailed in our announcement of 13 January 1999. The remainder of the consideration was $25,000. MACMIN now holds 100% of the Texas project.
All conditions and approvals for the transfer have now been finalised. For additional information, click here.

Merritt Mining (16 March 1999)

On 24 February 1999 Merritt Mining NL announced the formation of its ITC Division and the acquisition of certain telecommunications and internet businesses.

Merritt has now issued the 6,000,000 fully paid shares to settle the purchase of Westpenny Pty Ltd which has the Western Australian rights to market RSL COMSTORE voice and data communication services. For additional information, click here.

Sedimentary Holdings / Newcrest (16 March 1999)

Sed Holdings has revealed the discovery of a substantial new intersection of gold and silver mineralisation at its Cracow JV in Qld - results included 38m @ 16.33 g/t Au and 8.28 g/t Ag.

Santos (16 March 1999)

Despite record sales, Santos has announced a 14.5% fall in net profit for 1998 to $176.3 million, mainly due to plunging oil prices. Directors declared a fully-franked 13 cent/share dividend. Santos expects 1999 to be another difficult year and is cutting exploration and development expenditure by $170 million.

The company also welcomed as encouraging an agreement struck at the weekend between 5 of the world's biggest oil producing nations to cut their output by more than 2 billion barrels/day from 1 April.

Aurora Gold (15 March 1999)

Summary - PRELIMINARY FINAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 1998

• Net profit for the year $14.5 million
• Bullion production at Mt Muro for the year of 255,603 ounces, up 6% from 1997
• Cash operating cost US$170 per gold ounce
• Aurora secures 100% ownership of Mt. Muro project
• Cash at year end $24 million
• Toka Tindung project resources increased to 883,000 ounces of gold equivalent, an increase of 55% from 1997
• Purchase of Morobe Gold Project assets completed and exploration commenced

  ---

Australian Gold Conference (15 March 1999)

Normandy's executive chairman, Robert Champion de Crespigny, said the $7 billion a year gold industry is facing a crisis, with a lack of exploration expected to cause a potentially severe decline in new projects in 6 to 10 years.

An estimated 2 out of 3 exploration geologists in Australia are currently out of work.

Boral / Envestra (15 March 1999)

Boral has joined Envestra to purchase the last of the Victorian Government's gas retail and distribution businesses for $1.67 billion. This will make Boral the nation's biggest integrated gas producer and retailer.

Mt Burgess (15 March 1999)

Mt Burgess has entered into a project finance and gold hedging arrangement with NM Rothschild & Sons (Australia) Limited for the purpose of developing the Company's 50% share of the Red October gold project (in JV with SOG) in WA. The optimised/designed pit probable reserve currently stands at 587,000 tonnes @ 6.47 g/t Au.
The finance package is broken down into 2 tranches :
Tranch A comprises a facility of up to $1 million if required with the availability to put in place up to 40,000 ozs of unmargined gold hedging,
Tranche B comprises a facility of a further $4 million if required.
As part of the finance package the Company will issue to Rothschild 250,000 ordinary fully paid shares.

SMC Resources (15 March 1999)

Half-Yearly Report - Review of Operations

HIGHLIGHTS

• Increased profit - $0.507 million net profit to 31 December 1998 compared to a loss of $2.041 million over the previous corresponding half year.
• Increased gold production - Year to date production of 10,834 oz up from the previous half year of 4,728 oz.
• Falling cash operating costs per oz - June quarter $A547, September quarter $A373 and December quarter $A364.

For details of the Half-Yearly Report, click here.

WMC (15 March 1999)

WMC Limited today announced it will reduce nickel-in-concentrate production at Kambalda Nickel Operations in Western Australia from the current rate of approximately 20,000 tonnes to 10,000 tonnes per annum. This cutback, which follows the suspension of three mines at Kambalda Nickel Operations in 1998, and the furnace reline at the Kalgoorlie Nickel Smelter earlier this year, will reduce nickel-in-matte production in 1999 to approximately 78,000 tonnes down from 100,000 tonnes in 1998.
The reductions, which will involve the placement of the Long/Victor and Mariners mines on care and maintenance, are a response to the weakness in the nickel price and to maintain competitiveness of WMC's nickel business.

Australian Resources (13 March 1999)

Australian Resources Limited today announced a net operating loss after tax but before abnormal items of $1.17 million for the half year ended 31 December 1998, compared to a loss of $25,000 for the previous corresponding period.

The Group realised an abnormal loss of $16.97 million net of tax benefits. The abnormal loss includes a provision for writedown in the exploration, evaluation and development expenditure at Selwyn of $16 million. The substantial fall in the copper price over the last year and the current outlook for the copper market had necessitated a reassessment of the carrying value of this mine.
For complete details of the Half Yearly Report, click here.

Cultus Petroleum (13 March 1999)

Cultus has posted a net loss of $25.55 million for the 6 months to 31 December, compared to a previous $5.54 million profit. The result reflects low crude and product prices, consequential provisions against both production and exploration properties, an underutilised balance sheet and the abject exploration performance at Cornea.

Cultus also announced that chief executive Don Beard would retire this month due to ill health.

Dominion Mining (13 March 1999)

An independent expert has concluded Dominion's shares are worth about twice what the mining company proposes to pay North Ltd (40 cents/share) to buy back its 16.1% stake.

Dominion has just reported a net first-half profit of $4.38 million, compared to a $4.12 million loss in the previous corresponding period.

Homestake Mining (13 March 1999)

Homestake's MD, Dick Tastula, said at the Australian Gold Conference in Perth, companies such as Homestake had to take advantage of the low gold price environment to expand their portfolios. He believed a gold price below US$300/ounce was an aberration. Gold acquisition/merger opportunities would emerge over the next 12 months but the window of opportunity would then snap shut.

Macmin (13 March 1999)

Macmin releases its Half Yearly Report to 31 December, 1998. For details, click here.

Niugini Mining (13 March 1999)

Canada's Vengold sold almost 6 million shares of Niugini yesterday, sending the price up 7% to $2.04. Vengold's stake in Lihir Gold has been reduced to 18.5%. Lihir's share price rose 12% to $1.57

Richfield Resources (13 March 1999)

Richfield topped share turnover yesterday on rumours it was about to enter the Internet area. Richfield's shares rose 0.7 cents to 2.1 cents.

Santos (13 March 1999)

Net profit for 1998 (to be announced on Monday) is expected to be 12-15% below the 1997 total.

Victorian Government - Gas (13 March 1999)

The Vic Gov't will receive $1.97 billion from the sale of its second gas distribution and retail package, Multinet Gas and Ikon Energy, to The Energy Partnership(AMP ltd and Missouri-based Utilicorp United Inc - who already owns listed Victorian electricity distribution business United Energy).
The third sale is expected to be announced over the next few days.

Anglo Gold (12 March 1999)

South African mining giant, Anglo Gold, confirmed that it was close to entering the Australian market - with several potential merger targets.

Aurora Gold (12 March 1999)

Aurora has posted a 38% fall in full-year net profit of $14.5 million, mainly due to the falling gold price, hedging losses and an increase in costs.

BHP (12 March 1999)

Rumours suggest BHP is negotiating to sell the troubled Hartley platinum mine to Anglo American Platinum (Amplats) for about US$70 million.

Gympie Gold (12 March 1999)

Gympie (Southland Coal) has secured sales of 1 million tonnes of coking coal to Japan for 1 year from its new Southland Colliery in the Hunter Valley. Production is planned to increase to 2mtpy by 2002.

Hill 50 Gold (12 March 1999)

There are rumours of takeover speculation and some exciting drilling results in the pipeline.

SMC Resources (12 March 1999)

SMC Resources Limited (SMC) is pleased to announce it has entered into an agreement to acquire Australian Resource Management (A.R.M.) Pty Ltd (ARM), a wholly owned subsidiary of listed (Alberta Stock Exchange) Canadian explorer Western Pacific Gold, Inc. (WPI). The acquisition is subject to various conditions, including shareholder approval by both SMC and WPI shareholders.

Consideration payable to WPI for ARM comprises 31.5 million fully paid shares in SMC. ARM's assets include:

• Tenements independently valued at $1.65 million; and
• $1.6 million cash.

ARM owns 388 square kilometres of granted exploration territory in central Guadalcanal, Solomon Islands and has applications over a further 140 square kilometres. Guadalcanal lies on the same tectonic belt as Bougainville and is prospective for world class exploration targets including:

Porphyry deposits of the Southwest-Pacific-Copper-Gold style similar to Panguna on Bougainville and Ok Tedi in the mainland of Papua New Guinea.

Epithermal gold deposits of the Gold Ridge style which can contain upwards of two million ounces of gold. Ross Mining NL has recently commissioned a 100,000-oz pa mine on the Gold Ridge project. For additional information, click here.

New Hampton Goldfields (11 March 1999)

The on-going programme of drilling at the 100% owned Enigma Project, 4.5km west of the Jubilee Mill, has encountered a further exceptional intersection of the high grade zone previously announced in hole EN9906RC.

Vertical RC hole EN9922RC intersected the strongly mineralised zone over a distance of 61m from 154 to 215 metres down hole. The average grade over the 61m interval was 6.12g/t. Outstanding intervals within this mineralised zone are:

• 27m @ 9.42 g/t from 154 to 181m
• 7m @ 12.52 g/t from 208 to 215m

A further intercept of 1m @ 15.90 g/t was encountered at 235-236m, 2 metres from the end of the hole with the final 2 metres returning gold values of 0.95 and 0.65 g/t respectively. For complete details, click here.

AGL / Oil Search Corp (11 March 1999)

Shares in AGL and Oil Search were strong yesterday on rumours the PNG gas pipeline is soon to get the go ahead.

Caledonian Pacific (11 March 1999)

CP says it has defined a promising new zone in an emerging gold province in New Caledonia. It says it has outlined a major zone of epithermal alteration and mineralisation at the Nontin prospect, 5km from a mine from which antimony was mined in the 1800's.

Calliope Metals / Argosy Mining Corp (11 March 1999)

Calliope plans to merge via a scheme of arrangement with North American company Argosy Mining Corp (3 of its shares for every 5 Argosy). Argosy would become a wholly-owned subsidiary of Calliope. The new entity would have 3 major advanced-stage projects - the nakety and Musongati nickel-laterite projects and the Kremnica gold project.

De Beers (11 March 1999)

De Beers has posted a 45% fall in earnings in 1998, mainly due to weak demand from Japan and Asia.

Preston Resources (11 March 1999)

Preston has reported the first production of nickel metal from its Bulong mine in WA. Preston claimed this was the first nickel metal production in the world using the revolutionary high pressure acid leach process and direct solvent electrowinning on a commercial scale.

Newcrest Mining (11 March 1999)

Newcrest intends to increase exploration focus on its brownfields areas around existing and developing mines at Telfer, New Celebration and Boddington in WA, Cadia/Ridgeway in NSW and Gosowong in Indonesia. The overseas exploration effort will be significantly scaled down. Total exploration expenditure in 1999/2000 is expected to be around $40 million, some A$18 million less than the current year.

Victorian Government - Gas (11 March 1999)

The Vic Government will spend up to $70 million to ensure it can met any gas shortfall from Esso's troubled Longford plant during the forthcoming peak winter period. The gov't has reached agreements with Santos, Boral, and Texas Utilities Australia to open a new source of gas supply from the Victorian Otway gas fields.

Acacia Resources / Normandy / Newcrest (10 March 1999)

The Wandoo resource at Boddington (Acacia interest 33.33%) has been increased to 353 million tonnes at 1.04 g/t of gold and 0.11% copper. The resource contains 11.74 million ounces of gold and 393,000 tonnes of copper, an increase of 32% in contained gold and 27% in contained copper.
Wandoo is the largest undeveloped gold resource in Australia.
The gold grade of the new estimate has increased 17% to 1.04 g/t mainly as a result of a higher cut-off grade (gold equivalent 0.51 g/t), inclusion of higher grade material delineated since the last estimate and exclusion of low grade material along the boundary of the previous resource model.

Homestake Mining (10 March 1999)

Homestake has made a scrip bid for Vancouver-based Argentina Gold Corp. Argentina Gold has the Veladero property in Argentina, estimated to contain 4.5 million ounces of gold and 100 million ounces of silver.

Pacific Islands Gold / Burdekin Resources (10 March 1999)

PIG has announced it is merging with Burdekin. Burdekin will become entitled to 100% of the issued share capital of PIG - PIG shareholders will receive 1 Burdekin share for each existing 3 PIG shares. Burdekin already has a 16% interest in PIG, rising to 25% on conversion of convertible notes.

Precious Metals Australia (10 March 1999)

Broker Paterson Ord Minnett issues a Long term BUY Recommendation for PMA. For details, click here.

Resolute Resources (10 March 1999)

Resolute has posted a $4.33 million net profit in the first half, well down on the $12.55 million in the previous corresponding period. The result included a $7.9 million abnormal loss related to the write-off of exploration costs and foreign exchange losses incurred with the sale of the Bulong nickel project. An interim 1 cent dividend was declared (nil previously).

Rio Tinto (10 March 1999)

Rio Tinto has bought into an Argentinian copper-gold deposit (Taca Taca) which BHP extensively drilled, and pulled out of, last year.

Beaconsfield Gold (9 March 1999)

Latest photos available from mine site - click here.

Precious Metals Australia / Western Power Corporation (9 March 1999)

A strategic alliance between Western Power and The Australian Gas Light Company (AGL) will deliver a competitive energy solution to one of Western Australia's premier resource projects. Construction began this month of a 365 kilometre gas pipeline and power station to service Precious Metals Australia's $110 million Windimurra Vanadium Project, near Mount Magnet in the Mid West. For details, click here.

BHP (6 March 1999)

BHP said it would slash 325 jobs from its iron ore operations and 122 from its West Cliff colliery in NSW by year's end as part of cost-cutting measures. This follows BHP accepting an 11% cut in iron ore prices from Japanes steel makers and about 11% off the tonnages it had committed for sale.

BHP has has agreed to sell 35% of the rough diamonds from its Ekati diamond mine in Canada through De Beers Centenary. The remaining 65% would be marketed by BHP. Analysts believe BHP may sell its 51% stake in the mine - possibly to De Beers.

Petroz (6 March 1999)

Petroz announces that it has entered into a A$45 million working capital loan facility with the Commonwealth Bank of Australia. This facility is structured to provide medium-term funding for the Company's development projects and releases equity capital from the business for investment in exploration and new business development opportunities. The facility has an 18 month term.

Australian Gas Light Co (5 March 1999)

AGL has reported a 20% jump in net profit for the first half of 1998/99 to $116.7 million. An interim dividend of 21 cents, 57% franked, was declared (19 cents, 63% franked last year).
AGL said the proposed $2 billion PNG to Gladstone gas pipeline was unlikely to progress before the end of the year.

Delta Gold (5 March 1999)

Delta announced a marginal increase in its interim net profit to 31 December to $20.68 million. Although there will be no interim dividend (2 cents last year), Delta shareholders will receive a fully-franked 10 cent special dividend

Gold (5 March 1999)

India's Ministry of Finance has unveiled a scheme to encourage people to put more of their gold in banks, thus reducing the need for the banks themselves to buy gold and so reduce the cost of their funds.

Novus Petroleum (5 March 1999)

Novus posted a $13.6 million net loss for the year to 31 December (compared to a $11.5 million profit previously), after writing off $45.3 million in unsuccessful exploration expenditure.

Tiger International Resources (5 March 1999)

Tiger International Resources geological consultants have reported that five separate, non-contiguous drill hole locations on the Flinders Ranges Diamond Project have tested to be 'ON SOURCE'.
An 'On Source' lab determination is a confirmation that drill hole sampling has recovered diamond indicators which, when tested under laboratory conditions, establish that the drill hole location is right on the kimberlite source, or within 200 meters of the source. The kimberlites being defined through this method will be later tested for commercial diamond potential. Tiger's geologists believe that these results validate the grid based method of discovery and should lead to the detection of the primary, diamond bearing kimberlites on the 5,435 sq. kilometer project.
Staff geologists have returned to the project and taken 26 additional rock, gravel and loam samples from these five locations which have been dispatched to Independent Diamond Laboratories in Perth for testing and analysis.

Brandrill (4 March 1999)

Brandrill has announced a 23% increase in net earnings in the first half to $1.73 million. A steady unfranked interim dividend of 1.5 cents was declared.

Centaur Mining & Exploration (4 March 1999)

Standard & Poor's has lowered the company's corporate credit rating from B to B-minus, reflecting the disappointing operating performance and cost overruns and delays in production of nickel and cobalt from the Cawse nickel project.

CIM Resources (4 March 1999)

CIM has recorded a net loss of $301,000 in the December half, compared to a $4.01 million profit in the previous corresponding period, and has revised its full-year forecast to 'significantly lower' from previous hopes of a break-even performance.

Emperor Gold Mines (4 March 1999)

In a statement Emperor said Consolidated African Mines Jersey, a company associated with Durban Roodepoort Deep, had twice in February sought an EGM of Emperor's shareholders in a bid to remove all of the company's executive and independent directors. Emperor said the attempt had failed.

Ergon Energy (4 March 1999)

Ergon has won a $2million contract to supply electricity to 7 State Government buildings in Brisbane. Some of the power will come from landfill gas and a mini hydro-electric scheme.

Lihir Gold (4 March 1999)

It is rumoured that Lihir's major shareholder, Vengold, has been hit with a margin call on its 25% stake. Lihir's share price fell afurther 4 cents to $1.24.

Macmahon Holdings (4 March 1999)

Macmahon has reported a 40% jump in net profit for the December half to $5.06 million, despite the depressed mining sector. The company declared an interim unfranked 1.5 cent dividend.

Oil Search (4 March 1999)

Despite record oil and gas production, a 35% fall in the oil price had resulted in a 35% fall in full-year profit to $14.96 million.

Petroz (4 March 1999)

Participants in the Bayu-Undan Liquids Project have postponed the approval decision on the liquids development of the Project. Petroz now believes that a decision is unlikely to be made until later in the year.
Petroz also advises that considerable progress has been made in advancing proposals for the development of the Bayu-Undan gas reserves for the Australian domestic market.

Precious Metals Australia (4 March 1999)

Plant site earthworks at Windimurra are now complete and concrete construction continues at a fast pace.
Construction of site administration facilities have commenced and the 350 person construction camp is nearing completion. At present, approximately 170 people are working on site.
AGL/Western power have commenced construction of the Mid-West Gas Pipeline which will supply gas to the project.
The Company and its financial advisors are currently reviewing submissions received from the project financing tender and it is expected that negotiations will take approximately 3 - 4 weeks to finalise. For more information, click here.

Union Mining (4 March 1999)

Re: Kahnooj Titanium Project - Iran

The Minutes of the Joint Australian - Iranian Ministerial Commission conducted in Tehran on 1 - 2 March 1999 and signed by the Deputy Prime Minister and Minister for Trade, the Hon. Mr Tim Fisher on behalf of the Australian delegation and by the Agricultural Minister, His Excellency Dr Issa Kalantari on behalf of the Iranian delegation, includes the following clause relating to Union Mining NL activities in Iran.

"Both sides expressed their pleasure at the establishment of the Union Itok Joint Company. They hoped that this would lead to successful negotiations relating to the Kahnooj Titanium Project, and to exploration of mineral resources in Kerman and East Azarbayjan Provinces"

Union Mining NL is operating in Iran through a 50% owned Joint Venture Company, Union Itok International AG. The other 50% is owned by Iranian interests.

Following a due diligence study, Union Itok has commenced negotiations with the Ministry of Mines and Metals on the exploration and development of the Kahnooj Titanium Project in Southern Iran. The above statement implies willingness by the Iranian Government to award this project to Union Itok provided commercial agreement can be reached.

The Kahnooj Project comprises both placer and hard rock deposits.For more information, click here.

QCT Resources (4 March 1999)

QCT has posted a 6% fall in underlying profit in the first half to $23.5 million. Net profit was $20.3 million, up 18% whilst sales fell 3% to $446.63 million. A fully-franked 3 cent dividend was declared.

With reduced demand and lower prices prevailing, QCT has flagged job cuts and depressed earnings for the second half.

WMC (4 March 1999)

WMC Limited announces that its wholly owned subsidiary, WMC International Ltd ("WMC"), the operator of the Meliadine West Joint Venture near Rankin Inlet in northern Canada, has updated the estimate of the inferred mineral resource of the Wesmeg Gold Project (within the Meliadine West Joint Venture Area) following completion of the 1998 drilling programme. As at December 1998, the inferred mineral resource of the Wesmeg Gold Project (comprising theTiriruniak, Pump, Wolf and F Zones) is 23.7 million tonnes at 8.5 g/tonne at a 3.0 g/tonne cut-off grade.
WMC presently has a 56% interest in the joint venture, with the Canadian companies Comaplex Minerals Corp. and Cumberland Resources Ltd each having a 22% interest.

Centaur Mining & Exploration (3 March 1999)

Centaur has posted a $60.36 million interim net loss, compared to a profit of $3.45 million in the previous corresponding period. The loss was due to higher mining costs ($45.5 million), problems with crushing plants and an increase in exploration writedowns ($6.7 million).
Centaur had also decided - due to lower gold prices - to place the Ora Banda's gold mine operations in WA on care-and-maintenance, and re-evaluate the mine infrastructure at Mt Pleasant.

Consolidated Gold Mines Ltd (In Liquidation) (3 March 1999)

The Receivers and Managers appointed are offering for sale by tender all of the Company's assets - including the Bannockburn Gold Operations and surrounding tenements near Leonora in WA.

Merritt Mining (3 March 1999)

Notice of General Meeting - to consider several resolutions in relation to expanding Merritt's activities into Information Technology. For complete details, click here.

Normandy Mining / Great Central Mines (3 March 1999)

Normandy and Edensor Nominees have extended their bid for GCM by 4 weeks to 6 April after receiving acceptances for only 6% of the capital.

Ross Mining (3 March 1999)

Record gold production for the half year raises operating profit before tax to $9.5 million on revenues totalling $39.4 million, resulting in an operating profit after tax of $6.01 million.

Ross Mining is pleased to report that the start of the Gold Ridge Mine in the Solomon Islands had boosted gold production for the half year to December 1998 to more than 74,000 ounces. As a result, revenues increased by 49% over the previous corresponding period to $39.4 million. A low average cash cost of production of A$270 per ounce (US$170/oz) resulted in the operating profit before depreciation, interest and tax increasing by 162% to $16.4 million. Operating profits before tax rose to a record of $9.5 million and after tax to $6.01 million.

Total assets grew from $150.6 million to $203 million. Borrowings, excluding finance lease liabilities, now total $63.1 million.

Managing Director, Bertus de Graaf said "The highlight of the half year was the successful start of the Gold Ridge Mine in the Solomon Islands in August 1998. The Gold Ridge results exceeded feasibility forecasts by a significant margin. In the first full quarter to December 1998, the mine produced 33,289 ounces of gold at a low cash cost of A$241 per ounce (<US$160/oz), amongst the lowest in the world. Recently reported exploration success at Gold Ridge will lead to a substantial increase in resources and ore reserves, to be released later this month. This in turn will form the basis for upgrading the capacity of the Gold Ridge plant.

Excessive rain has delayed the start of gold production at Timbarra, but this is compensated by a longer than expected mine life at Yandan. The Timbarra Gold Mine will come on stream in March, 1999 whilst the Yandan Mine will pour its last gold in April 1999, some six months longer than expected.

In six months time, Ross Mining will have three, low cost operating gold mines, namely Gold Ridge, Timbarra and Wirralie, with annual gold production exceeding 200,000 ounces. The Company is well positioned to expand its gold production further from the current base.

I am, therefore, confident that the trend in growth of the first half will continue in the second half of this financial year."

FINANCIAL SUMMARY - HALF YEAR ENDING

Profit and Loss ($000's)	31/12/98	31/12/97
Operating Revenue	39,421	26,467
Operating Profit before Dep'n, Interest, Tax, Abnormals	16,428	6,263
Depreciation & Amortisation	5,075	3,872
Operating Profit Before Abnormals, Interest & Tax	11,353	2,391
Interest Expense/(Income)	1,892	(532)
Operating Profit Before Abnormal Items & Tax	9,461	2,923
Abnormal Items before tax - expense/(income)	-	2,353
Operating Profit before tax	9,461	570
Income Tax Expense	3,450	393
Operating Profit After Tax	6,011	177

For complete details of the Half Yearly Report, click here.

Taipan Resources / Resolute Resources (3 March 1999)

Resolute and Perth mining entrepeneur Colin Ikin have launched a $45 milion takeover for Taipan. Through Paulsens Gold Pty Ltd, Ikin and Resolute have offered a combination of cash and shares with a value of 22 cents a share (18 cents cash plus Taipans 5% holding in Preston Resources). Paulsens Gols would be owned 85% by Resolute and 15% by Ikin.
Taipan's main asset is the Paulsens prospect which is shaping up as a million ounce gold resource, grading at about 8 g/t Au (Current resource is 3.6 million tonnes @ 8.1 g/t Au).

Westralian Sands (3 March 1999)

Hanson PLC is to sell its 24% stake (53.1 million shares) in Westralian Sands.

Australian Mineral Processors (2 March 1999)

Aust Mineral Processors is to raise $1.5 million through a prospectus share issue. Up to 25 million new shares will be issued at 6 cents each, with existing shareholders getting priority. Each share will have a free option exercisable at 20 cents by March 31, 2003. The issue is fully underwritten.

Australian Resources Limited (2 March 1999)

Australian Resources Limited launch their comprehensive web site, developed by Digital Reflections. To access the site, click here.

Australian Worldwide Exploration / Woodside (2 March 1999)

Australian Worldwide Exploration has sold its interests in 2 non-producing Victorian gas fields (10% stake in the Kipper field and a 23.53% stake in Basker-Manta-Gummy fields) to Woodside for $18 million. The deal is subject to pre-emptive rights by BHP and Esso.
AWE will have $70-100 million free to invest - ideally in an oil producing asset in Australia - in the next 6-12 months.

Copper (2 March 1999)

Up to 40,000 tonnes of copper have been purchased by Chinese traders who swooped on the LME during the past 2 weeks as prices dipped to levels not seen for 10 years.

Macmin (2 March 1999)

Preliminary metallurgical testing of silver bearing ore from the Twin Hills Prospect at Texas commenced during February and will continue until April 1999. The initial result is very encouraging.

The aim of the testwork is to indicate whether a sufficiently high percentage of the silver can be recovered to merit a commercial heap leaching operation being initiated. Such a heap leach operation would be relatively inexpensive to initiate and potentially could produce up to 3 million ounces of silver a year.

Heap leach operations in the USA developed on similar grades (approx. 4 ozs Ag per ton) in the 1980's achieved silver recoveries in the range of 50-75%.

Our initial cyanide bottle roll test in February on pulverised percussion drill chips achieved a recovery of 71% to 76%. The material represents intervals from 14 to 84m depth; was mixed from three holes all beneath the base of oxidation; thus representing primary unoxidised material. Two assays of the head grade, the first based on grades from composite samples from the three individual holes and the second a split from the overall composite sample after mixing, gave results of 200g/t Ag and 165g/t Ag respectively. The assay of leached residue was 48g/t Ag. For additional information, click here.

New Hampton Goldfields (2 March 1999)

After our recently reported intersection of 32m at 23.2 g/t gold from 175m at the Enigma Project , follow-up diamond core and reverse circulation drilling has begun. Early results from the new holes include:-

• 18m @ 5.9 g/t from 188m
• 11m @ 3.1 g/t from 157m
• 10m @ 8.0 g/t from 111m
• 1m @ 54.0 g/t from 101m
• 1m @ 34.5g/t from 177m

Initial interpretation of these and earlier drilling results suggests that the apparent "Enigma" which essentially dogged this Project in its early days appears to have been resolved. New Hampton's work has shown that the extensive 400 x 150m sugergene anomaly is sourced from several discrete bedrock lodes, some of which have an apparent strike length in excess of 100m.

At present, one reverse circulation rig, one air core rig and two diamond core rigs are drilling on site to further unravel Enigma's mysteries. For additional information, click here.

Taipan Resources / Resolute (2 March 1999)

There are rumours that Resolute may make a bid for Taipan. Taipan's main asset is the Paulsens prospect which is shaping up as a million ounce gold resource, grading at about 8 g/t Au.

Davnet (Golden Hills Mining) (1 March 1999)

Davnet is rationalising its resource assets to eliminate 'residual liabilities' and focus on its core telcommunications business - mainly due to the 'sustained decline in commodity prices over the last six months'.

Gold Price (1 March 1999)

Gold prices are seen falling to US$285/ounce by 2002, with further falls in cash operating costs at mines expected, says AME Mineral Economics. AME says average cash costs for the Western world are forecast to fall in real terms to US$177/ounce in 2002 after experiencing a dramatic fall of US$43, or 18%, in real terms in 1998. Costs fell by US$43 in Australia (US$52 in South Africa, US$40 in USA and US$12 in Canada), driven mainly by lower currencies against the US$. However costs in local terms actually rose, suggesting as the currenciees recover, several mines in Australia may be faced with possible closure.

The supply of gold from mines in the Western world is forecast to increase by 40 tonnes in 1999 and then decline for the remaining forecast period (to 2002).

Majestic Resources (1 March 1999)

Majestic has won the right to mine the last remaining unexplored stretch of the Vaal River, 30km north of Kimberley, in an area where more than 1 million carats have already been extracted. The land has been held by the Evangelical Lutheran Church since before 1860 and - apart from a brief flurry of working in 1870 during the Kimberley diamond rush - has been closed to commercial mining to save the small church from being disturbed. The church, faced with a lack of funds, has been forced to allow mining. Majestic will own 95% of the project and will pay the church a 12% royalty.

West Oil (1 March 1999)

West Oil NL announced today that its West African oil and gas interests owned in joint venture with Fusion Investments Limited (FIL), including FIL's Mauritanian assets farmed out to Woodside and British Borneo, will be transferred to Fusion Oil and Gas NL (Fusion).
West Oil will retain approximately 20% of Fusion in consideration for its interests in the West Oil/FIL joint venture.
In addition, West Oil announced that a number of investors had acquired shares in Fusion to raise over $1 million. Fusion has been established by West Oil and FIL to hold and manage all African assets held by the partners.

Mining News - 1 September 1998 to 28 February 1999 - Click Here

Archives - Pre October 1998 - Click Here