[Aerial View of Mine]

Company News

( 1 October'98 to 28 February'99 )

[This space is available for Sponsorship]


Acacia Resources (27 February 1999)

Acacia announced today that, with a full year’s gold production from the Sunrise Dam gold mine, net cash flow from gold operations had increased 36% to $120.3 million, and operating profit after tax and before abnormal items increased 7% to $34.4 million.
An abnormal loss after tax of $13.7 million arose from closure provisions and writedowns for the Brocks Creek gold mine, and costs associated with implementing a company-wide year 2000 compliant business system.
Managing Director, Michael Folie said, "The highlight of 1998 was reaching the milestone of over 500,000 ounces of gold production with cash costs of production at $272 per ounce and this puts Acacia amongst the lowest cost gold producers in the world. This has resulted in record cash flow from our gold operations and record operating profit.
All our major targets for 1998 were met or exceeded, and with further development opportunities at Sunrise Dam and Boddington we are firmly positioned, both technically and financially, to move into our next phase of growth.
This strengthened performance has enabled Directors to declare a fully franked dividend of 4 cents per share.
I am confident that in 1999 Acacia’s gold production again will exceed 500,000 ounces at a cash cost below $300 an ounce."


BHP (27 February 1999)

BHP has finally closed the book on the troublesome Beenup mineral sands mine after failing to sell it. BHP estimates the cost of writing off the current book value of the operation, site rehabilitation and mine closure will be around $150 million after tax.

BHP shareholders have approved the buy-back of more than 338 million BHP shares (16.2%), held by Beswick Pty Ltd.


Charters Towers Gold Mines (27 February 1999)

US-based Princeton Economics will become the major shareholder in Charters Towers Gold following the conversion of almost $10 million in loans to Charters Towers, giving it a 50% stake.


Diversified Mineral Resources / Hargraves Resources (27 February 1999)

DMR has warned its shareholders against accepting the $24 million takeover offer from Hargraves. DMR says there is no premium at all for DMR shareholders.


Beaconsfield Gold (26 February 1999)

Latest photos available from the Beaconsfield mine site - click here.


Centennial Coal (26 February 1999)

Centennial has posted a $2.1 million net profit for the 6 months to 31 December, well up from the $1.3 million in the previous corresponding period. Centennial declared an increased, fully-franked interim dividend of 2.5 cents (2 cents).


Emperor Mines (26 February 1999)

South African gold miner Durban Roodepoort Deep says it will make a conditional all-scrip offer to acquire Emperor through its subsidiary, DRD Australia. It will offer 1 new DRD share for every 5 Emperor shares, including its American Depository Receipts.


Grange Resources (26 February 1999)

Grange has reported a net operating profit for the half-year to 31 December of $4.85 million, well up from the $754,000 loss in 1997 and mainly due to the commencemnet of production at Reward in July 1998.
During the December quarter, Grange announced the buy-back of up to 5.5 million post-consolidation shares; 1.845 million shares, representing 3.32%, were bought back and cancelled in the December quarter. A further 1.017 million shares have been bought back and cancelled subsequent to 31 December.


Hargraves Resources (26 February 1999)

Hargraves announced a fall in net earnings for the first half to $1.2 million (from $2.8 million).
Hargraves has also outlined a bold expansion plan, even before it has succeeded in its $24 million bid for Diversified Mineral resources NL. The Company says its bid is on track, having secured a major parcel of shares yesterday.


Lihir Gold (26 February 1999)

Lihir has recorded a $US10.3 million loss in 1998, mainly due to lower-than-expected production and lower gold prices.


Merritt Mining (26 February 1999)

Merritt Mining NL is to diversify into telecommunications and internet technology.

Merritt has agreed to purchase a cashflow telecommunications and internet business and to develop several internet software applications.

These will be integrated into the new information technology and communications division (ITC) of Merritt alongside its continuing resource investments and exploration activities.

Merritt will change its name to Impress Technologies Limited (subject to shareholder approval). For complete details, click here.


Orogen Minerals (26 February 1999)

Orogen has posted a 141% jump in net profit to $105 million in 1998 - mainly due to an abnormal gain from the sale of 61.3 million shares in Lihir Gold. Orogen has declared a final 3.1 cent dividend, maintaining a steady 9 cents dividend for the year..


Petsec Energy (26 February 1999)

Petsec has reported a $151.9 Million net loss in 1998 after writing off more than $126 million on the value of oil and gas assets because of low commodity prices. Other abnormal expenses included $42.7 milion for dry hole costs. Petsec did not declare a dividend.


Rio Tinto (26 February 1999)

Rio Tinto has reported a $500 million fall in net earnings for 1998 after asset writedowns, mainly related to the Fortaleza nickel mine in Brazil and the Sominor copper mine in Portugal. Rio's net profit was $1.12 billion and the dividend declared was 55.56 cents, up from 53.36 cents.
Rio is expecting 1999 to be another lean year.


Tiger International Resources (26 February 1999)

The Winter drill program conducted by Tiger at the 5,435 sq. km South Flinders Ranges Diamond Project (previously Springfield Basin Diamond Project) has been completed. Approximately 120 samples have been sent for analysis. To date, a total of 170 drill holes has been sunk. Results will be announced when they are fully verified, mapped and interpolated by independent methodology.
An exacting grid drilling program was conducted to identify the location of three prime kimberlite sources of high levels of diamond indicator minerals located near hole SF50, Mount Dick, and West Springfield locations within the project area.The drilling program was designed to map these indicator occurrences, and to locate the kimberlites for further drilling and sampling.


United Energy (26 February 1999)

United has announced a net profit of $15 million and a pre-abnormal profit after tax of $48.5 million in 1998, well up from the Prospectus forecast of $42.2 million. This was mainly due to lower interest charges and a better-than-expected performance in winning customers.


Copper (25 February 1999)

Chile's Codelco, the world's largest copper producer, plans to cut costs by as much as $281 million and boost production this year to make up for reduced earnings caused by low copper prices.


Eltin / Henry Walker (25 February 1999)

The El;tin directors have advised shareholders to accept the friendly takeover offer from Henry Walker.


Emperor Mines (25 February 1999)

Emperor is scheduled to hold a shareholders meeting in Sydney today to vote on a resolution to transfer the company's domicile from the Isle of man to Australia. The proposal requires approval of 75% of the shares voted; it is believed Emperor will fall short at about 65-70%.


Pasminco (25 February 1999)

Pasminco has reported a 92% fall in half-year net profit to $5.4 million, mainly due to lower commodity prices and higher smelting charges. No dividend was declared (nil previously).

The Century development in Qld was about 3 months ahead of schedule and would produce its first ore in September.


WMC (25 February 1999)

The rebuild of the Kalgoorlie Nickel Smelter's furnace hearth has been completed ahead of schedule and below the expected cost.


Austral Coal (24 February 1999)

NSW miner Austral Coal has announced a 61% fall in net profit in 1998 to $3.1 million, due mainly to lower coking coal prices.


Great Central Mines (24 February 1999)

GCM independent director David Tyrwhitt has recommended shareholders accept the $1.50 a share takeover offer by Yandal Gold Pty Ltd for the other 60% of GCM.


Ocean Resources (24 February 1999)

Ocean Resources has entered into an option to buy Goalmappers Pty Ltd - which operates an on-line, real-time, interactive personal goal setting and achievement system - in a share deal worth $2.5 million.


Ramsgate Resources (24 February 1999)

Ramsgate has entered into 2 option agreements - to purchase all of the issued capital of Internet Solutions Australia ($1 million made up of $500,000 cash plus shares) and the business of Hotlinks Internet Services ($1 million made up of $500,000 cash plus shares).

On 9 February 1999 Ramsgate announced that it had granted an option to General Gold NL under which General Gold may purchase the 50% of Mt Monger curently owned by Ramsgate.


BHP Mt Newman (23 February 1999)

BHP says fines and lump iron ore deliveries to Japanese Steel Mills from its Mt Newman mine will be a contract for a minimum of 13.6 million tonnes for the year from 1 April - down 1.7 million tonnes on the 1998 forecast. This represents a 10.2% cut in lump ore prices and an 11% cut in fines ore prices.


Comalco (23 February 1999)

Comalco posted a $236 million annual profit in 1998, up 8% from the previous year - due to cost cuting, a weaker currency and higher volumes. A large percentage of aluminium was diverted away from the weakening Asian economies to Europe and North America; market share was maintained in Japan.
Second half profits were adversely affected by lower commodity prices.
A final dividend of 13 cents was declared.


Gold (23 February 1999)

World gold demand reached a record high in the December quarter - up 6% to 806.6 tonnes. Strong demand in Europe, US, Brazil and Mexico more than offset the weaker demand from Asia.


Hartley Poynton (23 February 1999)

Stockbroker HP has announced a 6-month profit of $800,000, down from $1.5 million; the dividend was cut to 1 cent.


Rio Tinto (23 February 1999)

A lack of numbers forced picketers at the Gordonstone coal mine to back away from any major confrontation.


Western Metals (23 February 1999)

Confusion relating to a further capital raising resulted in WM's share price falling 6 cents to 50 cents.


Gilt Edged Mining (22 February 1999)

GEM continued to announce encouraging drilling results from its Kundana gold project in WA. Better intersections from the latest drilling included 15m @ 10.36 g/t Au, 20m @ 15.61 g/t , 15m @ 26 g/t and 15m @ 12.91 g/t.


Gold Production (22 February 1999)

Near record Australian gold production in the December quarter (81.1 tonnes) had reversed the downward trend of the year, according to Surbiton Associates. Production for 1998 totalled 312 tonnes (10.03 million ounces) compared to 314.5 tonnes in 1997.


Montague Gold (22 February 1999)

Former Plutonic Resources executive Dennis Clarke has joined Montague as a non-executive chairman.


North Limited (22 February 1999)

North has sold a number of small holdings in Dominion Mining, Western Metals, Rand Gold and Homestake Mining. When completed, the sales will free up about $17 million in cash.


Sovereign Resources (22 February 1999)

Sovereign gas agreed to the second stage of a feasibility study into a proposed 20,000tpy manganese sulphate project near Port Hedland in WA. Stage 2 involves process testing and design work and would also examine the possibility of turning 50% of the plant's output into higher grade electrolytic manganese dioxide.


Sydney Gas Company (22 February 1999)

NSW could be producing its first gas within 2 months if a bold program by SGC at Camden - the Coal Bed Methane Project - succeeds. The success depends on the successful fracturing of the coal seams to release the gas. 5 wells will be drilled under the development plan.


Westgold Resources (22 February 1999)

Westgold won a judgement in WA's Supreme Court which, subject to any appeal, ruled that the company should receive $8.76 million over a dispute with Ross Atkins of St Barbara Mines.


Dominion Mining / North (20 February 1999)

Dominion says it will move to buy back North Ltd's 16.1% stake in the company for $5.8 million (40 cents/share). Once the North buy-back is completed, Dominion will have issued capital of 66.8 million shares and cash reserves of about $28 million.


Gold (20 February 1999)

Global demand for gold fell 11% in 1998 says the World Gold Council. The economic and currency crisis in Asia in the first half of the year had a major impact on demand.


Growth Resources (20 February 1999)

Growth says it intends to acquire 2 home-automation technical companies - The Smart Company Pty Ltd and IHG Pty Ltd, whose products integrate the Internet and ISP's with a range of home automation applications. Growth's share price jumped from 16 cents to close at 22.5 cents on heavy volume.


Werrie Gold (20 February 1999)

Highlights - December Quarter :

Alkane Exploration (19 February 1999)

Alkane is making a $3.7 million share offer for unlisted mineral exploration company LFB Resources NL. Alkane owns 14% and is offering 3 Alkane shares for every 5 LFB shares. The takeover would give Alkane acess to a further 2,000 sq.km of prospective tenements within 150km of its producing Peak Hill gold minein NSW.


Ashton Mining (19 February 1999)

The first diamonds have been produced at the Merlin project in the NT, with 720 carats - with a large selection of stones in excess of 1 carat - coming from the first diamond concentrate. The largest was a 14.76 carat gem-quality stone.


Leo Shield Exploration (19 February 1999)

Leo Shield has announced a 1 for 3 non-renounceable rights issue underwritten by Hartley Poynton Limited) (of up to approximately 66,056,113 New Shares at an issue price of 6.5 cents each together with up to approximately 33,028,057 free Attaching Options, on the basis of one free Attaching Option for every two New Shares issued. Each Attaching Option is exerciseable at 20 cents on or before 30 September 2001.

The Company has also allotted 2,666,667 fully paid ordinary shares at an issue price of 7.5 cents per share, together with 2,666,667 attaching options exercisable at 20 cents on or before 30 September 2001. The issue, which raised a total of $200,000, was to clients of Hartley Poynton Limited. For details, click here.


Macmin (19 February 1999)

Re: CRATER MOUNTAIN PROJECT – DRILLING & EXPLORATION RESULTS

SUMMARY

Drilling, trenching and review of earlier geochemical sampling has continued to upgrade the Nevera Prospect, Crater Mountain Project in Papua New Guinea . In addition to the previously reported hole 2 which intersected 115m at 1.83g/t Au, (including 3m at 14.16 g/t Au) the following intersections were encountered in the recently completed four hole program (excluding intervals of less than 4m):

24m at 6.55g/t Au including 2m at 52.6g/t Au and 2m at 19.01g/t Au; 14m at 1.66g/t Au; 8m at 1.51g/t Au including 4m at 2.17g/t Au; 4m at 4.25g/t Au; 6m at 2.22g/t Au.

All holes encountered significant gold throughout their entire lengths, eg; hole 5 intersected 196m at 0.43g/t Au. All holes showed intense silica, argillic or carbonate alteration and holes 4, 6 and 7 intersected numerous narrow, presumably structurally controlled intersections. MACMIN is very encouraged by these results as they appear to indicate that most holes have intersected the envelope or upper parts of a major gold bearing hydrothermal system and the narrow gold zones may indicate “leakage” along structures from a major gold body at depth. For details, click here.


Metals Exploration (19 February 1999)

Metals Ex has increased its stake in Tiger Investment Company from 17.13% to 19.07% and intends to block a proposal by Tiger's board to liquidate the company.


Min-Tech 8 (19 February 1999)

Junior gold company Min-Tech 8 has said it plans to buy into the rising US-based online messaging business JFAX. Min-Tech 8 shares jumped from 13 cents to 21 cents on the news - and topped the turnover list with 29 million shares changing hands. It plans to buy a 30% stake in Global Callback, which owns the Australian licence for JFAX.


Newcrest Mining (19 February 1999)

Summary - Six Months Ending 31 December 1998 :

The financial report for the half-year ended 31 December 1998 was subject to audit review.

The second quarter report issued on 22 January 1999 discussed gold production, exploration and corporate matters.
Details of the hedge position covering all US and Australian dollar contracts, call options on gold and foreign currency hedging by year are contained in this report.

Profit After Tax

The operating profit after income tax and abnormal items for the half-year was $4.2 million compared to a profit of $4.9 million for the previous corresponding period. A profit of $12.9 million was recorded before tax and abnormal items for the half-year compared to a loss of $2.9 million in the previous corresponding period.

Revenue

Sales revenue for the half-year was $207.7 million, up 59.4% on the previous half-year. Ounces sold in the period increased by 49.3% to 334,920 ounces. Hedging activity achieved a gold price in the half-year of $620 an ounce compared to $581 an ounce in the previous corresponding half-year.

Net Mining Income

Income from mining before depreciation, exploration and interest was $77.6 million for the six months to December 1998. Higher gold sales and gold prices, together with a lower overall unit cost of production more than doubled net mining income from the 1997 corresponding period.

Gold production totalled 355,044 ounces for the period, an increase of 46.7% over the comparative period last year. The increase arose substantially due to the opening of the Company’s new Cadia mine in New South Wales. Cadia contributed 101,820 ounces from the commissioning date of 1 August 1998 to 31 December 1998. Gold production at Telfer increased by 13.5% over the previous corresponding period.

Total cash cost per ounce of production in the half-year was $349, down $55 an ounce, or 13.6%, on the previous corresponding period.

Depreciation and Amortisation

Depreciation and amortisation charges were $37.2 million this half-year, an increase of 70.6% on the 1997 corresponding period. This was due to the commencement of production at Cadia and a higher depreciation charge at Telfer.

Interest

Net interest expense was $5.4 million for the half-year compared to net interest income of $7.3 million in the 1997 half-year. Included in the 1997 figure is income arising from the equity/gold swap closed out in October 1997.

Exploration

Exploration expenditure charged against earnings totalled $22.1 million in the period, representing a 5.7% increase on 1997. All exploration expenditure in the six month period to 31 December 1998 was expensed, except for costs related to the Ridgeway feasibility, Mount Marion exploration at New Celebration, the Sulphide Extension and I Series Reefs Projects at Telfer and exploration at Gosowong totalling, $16.7 million.

Cashflow

Operating activities generated cash of $42.0 million compared to a net outflow of $28.3 million in the previous corresponding period. The 1997 result included a tax payment of $31.3 million. The result for the six months to 31 December 1998 benefited from significantly higher gold revenue and lower production costs.

Mine development expenditure totalled $17.7 million in the six months to December 1998, which was mainly attributable to the construction of the Gosowong mine in Indonesia. Mine development expenditure in the 1997 corresponding period totalled $131.4 million, which included costs related to the Cadia and Gosowong Projects.
Upon Cadia reaching the commencement of production, $328.1 million and $9.6 million was reclassified in the balance sheet from mine development expenditure to property, plant and equipment and deferred mining respectively.

Payments for property, plant and equipment of $47.7 million was up on the previous corresponding period expenditure of $10.0 million due to capital expenditure on the Cadia Project.

Funding

Proceeds from further borrowings advanced under the $600M debt facility were $65.0 million during the period. Total borrowings under the $600 million debt facility are $384.0 million. This comprises 790,000 ounces of gold drawn at a weighted average gold price of $447 an ounce and a further US$20.0 million borrowed in relation to the development of Gosowong. Lease finance used to fund the acquisition of mining equipment totalled $61.0 million at balance date.


Straits Resources (19 February 1999)

STRONG SECOND HALF TURN AROUND FOR STRAITS
SALES REVENUE UP 140% TO A$78 MILLION
AS COPPER PRODUCTION TREBLES

Sydney, Australia : The Directors of Straits Resources Limited (ASX Code: SRL and SRLG) are pleased to announce an after tax profit (before abnormals) for the year ended 31 December 1998 of A$1.2 million.

Straits Chief Executive, Mr Brian Rear said the strong second half performance of A$5.07 million before interest and tax, compared to a first half loss, was due to all three mining operations (Sebuku Coal, the Nifty and Girilambone Copper Mines) contributing positively.

“In the last six months, the Sebuku Coal Mine in Indonesia came into its own, making a strong contribution to earnings as it operated at or above budgeted tonnages. Concurrently the Nifty acquisition was finalised with the Company entitled to its copper production and net cash flows from 1 July 1998.

“As a consequence, A$6.3 million of the full year’s operating cash flow of A$9.6 million was generated in the second half year,” he said.

Mr Rear added that despite the unfavourable market conditions for its products Straits achieved record sales revenue for 1998 of A$78.4 million, an increase of 140% on the previous year.

“However in view of the deterioration in copper prices, the Directors have decided to make further abnormal write-downs of its copper assets totally (A$6.61 million before tax), resulting in an after tax loss of A$3.71 million for the year,” he said.

Copper production trebles to 26,000 tonnes

With the acquisition of the Nifty copper operation, Straits attributable copper production trebled to approximately 26,000 tonnes of copper cathode for the year with Nifty producing 8,485 tonnes in the six months to 31 December and Girilambone producing 17,565 tonnes for the full year.

“Nifty’s performance to date has been right on target and we are confident that the transfer of technical skills from Girilambone continues to add value and generate efficiencies. We are also confident that during 1999, Nifty’s cash operating costs can be reduced to below US$0.55 per pound,” Mr Rear said.

At current production rates, the Nifty leachable oxide resource is expected to have a mine life beyond 8 years, with the large primary sulphide resource sustaining production for many more years.

“Looking to the future, the Nifty project will enable Straits to become a major, low cost copper producer. With our interest in the Maroochydore resource just 90 kilometres to the south east, we will be looking at ways to combine these two, very large undeveloped deposits and achieve synergies,” Mr Rear said.

In its December Quarterly Report, Straits released a revised Nifty resource estimate (leachable and primary, based on a 0.5% copper cut-off) of 94 million tonnes at a grade of 1.68% copper, representing approximately 1.5 million tonnes of contained copper.

The Company has also reported that it had completed a feasibility study on the Tritton Copper Project, located near Girilambone. The study found that developing Tritton’s mineral resource estimate of 10.88 million tones at 2.87% copper would be economically and technically feasible.

Coal Production costs at Sebuku among the lowest in the world

The Sebuku Coal Mine in Indonesia produced 1.05 million tonnes of high quality thermal coal in 1998, of which 1.02 million tonnes were sold to a diversified range of customers in Asia, from power generation utilities to industrial users. In its first year of operation Sebuku has already proven to be a profitable operation despite the low coal price.

“Sebuku is an efficient operation which delivers a respectable cash margin even at today’s low prices. It is well placed to reap the benefits when the coal market improves”, said Mr Rear.

In its first year of operation, Sebuku has earned a reputation as a reliable producer of consistent, high quality coal. Having established its credentials, the company plans to produce and sell 1.6 million tonnes of coal in 1999.

Outlook

Straits’ three low cost operations and large resource base will ensure that the company continues to generate healthy operating cashflows into the future. The longer mine life at Nifty and Sebuku positions the company for significant growth in revenue and operating cash flow when commodity prices improve from the prevailing low levels.

For details of the Preliminary Final Report, click here.


Walhalla Mining (19 February 1999)

Walhalla's share price surged from 8 cents to 26 cents after revealing it was negotiating to buy Kidz.net Services, a child-oriented search engine on the Internet.


Western Metals (19 February 1999)

WM has forecast a much lower interim gross profit of $2.3 million after falling base metal prices and has confirmed its cashflow situation is greatly reduced. It is exploring equity options to raise needed funds.
Most pressing is its 45% equity in Thai zinc group Padaeng Industry, with about $39 million to be paid by 31 July.


Defiance Mining (18 February 1999)

Defiance plans to raise $1.8 million through a non-renounceable rights issue (1 fully paid new share for every 3 shares held at 3 cents ) and share placement (20 million shares under the same terms to brokers CIBC Eyres Reed and D&D Tolhurst) to explore its high-grade Mathinna gold JV in Tasmania.


Kimberley Resources (18 February 1999)

Kimberley said that 6 of the 9 lamproite pipes discovered on its Blina and Ellendale project areas in WA were diamond-bearing. The most significant finding came from the Kimberley 10 pipe, which is on the southern margin of the pyrope corridor where the company has previously recovered large, high-quality diamonds.


Portman Mining (18 February 1999)

Portman has posted a 1998 net profit of $14.25 million, down from the $20.57 million previously. The final dividend is 5 cents unfranked after a 10 cent capital return.


Sons of Gwalia (18 February 1999)

SOG has reported a 53% fall in interim profit for the 6 months to 31 December to $26 million - despite an 8% increase in sales revenue. Operating earnings jumped 20% and cash costs averaged $365/oz - with a 12% reduction in the December quarter. Last year's result included an abnormal gain of $54 million before tax.SOG declared an interim fully-franked dividend of 12.5 cents.
Gold production is forecast to increase in the second half with full-year output of about 465,000 ozs, slightly down on earlier forecasts due to the deferral of production from the Red October deposit into 1999-2000 and reduced first-half output from Marvel Loch.


Wodside Petroleum (18 February 1999)

Woodside has reported a better-than-expected annual net profit of $300.2 million - due to increased sales and the weaker A$. A final fully-franked dividend of 14 cents (12 cents previously) was declared - to be paid on 21 May to shareholders registered on 5 May.
Woodside also revealed that reserves at its 50%-owned Laminaria and Corallina oilfields have been upgraded by 23% and 19% respectively.
Woodside is also working on a JV proposal with Shell and Chevron to establish a private agency to market LNG products to overseas customers, excluding Japan, allowing Australian producers to be 'more nimble' in a fierce international climate.


Coal & Allieed Industries (17 February 1999)

CAIL has announced a net profit of $88.46 million for 1998 - a major turnaround from the $20.8 milion loss in 1997. The turnaround is mainly due to reform of work practices, a lower Australian dollar, a 25% lift in production to 10.24 million tonnes and 33% higher sales to $558.3 million. A final fully-franked dividend of 60 cents was declared (nil previously).
CAIL says it is also in discussions to purchase Rio Tinto Ltd's NSW coal assets.


Commodity Prices (17 February 1999)

The CRB indeex hit a 24-year low last night, with gold , silver, copper and aluminium prices all falling.


Hammersley Iron (17 February 1999)

Hammersley Iron owner Rio Tinto has revealed the extent of price cuts, with its higher quality lump iron ore prices to drop from 1 April 10.2% to around US$22.30/tonne and fines ore 11% to around US$17/tonne.


Normandy Mining (17 February 1999)

Normandy's interim net profit fell 28% to $38.3 million after a $32.7 million pre-tax write-down at the Mt Charlotte mine. Pre-abnormals. pre-tax profit rose marginally from $93 million to $93.6 million. A partly franked dividend of 2.5 cents was declared (steady).
Normandy says record gold production is eexpected to continue in the second half.


North Ltd - Robe River Iron (17 February 1999)

Robe River has maintained tonnages of iron ore sinter fines (12.5 million dry long tonnes [DLT]) to Japan in the year commencing 1 April, 1999, following agreement reached yesterday. Robe has agreed to retain the existing price differential of 5.4US cents/DLT unit compared to Australian hematite fines, thus maintaining its competitive position. Robe's sinteer finees price has been agreed at 21.23 cents/DLT unit or a decrease of 13.42% from April 1, 1999.


Taipan Resources (17 February 1999)

Gold junior Taipan topped turnover yesterday at 22.6 million shares on continuing rumours of a takeover. The stock rose 1 cent to 19 cents.


Great Central Mines (16 February 1999)

Interim net profit for thee 6 months to 31 December has fallen 14% to $14.67 million, mainly due to interest and depreciation charges related to the takeovers of Wiluna Mines and Eagle Mining; interest charges jumped from $8.2 million to $25.9 million and depreciation rose from $25.1 million to $39.7 million.
Total gold production was expected to be between 750,000 to 800,000 ounces in 1998/99 at a cash cost of $300/oz.


Normandy Mining (16 February 1999)

Normandy has announced that an expansion of the Pajingo gold operation in Qld - to take in the Vera South deposit - has been approved. Thee expansion will commence immediately and will double production to more than 200,000 oz/yr and lower cash costs by about $20/oz to less than $200/oz.


Perilya Mines (16 February 1999)

Perilya has extended the life of its Fortnum gold mine in WA with thee go-ahead for the Starlight underground mine (500,000 tonnes @ 5.6 g/t Au for 100,000 oz). Underground production would begin around June and gold production should be maintaineed at 75,000 to 80,000 oz.yr for about 2.5 years.


Normandy Mt Leyshon (12 February 1999)

Normandy Mt Leyshon has reported a 115% jump in interim net earnings to $25.5 million - due to record first half gold production of 166,404 ounces and a $120/ounce drop in cash costs. The company will pay a 20 cent, fully-franked dividend (up from 15 cents).


Normandy NFM (12 February 1999)

Normandy Mt Leyshon has reported a fall in interim net earnings from $17.755 million to $9.512 million - due to the steady progress in mining underground ore and development associated with plans to lift production towards 300,000 oz/year.


Ashton Mining (12 February 1999)

Analysis of 3 kimberlites (50kg samples) from the Alberta drilling program had yielded 1 microdiamond.


BHP (12 February 1999)

BHP says it will buy back shares held by Beswick in 4 batches during March if approved by shareholders. Beswick holds 16.2% of BHP shares.


Rio Tinto (12 February 1999)

Police broke up a union picket line at the Gordonstone coal mine in central Qld as union members made an attempt to stop non-union workers leaving the site.


Border Gold (11 February 1999)

OPTION TO ACQUIRE UP TO 100% INTEREST IN ARTHUR RIVER & BERYL HILL TANTALITE – COLUMBITE PROJECTS, GASCOYNE W.A. FROM RARE RESOURCES NL.

The Company (“Border”) advises it has entered into a Heads of Agreement (“Agreement”) with Rare Resources NL (“Rare”) to acquire up to a 100% interest in Rare’s Arthur River and Beryl Hill Tantalite– Columbite projects located near Gascoyne Junction W.A.

The project areas are located within granted Mining Leases ML 09/62 (Arthur River) and ML 09/75 (Beryl Hill).

Under the terms of the Agreement, Border has reimbursed Rare $15,000 for recent expenditure and must complete a minimum of 2,000 meters of RC percussion drilling within 6 months of the commencement date. Border may then proceed to earn a 70% interest by completing $400,000 of project expenditure within 30 months and by making a further payment to Rare of $50,000 in cash or shares. After earning 70%, Border may elect to acquire Rare’s remaining 30% interest for approximately $630,000 to be satisfied by the issue of Border shares.


Henry Walker / Eltin (11 February 1999)

The 2 contract mining companies Henry Walker and Eltin have unveiled plans to merge to form Henry Walker Eltin. Under the merger, Henry Walker will offer 6 of its own shares plus 84 cents cash for every 7 Eltin shares. The merger should result in cost savings of 10-15%.


Pasminco / Savage Resources (11 February 1999)

Pasminco will move to compulsorily acquire the remaining shares in Savage after more than 75% of shareholders accepted the 85 cents/share offer. Pasminco is already entitled to more than 95% of Savage.
Pasminco will retain the zinc assets and is conducting a "mini due diligence on the non-zinc assets to have a better understanding of what we have to sell".


Rio Tinto (11 February 1999)

The key coal mining union is gearing up for a head-on confrontation with Rio when it attempts to use non-union workers to commence work today at the Gordonstone coal mine in central Qld.


Austral Coal (10 February 1999)

Austral Coal is to cut 60 jobs at its NSW coal colliery as oversupply and weaker markets take their toll.


BHP (10 February 1999)

BHP says an appraisal well drilled in the Typhoon prospect in the Gulf of mexico's Green Canyon area had penetrated a 94.5m wide section of oil.


Golden Valley Mines (10 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

Henry Walker (10 February 1999)

The contract mining group has recorded its best ever first-half result, with a 9% increase in net profit to $12.11 million. The company declared an interim 5 cent fully-franked dividend (4.75 cents previously).


Homestake Mining (10 February 1999)

Homestake would continue to look for acquisitions to broaden its reserve base both in Australia and overseas, according to chief executive Jack Thompson.


Kidston Gold Mines (10 February 1999)

Kidston reduced its losses in 1998 to $1.37 million ($53.59 milion loss in the previous year).


Michelago Resources (10 February 1999)

On 5 February 1999, Michelago announced a 1 for 2 Renounceable Entitlements Issue to shareholders of up to approximately 26,332,500 new Shares at the price of two cents each. The Issue is to raise up to approximately $526,650 for the Company.


Strike Mining (10 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

Corporate

Hodgkinson Gold Belt

WMC (10 February 1999)

The Directors of WMC Limited announce the following profit attributable to shareholders for the 12 and 18 months ended 31 December 1998.
 
12 months to
31 December 1998
$M
12 months to
31 December 1997
$M
18 months to
31 December 1998
$M
18 months to
31 December 1997
$M
Equity profit after tax and abnormals 169.2 295.4 268.1 297.2
Equity profit after tax but before
abnormals
166.5 222.7 265.4 228.2

The final dividend of 3 cents a share fully franked at 36% takes dividends for the 18 month accounting period to 15 cents a share (13 cents in 1996-97).

The profit was affected by the marked deterioration in commodity prices.
Although the fall in the value of the Australian dollar in part offset lower US$ metal prices, the Company's currency hedging position reduced this effect. Offsetting this were increased production, lower unit costs and increased taxation credits. The profit included an abnormal after tax gain of $129.4 million from the sale of the Goldfields Gas Transmission Pipeline and power generation/transmission assets in Western Australia. An after tax loss of $9.9 million was incurred on the sale of Nifty Copper Operations. Additional depreciation of redundant assets at Olympic Dam and the write down of nickel assets, particularly at Kambalda, resulted in abnormal after
tax charges of $8.7 million and $108.1 million respectively.

The net tax credit of $3.1 million for the 18 month period benefited from a $140.2 million development allowance principally for the Olympic Dam Expansion project.

Managing Director Hugh Morgan said that WMC had used this difficult trading period to make strong progress on the Company's transformation. Rapid progress on new projects, continuing non-core asset sales, and major improvements in management practices across the group would substantially drive shareholder value over the next few years.

"This has been an outstanding year in the development of the new WMC. Our centrepiece Olympic Dam expansion is virtually complete, the Queensland Fertilizer project is progressing well and our strong cost reduction programs are reshaping our competitive profile across the business," said Mr Morgan.

The Olympic Dam Expansion Project's surface facilities are largely complete and the copper smelter smoothly started production in January, two months ahead of schedule. The high quality of the design and construction process is proving itself, with very smooth commissioning and the throughput and recoveries being achieved at or above design capacity. The final cost of the Olympic Dam Expansion Project is estimated at $1.94 billion. Production will build up to a rate of 200,000 tonnes of refined copper a year.
During the year WMC continued to reduce current and future costs and improve business effectiveness. The Company continued its Information Integrity program; reduced its corporate office; developed financial and human resources shared services functions; enhanced supply and maintenance programs; refocussed exploration activities; and improved work-force arrangements. Nickel and gold unit costs were reduced substantially during the 12 months, by 14% and 10% respectively.


Alinta Gas (9 February 1999)

Soon to be privatised State government-owned gas utility Alinta Gas has posted a better than budgeted first half net profit of $20.9 million.


BHP Petroleum (9 February 1999)

BHPP refused to comment on rumours that it was preparing to sell a suite of Timor Sea gas and oil assets.


General Gold / Multiplex Resources (9 February 1999)

Gold production from the mothballed Mt Todd mine in the NT is expected to resume in June, 19 months after Pegasus Gold closed the operation. General Gold and Multiplex have formed a JV to operate the mine.


Homestake (9 February 1999)

Big improvements in cash costs at its Kalgoorlie, Darlot and Lawlers gold mines in WA helped turn around last year's 4th quarter loss of US$59 million to a US$1.4 million profit.


Icon Oil (9 February 1999)

ICON OIL NL has signed a Participation Agreement to acquire a 50% working interest in 18,000 acres covering Sandy Creek, Freedom Dome and Indian Creek prospect areas in Montana USA. The Joint Venture has a Net Revenue Interest in the area of 80% and options to acquire a further 30,000 acres in the surrounding areas. Icon has been assigned this working interest upfront by purchasing its proportionate share of the leases.
Icon's interest has not been promoted with the exception of a small excess on the drilling of the first three wells where Icon will pay 62.5% of the intial three wells to casing point only. Macum Energy from Billings Montana will be the Operator of the programme. Macum Energy has been operating oil and gas properties in Montana for over 25 years and is a highly respected and successful exploration and production operator in the area.
The total cost to Icon for the programme of lease acquisition, seismic recording and the drilling of three wells is estimated to be $740,000. For complete details, click here.


Oil Search / Santos (9 February 1999)

PNG Foreign Minister Roy Yaki has joined a group of politicians opposing the $142 million sale of Oil Search's 25% stake in the Hides gas field to Santos.


Rio Tinto (9 February 1999)

Rio Tinto takes over control of the Gordonstone coal mine in Qld this week - it purchased Arco's 80% stake for $232 million.


WMC (9 February 1999)

Directors of WMC Limited are pleased to announce that Mr Roger A G Vines has accepted an invitation to join the Board of the Company and has been appointed a non-executive Director effective from 8 February 1999.
Mr Vines recently announced his intention to retire from Alcoa Inc. (previously Aluminum Company of America) where he holds the position Vice President, and Alcoa of Australia Limited where he holds the position Chairman and Managing Director. Mr Vines is a Director of Woodside Petroleum Ltd and lives in Perth.


Defiance Mining / Barminco (8 February 1999)

Defiance is confident that its Mathinna gold project, 140km from the Beaconsfield gold mine, in Tasmania will be producing by the end of the year. Over the next 3 months, Defiance expects to prove up a gold reserve sufficient to justify an initial production rate of 50,000-60,000 ounces/year.


Duketon Goldfields (8 February 1999)

Highlights For the December 1998 Quarter

Mt Alexander Goldfield - Central Victoria

Golden Mountain Project - Victoria

Duketon Belt - Western Australia

For complete details of the December Quarterly Report, click here.


Heron Resources (8 February 1999)

Heron has released an indicated mineral resource at its Kalpini nickel project in WA of 54.6 million tonnes @ 1.09% Ni and 0.08% Co. Metallurgical tests indicated the ore was equal or better suited for treatment than the current crop of lateritic deposits being developed in WA.


Normandy Mining (8 February 1999)

Normandy has undertaken a $2 million/3-year Aboriginal training program aimed at increasing its level of indigenous employment. The Geraldton Central West TAFE will provide a 12-week tyraining program for 15 applicantsfor for a minimum 3 years.


APPEA (6 February 1999)

The Australian Petroleum Product and Exploration Association (APPEA) says spending on oil exploration and development in Australia is expected to be cut by almost $1 billion in 1999 due to the slump in oil prices. Total expenditure is expected to fall to about $2.4 billion.


AGL (5 February 1999)

AGL is to build a $96 million extension to a pipeline to transport gas from Dubbo to Tamworth in NSW.


Anaconda Nickel (5 February 1999)

Anaconda Nickel has ranked among the wordt 5 performers on the All Ordinaries Index this year following trouble commissioning its new Murrin Murrin laterite nickel project. Problems were encountered with the acid injection systems forcing replacements, and more changes would be needed before the system was operating satisfactorily.


Beaconsfield Gold (5 February 1999)

Stockbroker Merrill Lynch issues a Long Term BUY recommendation for Beaconsfield Gold. For complete details, click here.


Niugini Mining / Battle Mountain / Placer Dome (5 February 1999)

Placer Dome is expected to lead in the quest for a $300 million stake of Niuging - yesterday Battle Mountain Gold said it was looking at options to offload its 50.1% stake in Niugini. Niugini's sole asset is its 17.1% stake in Lihir Gold, which owns the 40 million ounce Lihir gold mine in PNG.


Santos (5 February 1999)

Santos has advised that its Touriga-1 well, 43km south-west of the Moomba gas plant, had encountered gas which flowed at 5.4 million cubic feet/day, together with 180 barrels/day of condensate.


Boral Energy / Envestra (4 February 1999)

Boral and Envestra have finalised an agreement to bring natural gas to the Wide Bay region in Qld for $30 million. Envestra will build a 300km pipeline from Gladstone to Bundaberg, Maryborough and Hervey Bay for $20 million and spend an additional $10 million installing distribution networks in the 3 cities.


Compass Resources (4 February 1999)

REPORT FOR THE QUARTER ENDING 31 DECEMBER 1998

BROWNS PROJECT (90% Compass)

Highlights


Coolgardie Gold (4 February 1999)

Coolgardie has entered into an option with Metallica Minerals and US subsidiary Oresome Australia to acquire the Coalstoun copper-gold project and prospective ground in S-E Qld. Coolgardie has a 6-month option to purchase the project for $100,000 plus a 1.5% net smelter royalty.


Helix Resources (4 February 1999)

Highlights - Quarterly Report - For The Period Ended 31 DECEMBER 1998


Herald Resources (4 February 1999)

Quarterly Report - For The Period Ended 31 DECEMBER 1998

KEY POINTS :

  • First pass drilling on Sopokomil project confirms widespread Pb/Zn
    mineralisation
  • Farm-in agreement reached with Michelago Resources NL
  • Farm-in agreement reached with Gold Partners NL
  • Working capital increased to $14m and bank debt eliminated

For complete details of the December Quarterly Report, click here.


Leo Shield Exploration (4 February 1999)

HIGHLIGHTS OF THE DECEMBER QUARTER

Manso Nkwanta Joint Venture, Ghana

Kayeya Prospect, Ghana

Bottom of hole intercepts including 7m @ 3.4g/t and 16m @ 0.9g/t Au from shallow RC drilling in the northern section of the Kayeya anomaly have confirmed the sulphide potential of this large gold mineralised system.

Korhogo Permit, Côte d’Ivoire

Results from infill soil and laterite sampling along portions of the 21km soil anomaly previously identified at Korhogo have significantly enhanced the project.

PLANS FOR THE MARCH 1999 QUARTER

The Company will focus on developing the Abori concession in the March quarter, with the aim of increasing oxide resources and completing a prefeasibility study on the Abore North deposit. The northern extensions of Abore North, Edubia-Asuadai and the previously untested West Asuadai anomaly, all on the Abori concession, will be trenched and/or drill tested.

Five PQ diamond drill holes on the Abore North deposit will be completed to provide samples for detailed metallurgical testing, structural interpretation and bulk density testwork.

Leo Shield’s joint venture partners are continuing exploration on the Nsuaem concession in Ghana and the Tengrela and Korhogo concessions in Côte d’Ivoire. At Korhogo, work planned for the March quarter includes a ground magnetometer survey, the extension of the infill soil sampling grid to cover the northern portion of the geochemical anomaly and a RAB drilling program.

For complete details of the December Quarterly Report, click here.


Mount Burgess Gold Mining (4 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

New Hampton Goldfields (4 February 1999)

RE: SIGNIFICANT GOLD INTERCEPT RETURNED FROM THE ENIGMA PROJECT

Following the encouraging results from the Enigma Prospect described in our December Quarterly Report, New Hampton Goldfields Limited is pleased to report a spectacular new intersection of 32m at 23.2 g/t gold from 175m down hole depth in recently completed Hole No. EN9906RC. The intersection includes several one metre intervals displaying coarse visible gold. For complete details, click here.


Pan Australian Resources (4 February 1999)

Major gold anomaly discovered at the Yilgarn Extension Project

In its December 1998 Quarterly Report, Pan Australian Resources NL has announced that it has defined the strongest soil gold-in-soil anomaly yet detected within the Yilgarn Extension Project.

A two phase soil geochemical survey at target zone T25 (located near Beete, 65 kilometres south of Norseman) has defined a major soil anomaly that contains strong gold anomalism ranging between 10 to 120 parts per billion (ppb), including an isolated peak value of 760 ppb, against a very subtle 4 ppb background.

Using a 10ppb gold value contour, the anomaly has a minimum length of 3.5 kilometres and a width that ranges up to one kilometre. The anomaly is open to the north, south and west. For complete details , click here.


AGL / Normandy (3 February 1999)

An AGL - led consortium (Southern Cross Pipelines Australia) has purchased Normandy's 25.49% of the Goldfields Gas Transmission pipeline for $92.2 million. The consortium now has an 88.16% stake in the pipeline folowing the earlier purchase of WMC's 62.67% stake. Normandy expects to book a $30 million profit on the deal.


Auridiam Consolidated (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

The highlights were the successful conclusion of agreements with Kimberley Resources NL to accelerate diamond exploration in the Ellendale region in WA, the discovery of lamproites from the resulting exploration program and the subsequent recovery of diamonds from samples taken from the lamproites.

The recovery of diamonds from bulk testing of kimberlites at Orapa in Botswana was also welcomed. Of particular importance is the high number and size of the diamonds recovered from BK16.


Ballarat Goldfields (3 February 1999)

Shaw Stockbroking recommends Ballarat Goldfields NL as a Short Term Speculative Buy.

For complete details, click here.


Bendigo Mining (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:


Border Gold (3 February 1999)

HIGHLIGHTS OF THE DECEMBER QUARTER


Compass Resources (3 February 1999)

Compass Resources NL Browns Project N.T.
Selection of Financial Advisers and Engineers

Following the successful completion of the Browns Project prefeasibility study, the Company has appointed Investor Resources Limited, a specialist resource financial advisory group based in Melbourne, to secure funding for a Bankable Feasibility Study and its associated pilot testwork program.

The Company has also called for expressions of interest and pre-tender qualifications from major engineering companies capable of undertaking the study and progressing the project through to production as well as providing appropriate process and operating guarantees. The feasibility study and associated testwork program, currently being scoped is expected to commence within 3 months and be completed early next year.

The Company's confidence in the Browns Project is based on exploiting a high quality, high value orebody through an innovative yet robust process flowsheet that delivers strong economic results. On a 100% equity basis the project shows a Net Present Value of $312 million (8% discount), an Internal Rate of Return of 30.7% and a payback period of less than 3 years.


Coolgardie Gold (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

Gilt-Edged Mining (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER:

KUNDANA:

SIBERIA (WA):

Grenfell Resources (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTERLY REPORT

Gawler Craton Operations

India– Rajasthan Operations

Corporate

For complete details of the December Quarterly Report, click here.


Jubilee Gold Mines (3 February 1999)

Jubilee has settled with Aboriginal groups making land claims at its Cosmos nickel project in WA. Jubilee is now looking at financing options and development plans for thr high-grade nickel project.


Mineral Deposits Limited (ex Nimbus Resources) (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTERLY REPORT

  1. Control of the Hawks Nest mineral sands operation for $8.68m acquired on 3 November 1998.
  2. The fourth Annual General Meeting of the Company was held in Melbourne on 20 November 1998 and an Extraordinary General Meeting on 9 December 1998. All resolutions presented at both meetings were passed by shareholders.
  3. The name change to Mineral Deposits Limited has now been officially recognised by the Australian Stock Exchange. The Company commenced trading under its new name on Monday 11 January 1999. The changed Company code is MDL.
  4. Production for the two months of November and December were as follows:
     
    3 November to 31 December
    Sand Mined (tonnes)
    2,534,411
    Rutile (tonnes)
    2,598
    Zircon (tonnes)
    1,497

    No sales have occurred as the Company builds up stock for normal bulk shipments from the nearby Newcastle port.
  5. The first pass drill program for mineral sands on the Lake Boga tenement in the Murray Basin intersected encouraging Heavy Mineral (HM) grades. All holes drilled vertically.

    9 metres
    grading
    7.32%HM from
    3 metres
    8 metres
    grading
    3.86%HM from
    2 metres
    7 metres
    grading
    5.59%HM from
    14 metres
    7 metres
    grading
    4.32%HM from
    17 metres
  6. The fourth drill program at the 100% owned Dreadnought gold project near Coolgardie was completed on 11 December 1998. Further good gold intersections reported from the 34 hole Reverse Circulation (RC) program.

    8 metres
    grading
    3.52 g/t
    from
    120 metres downhole
    3 metres
    grading
    12.52 g/t
    from
    37 metres
    28 metres
    grading
    2.57 g/t
    from
    105 metres
    4 metres
    grading
    5.93 g/t
    from
    91 metres

For complete details of the December Quarterly Report, click here.


New Hampton Goldfields (3 February 1999)

OVERVIEW - DECEMBER QUARTERLY REPORT

PRODUCTION

CORPORATE

GOLD EVALUATION AND DEVELOPMENT

EXPLORATION

PROJECT ACQUISITION

For complete details of the December Quarterly Report, click here.


Pan Australian Resources (3 February 1999)

HIGHLIGHTS - DECEMBER QUARTER

Western Australia

Yilgarn Extension Project

  • Major gold-in-soil anomaly discovered with peak values of 30 to 200 times background.
  • Drilling of this gold anomaly underway.

Steere River Project

  • New bedrock zones of polymetallic mineralisation intersected.
  • Reverse circulation drilling program scheduled to commence in February.

Queensland

Happy Valley Project

  • Broad zones of low grade copper-gold mineralisation confirmed at the Happy Valley Project.

For complete details of the December Quarterly Report, click here.


CSR (2 February 1999)

CSR has sold its contract mining and enginering division to the Downer Group of Hong Kong for $135 million. CSR will take an 11% holding in Downer.


Dalrymple Resources (2 February 1999)

EXECUTIVE SUMMARY - DECEMBER QUARTERLY REPORT

Macmin (2 February 1999)

RE: KABANG PROSPECT, (NORTHEAST), FENI PROJECT, PAPUA NEW GUINEA
HOLE 1 COMPLETED AT 256.5m and HOLE 4 COMMENCED

Hole 1 was terminated at 256.5m, which is the depth capability of the drill rig. Moderate to intense alteration was encountered throughout the extended hole summarised as follows:

For complete details, click here.


Normandy Mining (2 February 1999)

Normandy has broken up its La Source JV; Normandy will acquire direct interests in gold assets in west Africa and the eastern Mediterranean including the 51% stake in the Ity gold mine and 67% of the Ovacik gold mine in Turkey. There will be a new company called Normandy La-Source.


Novus Petroleum (2 February 1999)

Novus has completed the sale of its Carnarvon Basin assets having received $8.9 million.


Pasminco (2 February 1999)

Due to weak commodity prices, Pasminco will cut up to 46 jobs (out of 309) at its loss-making Rosebery lead and zinc mine in Tasmania over the next 12 months in an attempt to keep the operation viable.


Pasminco / Savage Resources (2 February 1999)

Directors of Savage recommend shareholders accept Pasminco's offer.


Preston Resources (2 February 1999)

Preston's Bulong nickel laterite project remains on schedule for production of its first nickel metal in the March quarter. The production was sold forward at US$3.30/lb compared to the present price of about US$2/lb.


Santos / Oil Search (2 February 1999)

Santos has purchased a 25% interest in the Hides gas field in PNG for up to $143 million. Santos purchased Oil Search's 31% interest in the main production licence and consolidation of another lease covering part of the field is under way and is expected to convert to a 25% holding in the combined leases. Hides has an estimated 5 trillion cubic feet of gas and is earmarked for inclusion in the PNG to Queensland gas project led by Chevron.


Savage Resources (2 February 1999)

Savage announced a first-half net loss of $11.49 million, due mainly to poor commodity prices.


SMC Resources (2 February 1999)

HIGHLIGHTS - DECEMBER QUARTERLY REPORT

For complete details of the December Quarterly Report, click here.


Texas Utilities (2 February 1999)

Texas Utilities has purchased one of Victoria's 4 major gas businesses (Westar and Kinetik Energy) for $1.67 billion.


Anaconda Nickel / Abednego Nickel (1 February 1999)

Anaconda has gained 50% of Abednego Nickel; the $1 a share offer closes today unless extended by Anaconda.


Exco Resources (1 February 1999)

Exco says a shallow drill hole on its Sugarbag prospect in Qld had intersected an 18 metre interval grading 5.5%Cu. Step-out holes intersected wide zones of low-grade copper mineralisation. Exploration is continuing.


Golden Triangle Resources (1 February 1999)

Golden Triangle has commenced a second round of diamond drilling at its Main Creek magnesite project in Tasmania to define feedstock supplies for a 60,000-80,000tpy magnesium metal plant. Current inferred resources total 47.4 million tonnes; current drilling aims to identify 15 million tonnes of high-grade material.
Lakefield Research of canada has commenced hydrometallurgical test work on the fedstock and a comparative scoping study between the proposed project and the Woodsreef magnesium project should be completed soon.


International Mineral Deposits (1 February 1999)

IMD has commenced an extensive drilling program in the Katanning area, about 300km south of Perth, WA. The program will test 12 gold occurrences - 1 was previously mined in a small open pit that yielded 10 g/t Au.


Metex Resources (1 February 1999)

Metex says its Chatterbox gold project in WA could proceed to development in 1999 if feasibility studies prove succesful. A pre-feasibility program remains on schedule for completion this quarter.


New Guinea Gold Corp (1 February 1999)

DRILL HOLE 1 EXTENSION COMPLETED AT 256.5m DEPTH AND DRILL HOLE 4 COMMENCED AT THE KABANG PROSPECT (NORTHEAST), FENI PROJECT,
PAPUA NEW GUINEA

Diamond core drill hole number 1 was terminated at 256.5m, which was the depth capability of the drill rig at that site. Highly encouraging moderate to intense epithermal style alteration was encountered throughout the hole extension and is summarised as follows:

Perseverance Mining Corp (1 February 1999)

Perseverance is expecting increased gold production from its Fosterville operation - stacking of the heap leach pads was at near record levels in the December quarter with the mine producing 8,300 oz gold.


Queensland Opals (1 February 1999)

Queensland Opals has raised $1.13 million after its 1-for-3 rights issue closed fully subscribed. The new shares, totalling 14.1 million, are expected to be alloted this wek.


Red Back Mining (1 February 1999)

Red Back has announced an initial 214,000 oz gold resource at its Chirano project in Ghana. The resource is from 1 of 7 anomalies being tested and metallurgical test work gave recovery rates of 99.5% for surface oxide ore and 94% for sulphide material.


Sardinia Gold Mines (1 February 1999)

Sardinia has intersected some high-grade gold at its Furtel mine in Sardinia. Better intercepts included 72m @ 8.13 g/t Au and 63m @ 4.64 g/t Au plus 1.82% Cu.


Ross Mining (31 January 1999)

Highlights - Quarterly Report - For The Period Ending 31 December, 1998

13m @ 10.92 g/t gold
16m @ 8.07 g/t gold
15m @ 8.48 g/t gold
24m @ 8.00 g/t gold

For complete details of the December Quarterly Report, click here.


AGL (30 January 1999)

AGL has agreed to buy almost 10% of New Zealand's Trust Power Ltd.


Ballarat Goldfields (30 January 1999)

For complete details of the December Quarterly Report, click here.


BHP (30 January 1999)

BHP has relinquished its 50% joint holding in an oil field (Prirazlomnoye) off Russia and instead will take a 5% stake in any future production.


Dominion Mining (30 January 1999)

In the December Quarterly report, Dominion sannounced promising drilling results from the Homasi gold project in Ghana and a resource upgrade at Challenger in the Gawler Craton in SA.
At Homasi better intersections included 26m @ 2.87 g/t Au from 20m whilst at Challenger the new resource stands at 1.85 million tonnes @ 8.45 g/t Au for 503,362 contained ounces.


Equinox Resources (30 January 1999)

HIGHLIGHTS - DECEMBER QUARTERLY REPORT:

ZAMBIA : Zambezi Joint Venture (Equinox - Anglo American) :

SWEDEN

SOUTH AUSTRALIA - Gawler and Curnamona Cratons

QUEENSLAND

WESTERN AUSTRALIA

FINANCIAL STATUS

The Company remains in a sound financial position with cash on hand at 31 December, 1998 of $3.3m. The Company’s exploration expenditure for the September Quarter was $0.3m, and expenditure including joint ventures totals $1.8m.


Finders Gold (30 January 1999)

HIGHLIGHTS - DECEMBER QUARTERLY REPORT:

An application for a licence to explore for diamonds in Block D-7 in the state of Madhya Pradesh, Central India was submitted in late October in Raipur. Processing of the licence documents by the Indian Central Government in Delhi is expected to be rapid now that the state elections have been held. Detailed planning and budget preparation for diamond exploration activities to be undertaken over Block D-7 after the issuance of the licence is continuing.

Ongoing negotiations with the Regional Governor of Northern Sulawesi and local Department of Mines and Energy ("DME") officials have resulted in an area of 150ha that surrounds the Lanut gold project being granted to the joint venture partners. The new area has recently been surveyed and documentation has been subsequently compiled for the DME in Jakarta to process. The Company is currently preparing to re-commence drilling later this quarter at Talong Jaya and Apolo prospects where significant gold intercepts were previously encountered.

Subsequent to the end of the quarter, a total of 1928m of rotary airblast ("RAB") drilling was conducted at the Mulgabbie project by joint venture partner Mintech-8 NL. The drilling focused on the Ironclad prospect area and the 204 area in the south-western portion of the tenement block. Assay results are awaited.


Highlands Pacific (30 January 1999)

Low Cost, Long Life Ramu Project:
Looking to ‘Development Decision’ in 1999

The feasibility study for the world class Ramu Nickel Project is complete and has been presented to the National Government of Papua New Guinea, according to Highlands Pacific’s Quarterly Report for the period ending 31 December 1998.

The study established the following project parameters:

  •   Cash Operating Cost
    • US$1.38/lb of nickel
      (before cobalt credit)
    • US$0.41/lb of nickel
      (after cobalt credit)
  • Construction Schedule
    • 30 months
    • with a ramp-up schedule of 12 months
    • first metal production expected
      at the end of 2001
  • Capital cost
    • US$838 million ,
      (excluding financingcharges)
  • Mine life
    • 20 years
      (likely to be extended in excess of
      35 years)

For complete details, click here.


Highlands Pacific (30 January 1999)

HIGHLIGHTS - DECEMBER QUARTER:

Ramu Nickel Project: 

Frieda River Project:

Exploration:

For complete details of the December Quarterly Report, click here.


Kimberley Resources (30 January 1999)

Shares in diamond explorer Kimberley jumped yesterday amid speculation that Kimberley has found the source for diamonds in the entire Ellendale field in WA. The shares jumped about 60% to 68 cents.


MIM (30 January 1999)

SUMMARY OF FINANCIAL RESULTS FOR SIX MONTHS TO 31 DECEMBER 1998
INCORPORATING THE SECOND QUARTER PRODUCTION REPORT

RESULTS IN BRIEF*
$ MILLIONS
after accounting restatement**
6 months
to
31 Dec 1998
6 months
to
31 Dec 1997
Net profit/(loss) after outside equity interests
(3.1)
35.4
Abnormal items after tax
37.1
(1.7)
Profit/(loss) after interest tax and exchange
MIM’s share
(37.3)
(40.2)
37.1
37.1

The financial result was adversely affected by:

Partly offsetting these were:

North Limited (30 January 1999)

The North Board today announced a record net profit for the Half Year of $76.9m, a 2.7% increase over the
corresponding half year period results, and an unchanged interim dividend of 5.0 cents per share fully franked at
36%. Earnings per share remained at 10.4 cents. The second quarter profit contribution was $28.2m compared with
$32.4m in 1997/98.

HALF YEAR IN REVIEW

Pasminco (30 January 1999)

Pasminco has increased its stake in Savage Resources to more than 90%. So far 55% of shareholders have accepted the offer and Pasminco is confident of achieving the 75% threshold that would enable it to compulsorily acquire the balance.


Petroz (30 January 1999)

Cash flow in the December Quarter from production in the Timor Sea and Surat Basin totalled $7.2 million. Revenue for the quarter totalled $11.1 million, 119% above the September quarter - primarily due to the result of crude sales from Elang/Kakatua/Kakatua North.


Precious Metals Australia (30 January 1999)

Highlights For The December Quarter :

    • Construction commences at Windimurra
    • Windimurra Project in excess of 56% committed
    • Development on schedule and on budget
    • Major Projects Facilitation status awarded to Windimurra
  • For complete details, click here.


Santos (30 January 1999)

Santos says lower than expected oil prices will leave earnings for the 1998 financial year "marginally below" the decline it forecast last year


Straits Resources (30 January 1999)

HIGHLIGHTS - DECEMBER QUARTERLY REPORT:

For complete details of the December Quarterly Report, click here.


WMC (30 January 1999)

WMC today announced that its new copper smelter at Olympic Dam in South Australia is in full operation two months ahead of schedule.

Executive General Manager Projects, Ross McCann, said the successful operation of the smelter marked the major milestone in completion of the expansion of the Olympic Dam mine and plant.

The WMC Board had approved a very aggressive schedule for completion of the smelter by March 1999. This key element of the expansion has been completed about two months early. From start to finish, the smelter has taken two years to construct and commission.

Mr McCann said, "This outstanding achievement is due to the skill, enterprise and commitment of the Olympic Dam Expansion Team and the WMC operational people who worked closely with them at every stage.

"This is a world ranking smelter in design, technology and output and its completion and successful operation ahead of schedule is a major achievement."

Executive General Manager Copper Uranium, Pearce Bowman, said that the commissioning team began providing feed to the smelter in mid January and the start up had gone so well that the operation is already shutting down the smaller original smelter.

The expansion will allow production at Olympic Dam to increase from 85,000 tonnes per annum of refined copper plus associated products, to a nominal capacity of 200,000 tonnes per annum.


Ashton Mining (29 January 1999)

Ashton has reported a small increase in diamond production in 1998 - for the 12 months to 31 December, 1998, production totalled 40.843 million carats and demand was strong for the lower quality end of the gem market.


Beaconsfield Gold (29 January 1999)

HIGHLIGHTS - Quarterly Report for the Quarter ended 31 December 1998

BEACONSFIELD GOLD JOINT VENTURE
(Beaconsfield Gold Total Beneficial Interest 65%)

For complete details of the December Quarterly Report, click here.


BHP (29 January 1999)

Standard and Poor's has downgraded BHP 's credit rating amid concerns about high debt levels, poor market conditions and protracted problems at major projects. BHP's long-term debt rating from A to A- while its short-term rating was cut from A-1 to A-2.


Capricorn Resources (29 January 1999)

Summary - December Quarter :

Corporate

Emily Ann Nickel Project Development

Gold Exploration

Comalco (29 January 1999)

The Federal Government has pledged more than $100 million in support to enable Comalco's proposed $3 billion Queensland alumina gas-fired refinery project at Gladstone to proceed.


Comet Resources (29 January 1999)

Comet has announced a $671.5 million construction contract for its Ravensthorpe laterite nickel project in WA. Comet has awarded an enginering procurement construction contract to Multiplex Constructions - who have been given a 180-day mandate to come up with financing for the project.


Icon Oil (29 January 1999)

EXPLORATION ACTIVITIES - DECEMBER QUARTER

Australia

During the quarter Icon released Century Rig 3 on expiry of the lease with Century Drilling Ltd. Bad weather during the preceding three months was so wet that the drilling rig had been on standby and in addition the monsoon season was about to commence in Queensland. More wet weather was forecast and it was decided to release Rig 3.

A drilling programme is scheduled to commence in May/June 1999 when the weather improves and a drilling rig becomes available in the Surat Basin. The first well in this programme will be in ATP562 (Heidi).

Applications for new areas in the Surat Basin (Queensland) and the Bonaparte Basin (North West Shelf) were made during the quarter and were competitive under government bidding processes. The Bonaparte application was unsuccessful. The applications in the Surat Basin are delayed pending finalisation of native title legislation.

Overseas

Negotiations are continuing in the United States (Montana and Louisiana). These areas are being evaluated on their capacity to give Icon an early cash flow from production of oil and gas.

For complete details of the December Quarterly Report, click here.


Union Mining (298 January 1999)

HIGHLIGHTS FOR THE DECEMBER QUARTER

IRAN

CROYDON

For complete details of the December Quarterly Report, click here.


BHP (28 January 1999)

BHP has sold its first diamonds from the Ekati mine in Canada. The revenue from the sale of 68,500 carats was A$13.6 million.

BHP is to cut rolling mill production at Whyalla by 15% (70,000 tonnes) - due to continuing weak demand.


Delta Gold (28 January 1999)

In the December quarter, Delta produced a record 97,400 ounces of gold with its first contributions from its Golden Feather mine in WA.
At the 40%-owned Granny Smith mine in WA, reserves increased 40% to 1.3 milion ounces.. Mine life is expected to be greatly extended with the discovery of the nearby Wallaby resource (2.3 million ounces).


Golden Cross Resources (28 January 1999)

QUARTERLY REPORT TO 31 DECEMBER 1998

HIGHLIGHTS


Goldfields Ltd (28 January 1999)

Goldfields interim pre-abnormal net profit for 6 months was $11.3 million (compared to a $5 million net loss in the first half of 1997-98). Goldfields has forecast a similar result for the second half, because mining sites are fulfilling expectations while hedging contracts protect its future gold price.
Goldfields also recorded a $6.2 million net abnormal gain for the sale of the Wau tenements in PNG.


Macmin NL (28 January 1999)

QUARTERLY TECHNICAL REPORT - JANUARY 1999

SUMMARY AND COMMENTS

For complete details of the December Quarterly Report, click here.


Orogen Minerals (28 January 1999)

Orogen has posted a rise in both gold and oil production in 1998 - oil output rose 15% compared to 1997.


Pasminco (28 January 1999)

Pasminco produced 266,400 tonnes of zinc in the 6 months to 31 December, 3.5% above the previous corresponding half. However lead production at 105,800 tonnes was lower.

Construction at the new Century mine in Qld is on schedule for completion by the third quarter this year.


Queensland Metals Corp (28 January 1999)

QMC achieved record magnesia sales and production levels in 1998, despite a lower December quarter due to easing of demand. QMC says the outlook for 1999 is continuing weakness in the refractory markets and for prices to fall further.


Resolute Resources (28 January 1999)

Report on Activities for the Quarter to 31 December 1998

PRODUCTION

DEVELOPMENT

Golden Pride – Tanzania

EXPLORATION - West Africa

Obotan - Ghana

Ferke – Cote d’Ivoire

Belahouro – Burkina Faso

EXPLORATION - Australia

Indee – WA

Gawler JV – South Australia

Crush Creek – Queensland

CORPORATE

Acacia Resources (27 January 1999)

December Quarterly Report

Overview

Gold Production and Costs

Gold Sales and Hedging

Resources and Reserves

Development

Exploration

Gold Sales and Hedging

During the quarter 128,147 ounces of gold were sold at an average net realised price of $545 an ounce. The sales represent a premium of $74 an ounce or 16% above the average spot price for the quarter of $471 an ounce.

In 1998, 506,238 ounces of gold were sold at an average realised price of $541 an ounce, $73 an ounce above the year's average spot price.

Acacia’s forward sale and put contracts deliverable over the period to 2005, total 1.96 million ounces of gold at an average net realisable price of approximately $588 an ounce (after allowance for gold borrowing costs). During the quarter 155,000 ounces of existing forward positions were converted to put options to allow greater hedging flexibility. At 31 December 1998, at a spot gold price of $469 an ounce, the marked-to-market value of hedging and foreign exchange contracts represent an unrealised gain of approximately $117 million.

Financial

Acacia’s net debt position was $12.8 million at 31 December 1998, comprising drawdowns under the unsecured syndicated debt facility of $40 million, offset by $5.8 million in holdings in cash and $21.4 million in bullion awaiting delivery.


Aurora Gold (26 January 1999)

SUMMARY - December Quarterly Report

MT MURO – KALIMANTAN

TOKA TINDUNG DEVELOPMENT PROJECT – NORTH SULAWESI

MOROBE GOLD PROJECT – PAPUA NEW GUINEA

Meekatharra Minerals (26 January 1999)

Meekatharra is expected to commit to the development of the underground Way Linggo gold-silver deposit in Indonesia, following the completion of a revised feasibility study which lowered operating costs and initial capital costs (mainly due to the devaluation of the Indonesian rupiah). Development costs to produce 30,000 ounces of gold and 500,000 ounces of silver per year were estimated at $15.9 million; average operating costs were estimated at $US138/oz, reducing to $US86/oz after silver credits.
Way Linggo has total reserves of 415,000 tonnes @ 9 g/t Au plus 135 g/t Ag. Additional exploration work is expected to increase the resource.


Diversified Mineral Resources / Hargraves Resources (26 January 1999)

DML has obtained a Supreme Court injunction preventing the dispatch of Hargraves' part A takeover statement, concerned about 'material deficiences' in the statement. Hargraves (already holds 4.9% stake) has offered 10 cents cash and 1 Hargraves share for every 4 DMR shares.


Energy Equity (26 January 1999)

EE will spend US$23 million to acquire a 25% interest in the Basin Bridge power station in the Indian province of Tamil Nadu from the GVR Vasavi group.


Oil Search (26 January 1999)

Oil Search has found gas of 'superb reservoir quality' at its Kimu project in the Alene Sandstone off PNG's western province, 70km south of the Kutubu gas fields. Results from Kimu-1 are the first to indicate that commercial flow rates can be achieved from the Alene Sandstone.


Precious Metals Australia (26 January 1999)

Work on site at Windimurra continues at an impressive pace, the bulk earthworks are now 80% complete, with some plant area’s being handed over to the concrete contractor who has commenced pouring the foundations for the kiln. (See above).
Stage two of the camp is also nearing completion with approximately 110 personnel currently on site. For details, click here.


Ross Mining (26 January 1999)

Ross Mining is pleased to announce the appointment of Rodney Hanson as the General Manager of the Gold Ridge Mine in the Solomon Islands. The appointment follows an extensive world wide search for a General Manager who could meet the broad criteria for this diverse and demanding job. For details, click here.


Striker Resources / Diamond Rose (26 January 1999)

Diamond explorer Striker has concluded negotiations for a $6 million placement which could allow Striker to resume trading on the ASX and accelerate exploration work.
Striker will have Diamond Rose as a majority shareholder with a 40.9% stake through a $4 million share placement. In addition, Striker has provided Diamond Rose with a transferable facility under which the company has 3 months to invest or seek investors for a further $3 million in shares.


YKR International Resources (26 January 1999)

Yukon Territory Property Options

The Directors are pleased to advise that the company has entered into two property options in respect of the Aurex Property and the Revenue Creek Property in the Yukon Territory. The details of the options are as follows:

Aurex Property – Mayo Mining District

The property consists of 155 contiguous claims in the Mayo Mining District of the Yukon Territory located 30 km northeast of Mayo and 3 km west of Elsa, which are 100% owned by the company subject to a 3% NSR to Jim McFaull.

The company has entered into an option agreement with Expatriate Resources Ltd (VSE - EXR) entitling them to acquire a 100% interest in the property.

Revenue Creek Property – Whitehorse Mining District

The property consists of 69 contiguous mineral claims in the Dawson Range in the Whitehorse Mining District of the Yukon Territory which are 100% owned by the company.

The company has entered into an option agreement with ATAC Resources Ltd, an unlisted Canadian private company, entitling them to acquire a 100% interest in the property.


Central Victorian Gold / Voyager Gold (25 January 1999)

CVG is offering 4 CVG shares for every 9 VRG shares held, conditional on 90% acceptance from at least 75% of VRG shareholders. Directors say accept; the offer closes 19 February.


Perseverance Corp (25 January 1999)

EL&C Stockbroking Ltd, on behalf of Melbourne Square PL, will stand in the market until 3 February offering 30 cents cash per share. Directors recommend shareholders reject the offer.


Titan Resources (25 January 1999)

Titan has reportesd a record 1178 tonnes of nickel production from its Radio Hill mine in WA in the December quarter. Titan has also agreed with Falconbridge International for the sale of about 2500 tonnes of stockpiled 16% copper ore and 8% nickel to be delivered to its smelter in Botswana.


BHP (23 January 1999)

BHP has now completed the re-consolidation of the company's units with the merger of the group's 2 steel divisions into 1 unit to be headed by Dr Bob Every. BHP now has 3 divisions - steel, petroleum and minerals.


Envestra (23 January 1999)

Envestra has acquired another 146km of natural gas transmission pipeline from Holyman. The pipeline connects the Palm Valley gas field to Alice Springs in the NT.


Lihir Gold (23 January 1999)

Lihir produced 127,411 ounces of gold in the December quarter, down from the 150,170 oz in the previous Dec quarter. Gold production in 1999 is forecast at more than 700,000 ounces (519,823 oz in 1998).


Woodside Petroleum (23 January 1999)

Woodside has reported increased sales revenue of $946.6 million for 1998, despite low crude oil prices which were more than offset by a good hedging position, and strong returns from LNG and domestic gas sales.


AGL (22 January 1999)

Power utility AGL is poised to make a $700 milion bid for 40% of New Zealand's largest electricity distributor, Contact Energy. This raises the likelihood of a new capital raising.


Anaconda Nickel / GME Resources (22 January 1999)

Anaconda is facing a writ over tenements which form part of the Murrin Murrin mine's resources. GME Resources has taken court action over an agreement between Anaconda and GME unit Golden Clifs in 1995 - which relates to 4 tenements which will provide about 20 million tonnes of ore feed. GME is concerned about thetransfer of the rights over the tenements to parties unrelated to the original agreement.


Hill 50 Gold (22 January 1999)

Hill 50 Gold has reported its 6th consecutive increase in gold production from the Mt Magnet mine in WA. Production for the December quarter totalled 36,309 oz a5t a cash cost of $321/oz.


Mobil Oil / Shell Australia (22 January 1999)

Mobil has cancelled its $2.5 billion plans to merge its Australian oil refining operations with Shell Australia, citing approval delays from the ACCC.


Newcrest Mining (22 January 1999)

Overview - December Quarterly Report

Production

Gold production rose by 32% over the past quarter to 202,317oz at a total cash cost of A$324/oz.
Total cash costs have fallen by 28% over the past five quarters.

Development

The Ridgeway decline progressed well and remains on target to access the orebody during Q3 of FY98/99.
At Gosowong, construction contractors have commenced work on site and key members of the Operations
team have been recruited. Production is anticipated from Q1 of FY99/00.

Exploration


Mineralisation at Mt Marion/Ghost Crab has now been shown to extend to 1.5km down plunge (to 1200
mbs).

Hedging & Finance

At 31 December the hedge book comprised 7.1 million ounces.
Audited financial statements are expected to be released on 24 February 1999.


Precious Metals Australia (22 January 1999)

Ozequities Newsletter - Vanadium Summary. For complete details, click here.


WMC (23 January 1999)

Work is about to start on stage two of the rebuild of the Kalgoorlie Nickel Smelter furnace hearth which was shutdown as a result of a leak a fortnight ago.
Executive General Manager (Nickel and Gold) Peter Johnston said the dig out of the residual material in the hearth was complete.

WMC's strategic response to the smelter rebuild is to concurrently limit build up of stocks and maximise maintenance and mine development where desirable.

As a consequence, the following actions have been taken:

Mouth Keith Nickel Operations
* Waste stripping proceeds as a priority.
* Mine and mill sufficient ore to meet refinery and contractual requirements.

Leinster Nickel Operations
* Suspend mining at Rocky's, Perseverance 1A, and most development.
* Mining the Perseverance sub level cave will continue.
* Suspend mill operations.

Kambalda Nickel Operations
* Continue mining and stockpile ore.
* Suspend mill operations.

Kwinana Nickel Refinery
* Reduced operations continue on a mix of concentrate, matte, and reclaimed material.
* Advance maintenance schedules.


Croesus Mining (22 January 1999)

Successful exploration has extended the life of the Centurion pit at its Binduli gold operations near Kalgoorlie to November. Croesus produced 24,465 ounces of gold in the December quarter at a cash cost of $175/oz.


Energy Resources of Australia (22 January 1999)

ERA has warne its 1998/99 net profit could fall below results for the previous year as weaker prices continue to affect profits.
ERA reported a 50% fall in earnings for the 6 months to 31 December to $5.4 million.
ERA also announced that Malcolm Broomhead had become the new chairman after the retirement of Campbell Anderson. North Ltd's finance director Tim Knott also joined the board.


Kimberley Resources (22 January 1999)

Kimberley reported promising exploration results from its Blina and Ellendale diamond project areas in WA. The recovery of diamonds confirms that the newly discovered lamproite pipes could be the source of high-quality diamonds recovered from nearby palaeo-gravels.


Michelago Resources (22 January 1999)

QUARTERLY REPORT TO 31 DECEMBER 1998

 HIGHLIGHTS

STRATEGY

The acquisition of the Parkes Gold Mine will further consolidate the Company’s strategic tenement position in the Forbes Gold Belt. Michelago’s Parkes Project surrounds the Parkes Gold Mine and this area will be the main focus for the Company’s exploration effort in the immediate future. Michelago believes it will be able to outline sufficient resources within five kilometres of the existing plant to warrant recommissioning.

The other project areas are being progressively rationalised with joint ventures being sought with other groups.


Minotaur Gold (22 January 1999)

Report For The Quarter Ending 31 December 1998

HIGHLIGHTS

BIBLIANDO (50% interest)
Hole MBD 1 was completed resulting in the discovery of vein stockwork and stratiform replacement styles of base metal sulphide mineralisation. The hole intersected 5 metres of 0.5% zinc and 0.2% lead from 141 metres. This mineralisation is considered a very encouraging sign for the occurrence of significant base and precious metal deposits within the Dome.

AURORA TANK (35% interest)
Calcrete sampling has highlighted a 2 200 x 400 metre + 5 ppb gold anomaly peaking at 59 ppb. The anomaly which runs NE, sub parallel, and partially coincident with a strong magnetic unit and is associated with an Archaean banded iron formation, is a continuation of the Mars Prospect on Commonwealth Hill.

HEAVY MINERAL SANDS
Data compiled from earlier drilling programs by others at the Casterton (100%), St Arnaud (100%) and Wedderburn (50%) tenements indicate the presence of a number of significant heavy mineral intersections, with a pattern of higher grade, strike extensive strand line accumulations evolving.

FINANCIAL
On 11 November 1998, 4 million ordinary shares were placed at $0.11 each to raise approximately $420 000 net of costs. In addition a non-renounceable issue of options pro rata to shareholders was announced and a Prospectus lodged with the ASIC and ASX on 3 December 1998 to raise approximately $790 000 net of issue costs. The issue was fully underwritten.

For complete details of the December Quarterly Report, click here.


Pacmin Mining (22 January 1999)

Pacmin has further lowered cash costs and increased production at its Tarmoola gold mine in Wa. In the December quarter a record 46,546 oz of gold was produced at a cash cost of $307/oz..


Stanwell Corp (22 January 1999)

Stanwell Corp will consider building its $300 million gas-fired baseload power station at Stuart in Qld following the signing of a memorandum of understanding with prospective customer, South Korea's Sun Metals Corp. The plant would feed gas off the proposed PNG to Qld gas pipeline.


Tectonic Resources / BHP (22 January 1999)

BHP has signed a heads of agreement with Tectonic Resources to manage the polymetallic Frankland JV in WA. BHP has an option to earn up to 80% in 3 stages, including spending a minimum $65,000 within 6 months of the JV commencing, $2 million within 3 years and working towards a feasibility study.


Alkane Exploration (21 January 1999)

Alkane produced 5,373 ounces of gold from its Peak Hill gold mine in NSW in the December quarter at a cash cost of A$414/oz. In the 12 months, the mine produced 21,386 ounces.


BHP (21 January 1999)

Landowners in PNG have threatened to shut down the Ok Tedi copper-gold mine unless the government reviews an agreement with them which covers loans and other matters.


East Coast Minerals / Legend Mining (21 January 1999)

ECM said a processing plant would soon be sent to its Elizabeth Hill silver project in WA to complete initial site preparations. Approval had been given for the start of operations.


Exco Resources (21 January 1999)

New base metals explorer Exco has made another discovery - at its Strathfield copper-gold prospect in north Qld. Drilling revealed an extensive low-grade copper-gold system with some higher grade zones.


Exodus Minerals (21 January 1999)

Shares in Exodus rose 5 cents to 30 cents after the company said drilling had confirmed the potential of a substantial deposit at its Mikado gold project, 20km from the Granny Smith mine, in WA. Results included 7m @ 17.5 g/t Au from 38m.


Genesis Resources (21 January 1999)

Genesis is set to be reborn as an oil explorer with interests in New Zealand, Australia and the Philippines. Under the new deal, also involving a 1-for-5 capital reconstruction, Genesis would get equity in petroleum permits linked to private operators Moondance Energy Ltd, Euro Pacific Energy P/L (6.6% equity in NZ's prospective Taranaki Basin), Kiwi Australian Resources and others.


MIM (21 January 1999)

MIM has negotiated a price of more than US$35 (A$55)/tonne for its Oaky Creek semi-soft coking coal with Jaspanese steel mills, representing a fall of about 14% compared to last year.


Murray Basin Minertals (21 January 1999)

Murray Basin Minerals (ex Roehampton Resources{liquidation in 1996} and then relisted as Resource Development Corporation) has had encouraging results from drilling its 20,000 sq.km mineral sands tenements in SA. Four discoveries (Mercunda, Jezabeel, Champagne and Long Tan) were made and a previously identified sand occurrence (Mindarie Lens A and Lens C) have been upgraded and the value of the contained heavy mineral suite has been shown to be significantly greater than previously thought.


New Hampton Goldfields (21 January 1999)

As foreshadowed last year, we have been seeking to expand the Board of the Company with more independent directors. This has been in response to market pressures for greater independent director representation on Company Boards. This culminated late last year in the appointment of Dr. Wyn Davies as a new independent director of the company. Our Chairman, Mr. Rodger Head, who has been the Chairman throughout our formative years has decided to step down from the chair to allow Dr Davies to assume the role. Mr. Head remains as an independent director of the Company and we are pleased to have retained his good counsel.

During December, we made an important strategic investment in Croesus Mining NL, a Kalgoorlie based gold miner with operations close to ours. Croesus have recently announced an outstanding half year profit of $8.0 million with production of 38,971 ounces at a cash cost of $235 per ounce.

We have purchased some 19 million shares at a cost of approximately $5.7 million which represents approximately 18 % of the issued capital. This makes us the largest individual shareholder.

Mineral Deposits (formerly Nimbus)

We have continued to take a close interest in the activities of this company in which we had a 42.4% stake on 1 July last. MDL (formerly NIM) acquired the mineral sands operations of BHP Titanium Minerals Pty Limited located at Hawks Nest in New South Wales, and the right to the respected use of the MDL name and logo, in November 1998.

To part fund this acquisition, now named Mineral Deposits (Operations) Pty Limited, MDL sought and obtained shareholder approval to issue Convertible Notes and additional shares in December 1998. While New Hampton Goldfields did not take up any notes or further shares, it has notified MDL of its intention to convert the 1.5 million 25c Options (6/99) it currently holds in MDL. The company has also continued to buy MDL shares in the market since 1 July – almost 3.0% at the date of this letter – thereby further demonstrating its confidence in MDL’s future as a mineral sands producer and, at the same time, partly redressing the dilution the result of new issues of MDL scrip in December 1998. At present, we hold slightly in excess of 41% of the paid up capital of MDL.

For additional information, click here.


Pasminco / Savage Resources (21 January 1999)

Pasminco said it now controlled more than 57% of Savage and its bid would now be unconditional, enabling Pasminco to purchase shares on market.


Petroz (21 January 1999)

Petroa advises, on behalf of the WA-74-P JV, that the JV was unsuccessful in efforts to farmout the drilling of Baht-1 during calendar 1998. The JV has elected not to renew the permit, and the permit subsequently expired.


Placer/Goldfields/Orogen Minerals (21 January 1999)

The Porgera gold mine produced 173,027 ounces in the December quarter at a cash operating cost of $239/oz; overall recovery increased to 76.8%. Production for the 12 months totalled 726,806 ounces.


Sirocco Resources (21 January 1999)

Sirocco has made an aplication to list on the Berlin Stock Exchange.


Sons of Gwalia (21 January 1999)

SOG increased gold production in the December quarter to 112,614 ounces and cash costs were reduced by 12% to A$342.53/oz.


Anaconda Nickel / Abednego Nickel (20 January 1999)

Anaconda has declared its bid for Abednego unconditional after gaining 41.5% of the company.


Australian Overseas Resources / Boulder Group (20 January 1999)

Italian steel plant equipment group Danieli & Co will take a 20% stake in a $234 million Newcastle stainless steel mill development proposed by Boulder and AOR.


Black Range Minerals (20 January 1999)

Black Range has commenced a bankable feasibility study on its Syerston nickel laterite project in NSW. Syerston has a total resource of 66Mt @ 1.17% Ni plus a high cobalt content.


Bougainville Copper (20 January 1999)

Further writedowns in the value of its mothballed Panguna copper assets may be required if operations restart; however it may be some time before it has access to the mine site.


Coal (20 January 1999)

The NSW Coal industry recorded its first loss in a decade, although excport demand remains firm. Exports rose 12.5% in 1997/98 and the NSW state recorded a loss of $186 million including abnormal and extraordinary items.


Centaur Mining (20 January 1999)

Centaur's Cawse nickel project has come on-stream; the mine uses new technology to produce on a large scale at low cost. The first nickel cathodes will be dispatched in early February.


GMA Garnet (20 January 1999)

Hancock & Gore has toned down its previous bright outlook for this financial year, citing an expected downturn in earnings from its garnet division (GMA Garnet). Capacity has recently been increased from 80,000tpy to 200,000tpy, adding to its cost structure, at least in the short term.


Gympie Gold (20 January 1999)

Gympie has commenced JV negotiations to boost expansion of its gold exploration (at its Woolooga site in Qld) and increase coal production (Southland Coal in the Hunter Valley, NSW). Exploration costs will be around $5 million and Gympie has decided to seek a partner.


Homestake Gold (20 January 1999)

Homestake Gold's former worldwide manager of new operations, Gregory Lang, will run the expanded Australian operations of the group, and North American metallurgist John Turney will also relocate to Perth to take over group planning.


Macmin (20 January 1999)

RE: DRILLING RE-COMMENCES AT THE KABANG PROSPECT (NORTHEAST), FENI PROJECT, PAPUA NEW GUINEA

Diamond core drilling re-commenced at Kabang (Northeast), on 16/1/99, with the re-entry and deepening of MACMIN/New Guinea Gold Corporation’s (NGG) first hole at the prospect. The drill hole extension is designed to partially (35% to 40%) test across the strike of a highly gold prospective, combined mercury/arsenic geochemical anomaly and induced polarisation/ geophysical anomaly; which are locally co-incident with the 5 kilometre long Kabang Structural Zone (KSZ).

Highly encouraging gold assay values were encountered in hole 1, which included 52 metres/ 1.65g/t Au, between 68 and 120 metres down-hole. The hole was terminated prematurely in highly prospective, gold-mineralised rocks last year, due to the incapability of the drill rig to reach the required end of hole depth. For details, click here.


Normandy Mining (20 January 1999)

Gold production in the December quarter was a record 432,366 oz at a cash cost of $304/oz.
Negotiations for the sale of Normandy's 25.5% stake in the Goldfields gas pipeline are well advanced and are expected to be finalised shortly.


Pasminco / Savage (20 January 1999)

Pasminco has become entitled to 48.4% of Savage Resources and says if it has 50% of Savage's shares by tonight and no conditions are breached it will declare its 85 cents/share offer free from all conditions.


Normandy Mining (20 January 1999)

Standard and Poor's has affirmed Normandy's BBB-minus corporate credit rating and Normandy Finance's guaranteed debt issue rating.


Shell Coal (20 January 1999)

Shell Coal said it expected further job losses in the coal industry.


Ticor (20 January 1999)

Ticor had mixed mineral sands and coal production results for the year to 31 December and a drop in sodium cyanide. Annual heavy mineral concentrate production fell to 250,181 tonnes (the December quarter production fell more than 11,300 tonnes to 49,005 tonnes).


Western Metals (20 January 1999)

WM increased zinc production from its Lennard Shelf operations in the December quarter by 8% (compared to the September quarter) to 54,478 tonnes of concentrate; lead concentrate was up 5% to 17,705 tonnes.


Aurora Gold (19 January 1999)

Aurora has increased the reserve base of its Toka Tindung gold project in Indonesia by 122,000 ounces to 883,000 ounces of gold equivalent. Aurora is still awaiting final project approval from Indonesian authorities.


BHP (19 January 1999)

BHP will not rule out further job losses this year in its coal division as part of cost-cutting moves to combat depressed market conditions.


Murchison United (19 January 1999)

Up to 40 of the 82 employees retrenched last week from Murchison's Renison Bell tim mine in Tasmania have been temporarily reinstated after a deal betwen the company and site unions. The Australian Industrial Relations Comission recommendations asserted changes to the workers' shift arrangements could only be made during enterprise bargaining negotiatioins. The remaining 42 were all contractors, some of whom will be redeployed.


MIM (19 January 1999)

MIM has recruited a senior Normandy Mining executive to head its Mt Isa operations. Normandy's executive general manager, operations east, John Gooding will join MIM next month.


New Guinea Gold Corp / Macmin (19 January 1999)

DRILLING RE-COMMENCES AT THE KABANG PROSPECT (NORTHEAST), FENI PROJECT, PAPUA NEW GUINEA

Diamond core drilling re-commenced at Kabang (Northeast), on 16/1/99, with the re-entry and deepening of NGG’s first hole at the prospect. The drill hole / extension is designed to partially (~ 35 to 40%) test across the strike of a highly gold prospective, combined mercury / arsenic geochemical anomaly and induced polarisation / geophysical anomaly, which are locally co-incident with the 5 kilometer long Kabang Structural Zone (KSZ).

Highly encouraging gold assay values were encountered in hole 1, which included 52 metres / 1.65g/t Au, between 68 and 120 metres down-hole. The hole was terminated prematurely in highly prospective, gold-mineralised rocks last year, due to the incapability of the drill rig to reach the required end of hole depth.The gold mineralised system on Feni is very large and the associated economic gold potential is considered to be excellent. NGG holds a 25% interest in the project and is sole funding ongoing exploration to earn up to a 70% equity.


Novus Petroleum (19 January 1999)

Novus has signed a 22-year deal where the West Natuna project in Indonesia will supply 325 million cubic feet/day to Singapore from mid 2001. Novus has a 5% interest in the project through its 25% share of the Kakap production sharing contract.


Rio Tinto (19 January 1999)

Rio will lose around 20,300 tonnes of copper production from its Kennecott Utah copper smelting during the 5-8 weeks it will take to repair the flash converting furnace.


Merritt Mining (18 January 1999)

HIGHLIGHTS : QUARTERLY REPORT TO 31 DECEMBER 1998

Siberia
- Centaur exercises option on nickel resource
Myall Creek
- Primary copper mineralisation confirmed
Alliance
- Substantial investment in Alliance Gold Mines NL
Funds
- $1.9 million cash and investments

INTRODUCTION

Merritt entered 1999 with total cash and investments worth about $2.2 million after several exploration projects were stopped and exploration expenditures were cut back during 1998. Merritt’s board has been reduced to three and administrative costs have also been reduced. The early part of 1999 will be spent joint venturing Merritt’s exploration projects and maximising its current investments.

For additional information in the December Quarterly Report, click here.


New Hampton Goldfields (18 January 1999)

The September Quarter production was a new project record of 32,484 ounces at a cash cost of $236 per ounce.

We are now pleased to report that the December Quarter was another record of 39,447 ounces at a cash cost of $215 per ounce.

Production for the half year ended December 1998 was a further project record of 71,931 ounces at a cash cost of $225 per ounce.


These outstanding results have been achieved mainly from the Dawns Hope pit which continues to exceed our expectations.

We are also gratified to report that the Stage 1 pit at Golden Ridge has performed well with significant increases in both tonnes and grade from that of our initial orebody model.

We have now committed to the commencement of the Golden Ridge Stage 2 pit. This is expected to start late in the third Quarter of 1998/99.

In addition, recent drilling at Golden Ridge has extended the likely size of the orebody although further drilling and engineering work remains to be completed over the next few months to finesse these details.

For additional information, click here.


WMC (18 January 1999)

Pursuant to Listing Rule 3.10.5 I advise that on 21 December 1998, WMC Limited ("WMC") approved the issue of 7,911,600 options to employees in accordance with the terms of the WMC Employee Option Plan. The employee options provide the employee with the right to purchase WMC shares at an exercise price of $4.88 per option.


Capricorn Resources (16 January 1999)

Capricorn has announced a merger of nickel assets (Emily Ann and Maggie Hays nickel sulphide deposits in WA) with LionOre to form a new listed company. Capricorn will emerge with a 26% interest in LionOre Australia (Nickel) Ltd ("LionOre Nickel").


Great Central Mines (16 January 1999)

Higher grades of ore at the Jundee gold mine helped lift production by 16% in the December quarter to 202,803 oz of gold at $299/oz.


Rio Tinto (16 January 1999)

Rio Tinto has shelved development of the $400 million Hail Creek coking coal mine in Qld after re-evaluating the South-East Asian situation/recession.


Savage Resources (16 January 1999)

Encouraging exploration results from the Accha zinc mine in Peru could lead to a doubling of its zinc production potential. Preliminary studies are based on zinc metal production of around 75,000 tpy.


Titan Resources (16 January 1999)

Titan said the temporary closure of WMC's Kalgoorlie nickel smelter had forced the company to cease deliveries of its Radio Hill nickel/copper concentrate.


Macmin (15 January 1999)

Re: MACMIN TO RE-ACQUIRE 100% INTEREST IN TEXAS SILVER PROJECT, QUEENSLAND

MACMIN has today signed an agreement with Hunter Exploration N.L. (Hunter) to re-acquire 100% equity in the Texas Silver Project, subject to any required government approvals. For details, click here.


Precious Metals Australia (15 January 1999)

WINDIMURRA PLANT OVER 50% COMMITTED

Precious Metals Australia Limited (PMA) announces substantial progress at the $200 million Windimurra Vanadium Project near Mount Magnet in Western Australia with over 54 per cent of expenditure on the $115 million processing plant already committed.
Construction is progressing on budget and on time for the Project to be commissioned by the end of 1999.
All major earthworks are underway and the first concrete pour commenced last week. Stage One of the accommodation village has been completed to house the 120 people presently working on the project, the construction workforce will build up to 400 people within the next quarter
. For complete details, click here.


Australian Gold Resources (14 January 1999)

AGR has sold 25 million shares in sister company Centaur Mining and Exploration for $9.9 million. Australian Gold Resources Limited now holds a 19.61% interest in Centaur and the sale in no way diminishes our view of the future value and prospects of Centaur.


Centaur Mining (14 January 1999)

The Company advises that it has today finalized the sale of the Electrowinning & Solvent Extraction (EW/SX) Equipment at the Cawse Nickel Operations. On settlement the Company received A$36.7 million. The funds raised from the sale will be used to fund capital expenditure.
Simultaneously, the Company entered into a lease of the EW/SX Equipment for a minimum period of 15 years.


WMC (14 January 1999)

WMC today released its December 1998 quarterly production report detailing improved production performance in its nickel and alumina businesses and highlighting the heat up of Olympic Dam Operations' new smelter - a milestone in the expansion project


Great Central Mines (13 January 1999)

Rating's agency Moody's will review GCM's debt rating after a bid by Normandy Mining and a trust associated with GCM chairman Joseph Gutnick to buy out GCM's minority shareholders.


Macmahon Holdings (13 January 1999)

Macmahon has added $100 million to its order book after securing 4 contracts in WA - including a 3-year, $70 million project at WMC's Leviathan gold mine project and a $20 million contract for the design, construction and maintenance of the 82km Mt Keith - Wiluna highway.


Normandy NFM (13 January 1999)

Normandy NFM produced 53,042 ounces of gold in the December quarter, up 14% due to higher mill throughput, higher average grade and better recovery.


Shell Australia / Chevron (13 January 1999)

Partners in the proposed $8 billion Gorgon liquefied natural gas project off WA announced the project contained proved reserves of 13.8 trillion cubic feet of gas, well above expectations. The site also included proved hydrocarbon reserves of 9.6 trillion cubic feet - enough for a two-train LNG project.


Woodside Petroleum (13 January 1999)

Woodside said it was repairing a minor leak in a pipeline valve on its North Rankin A gas platform.


Normandy Mining / Great Central Mines (12 January 1999)

Normandy is offering $1.50/share for the 59.6% of GCM that it does not already own. The bid is conditional upon a minimum 90% acceptance level of shares and 75% of shareholders.


Pasminco / Savage Resources (12 January 1999)

A one-off decision by the ASIC has ended confusion in the market over Pasminco's bid to extend by 2 weeks its bid for Savage. ASIC had granted the "unique" modification enabling Pasminco to extend its 85 cents/share bid until 29 January in order to "rectify the confusion" in the market.


Rio Tinto (12 January 1999)

Copper anode production at Rio's Garfield copper smelter in Utah could be shut down for up to 4 weeks after an undiagnosed failure inside one of the furnaces.


Diversified Minerals / Hargraves Resources (11 January 1999)

Diversified directors have decided not to accept a scrip takeover offer by Hargraves but have yet to advise shareholders whether or not to accept the offer..


Lynas Gold (11 January 1999)

Lynas Gold's Paraburdoo gold JV in WA moved to full production last week. First gold from the Mt Olympus deposit was poured on New Year's Eve. The mine is expected to produce 175,000 oz of gold over 3 yearsat a cash cost of $250/oz.


Croeus Mining (9 January 1999)

Croesus has reported an unaudited profit of $8 million for the first half of the financial year. Gold production was 38,971 oz at a cost of $235/oz.
Croesus also announces exploration drilling from the pit floor of the Centurion pit at Binduli had intersected high-grade mineralisation, providing scope for further mining to the north.


ERA (9 January 1999)

The start-up of ERA's Jabiluka uranium mine in the NT will be delayed until 2001, due mainly to longer than expected negotiations with the mine site's traditional landowners.


Pasminco / Savage Resources (9 January 1999)

Pasminco's $452 million bid for Savage ran into trouble after the ASIC refused consent for a conditional extension of the bid. The ruling means that the offer will now close on Friday, leaving tha company only a few days to reach the 90% level; currently it has about 20%.


Preston Resources (9 January 1999)

Preston said disruption of anticipated delivery schedules from its Bulong nickel project in WA should be minimal despite the unscheduled shutdown of the mine due to a mechanical failure. The closure would mean a few weeks delay to the project; the mine is anticipated to produce 9000 tonnes/year of nickel and 1000 tpy of cobalt.


WMC (9 January 1999)

Nickel production will fall about 15% this year due to an unexpected shutdown at its Kalgoorlie nickel smelter for more than 2 months. Smelting was stopped because of a furnace leak; further inspection revealed a serious problem and it was decided to bring forward a major maintenance program.


Ashton Mining (8 January 1999)

Four employees at its new diamond mine in Angola were ambushed and killed; Ashton is considering pulling out of Angola until the situation stabilises.


Comet Resources (8 January 1999)

Comet has announced that bankable feasibility numbers on its Ravensthorpe nickel project in WA showed it could stack up against historically low nickel prices. Comet is in advanced negotiations to secure a construction contractor and would move to raise the estimated $695 million capital costs to get the project off the ground.
The bankable feasibility study forecast cash operating costs to average US$1.17/lb or US$0.80/lb with cobalt credits - based on producing 22,000 tonnes/year of LME-grade nickel metal and 1400 tonnes of cobalt sulphide.


Pasminco / Savage Resources (8 January 1999)

Pasminco yesterday declared its $452 million bid for Savage Resources final in the absence of a higher offer. Pasminco also waived its option to call off the bid at the All Resources Index's current levels and extended the deadline until 29 January.


North (7 January 1999)

North has cut sales expectations for its Canadian iron ore unit due to an oversupply of steel in North America and Europe. Sales are expected to be about 10 million tonnes of iron ore pellet, 18% lower than last year.


Saracen Mineral Holdings / Exodus Minerals (7 January 1999)

Saracen will share a revised managment team with Exodus as part of a plan to slash overheads in the wake of the depressed gold price. Exodus managing director Alistair Cowden will take on the joint role of Saracen chief and will receive 3 million Saracen options, exerciseable at prices between 30 cents and 60 cents before January 2002. Exodus is 17%-owned by Saracen.


Spinifex Gold (7 January 1999)

Spinifex has announced more encouraging drill results from its Tanzanian gold project. The latest results, from below the existing resource, included 11m @ 5.14 g/t Au from 64m, 31m @ 6.23 g/t from 54m and 25m @ 9.88 g/t from 43m.


Kilkenny Gold (6 January 1999)

Kilkenny said feasibility study numbers for its Maud Creek gold project (1.3 million tonnes recoverable resource @ 6.14 g/t Au) in the NT showed potential cash costs of less than $330/ounce for the 55,000 oz/year project (over 5 years), but capital costs ($23.5 million) needed to be cut in order that the project could be solely funded by debt. It was hoped to reduce this figure to between $15-20 million by considering second-hand plants, sharing facilities or leasing a treatmeny plant.


MIM (6 January 1999)

Due to lower metals prices, Morgan Stockbroking has revised its first-half earnings for MIM to a $16.5 million loss; full-year earnings have been revised down from $66.1 million to $43.8 million.


Money Mining (6 January 1999)

MM said it would start development of its Granny Venn deposit near Memzies in WA next month and treat the ore through the Goldfields-owned Paddington plant. The 7-month project was expected to generate a profit of between $8-12 million, to be split equally between MM and Goldfields.


Sons of Gwalia (6 January 1999)

SOG has arranged a new $300 million credit facility and will use it to retire $126 million of debt and have almost $200 million available for its next growth cycle. SOG is looking to expand gold production from its current 500,000 oz/year to 750,000 oz/yr through a mixture of projects and acquisitions.


Westgold Resources / St Barbara Mines (6 January 1999)

Westgold has sued St Barbara Mines executive chairman Ross Atkins for $8.4 million to recover money allegedly owed on a July 1997 share deal. Mr Atkins holds a 42% stake in St Barbara


Burdekin Resources (5 January 1999)

Burdekin has announced encouraging RAB drill intersections from its Kirgella South tenement in WA with 32m @ 2.61 g/t Au. Preliminary follow-up drilling confirmed the Kirgella Gift discovery - mineralisation within a 20m wide, steeply dipping, shear zone.


Crest Magnesium (5 January 1999)

Crest has joined with Perth-based Multiplex Constructions P/L to develop the $920 million, 95,000 tpy Arthur Lyons River magnesium metal project in Tasmania.


Michelago Resources (5 January 1999)

Michelago Acquisition of Parkes Gold Mine

Michelago has signed an agreement with Hargraves Resources NL for the acquisition of the Parkes Gold Mine, as foreshadowed in an announcement to ASX on 29 October 1998.

Michelago will issue (subject to shareholder approval) 10 million fully paid, ordinary shares to Hargraves for the mining leases, various parcels of freehold land, CIP plant and associated infrastructure.


Mineral Exploration (5 January 1999)

Exploration spending fell 4% in the September quarter to $233 million, continuing a 15-month slide caused by lower commodity prices and falling demand.


Mt Grace Resources (5 January 1999)

Mt Grace has commenced a pre-feasibility study on its Batchelor magnesium metal project in the NT, following a $1.5 million share placement. Preliminary project estimates show the development of a 50,000 tpy magnesium metal project, using conventional acid leach and electrowinning processing would have a capital cost of about $570 million.


Red Back Mining (5 January 1999)

Red Back has raised $1.06 million from a share issue to Macquarie Bank - Macquarie Bank has taken a 10% stake through the purchase of 4.25 million shares at 25 cents each. Red back can now accelerate the drilling at its Chirano gold project in Ghana - initial drilling results from 3 soil anomalies were very encouraging, with better intersections including 51m @ 3.27 g/t Au from the surface, 10m @ 5.61 g/t and 47m @ 5.96 g/t.


Rio Tinto / Comalco (5 January 1999)

Rio Tinto has increased its interest in Comalco from 69.45% to 70.41%. Woodside Petroleum (27 December 1998)

Woodside has deferred a decision on committing to a $650 million expansion of its liquefied LPG production at the North West Shelf project until mid-1999.

Woodside and Shell are considering joining forces, with all the major companies involved in developing Australia's offshore gas reserves, to promote Australia as the world's most secure LNG supplier.


Alinta Gas (24 December 1998)

Alinta Gas, the last remaining gas distributor in government ownership, is to be privatised. The WA government formally announced the sale yesterday - the preferred option is a public float.


Leo Shield Exploration (24 December 1998)

ANNOUNCEMENT OF PROPOSED PLACEMENT

The Company proposes to issue 3 million fully paid ordinary shares at an issue price of 7.5 cents per share, together with 3 million attaching options exercisable at 20 cents on or before 30 September 2001, to clients of Hartley Poynton Limited.

The issue will raise $225,000 and the Company will not accept oversubscriptions. The funds will be used to assist with the acquisition of the Manso Nkwanta Joint Venture interest of Mutual Ghana Limited and for exploration on the Abori concession in Ghana. For complete details, click here.


Normandy Mining / Homestake Mining (24 December 1998)

Normandy and Homestake have decided to dump long-standing mine contractor Roche Bros in favour of an owner-operated fleet for the Super Pit at Kalgoorlie. It is believed the change will cut costs by $10-20/ounce of gold produced.


Pacific Mining Corp (24 December 1998)

Pacmin has increased its ground position at the Tarmoola gold mine through a tenement swap with Sons of Galia. Pacmin sold its interest in the Marvel Loch area in exchange for 3 tenements at the "strong end of the (Tarmoola) orebody". These tenements were virtually undrilled and untested.


Pasminco / Savage Resources (24 December 1998)

Pasminco appears set for a flood of acceptances on its 85 cents/share offer for savage after the market was unimpressed by an independent valuation of between $1.02 and $1.19. The market marked the shares down to 82 cents.


Tiger International Resources (24 December 1998)

Tiger International resources Inc has commenced a drill program on the Springfield and Amity properties located in South Australia.Tiger has located numerous kimberlitic anomalies in recent months, following the drilling program conducted earlier in the year, and the follow up surface and undercover sampling conducted by staff geologists.


BHP / Duke Energy (23 December 1998)

BHP and Westcoast Energy have sold their Eastern Gas Pipeline development rights to Duke Energy of the US. Duke is expected to begin building the 800km pipeline in July and the first gas is expected to flow into NSW in September 2000.


Comalco (23 December 1998)

Comalco edged closer to building a $1 billion alumina refinery in Gladstone, following the announcement it had a short list of bidders for a co-generation power plant. The refinery will be a vital element in the proposed $3 billion gas pipeline Chevron is proposing to build from PNG to Gladstone.


Cultus Petroleum (22 December 1998)

Cultus has reported strong oil flows in the offshore Taranaki Basin, NZ. The oil flows were better than expected and came from all 3 hydrocarbon zones tested.


Frontier Petroleum / Australian Worldwide Exploration (22 December 1998)

Frontier and AWE have proposed a merger where Frontier shareholders receive 1 AWE share for every 5 Frontier shares.


Gold and Resource Development / Macraes Mining (22 December 1998)

GRD has been given the all clear for its merger with Macraes after the WA Supreme Court ruled a second shareholde vote, which excluded related parties, was not needed.The merged company will own a 34% stake in Minproc.


Hargraves Resources / Diversified mineral Resources (22 December 1998)

Hargraves is offering 10 cents cash plus 1 of its shares for every 4 DMR shares, valuing DMR at $25 million (12.5 cents/share). DMR last traded at 10 cents. Hargraves is targeting DMR's 88.4% stake in the Agbaou gold project in the Ivory Coast where there is a resource estimate of 764,000 ounces based on a 1 g/t cut-off grade.


BHP (21 December 1998)

BHP has sold its Australian integrated manganese business (Groote Eylandt mining operation and Bell Bay) to Billiton for around $650 million.
BHP has also sold a raft of power generation assets to Duke Energy for $509 million.
BHP is moving from its current 8 divisions to its original 3 division structure - BHP Steel, BHP Petroleum and BHP Minerals.


Conquest Mining (21 December 1998)

Conquest's share price has jumped from 5.5 cents to as high as 25 cents - possibly due to the company signing an option to buy a 100% interest i several mining tenements in the Bow River and Ellendale diamond fields in WA. To exercise its option Conquest must pay $3.2 million and issue 7.5 million shares to the owners of Tudo Rose Holdings Pty Ltd, John and Doris Terpu.


Gallery Gold (21 December 1998)

GG has just received the backing of investment fund Lion Selection Group to help continue exploration on its promising Botswana gold project. LSG has agreed to take a $1 illion placement of 8.3 million shares at 12 cents each and underwrite a further $1 million placement to Gallery's major shareholders. The move will give LSG a stake of between 24% and 48% of Gallery.
Gallery has 3 mining leases with a combined resource of 364,000 oz of gold and an option over a mining lease with another 201,000 oz resource.


Normandy Mining / Otter Gold (21 December 1998)

Normandy and Otter have extended the life of the Martha mine in NZ by clearing up environmental concerns over the expansion of the operation. Production will be boosted from 85,000 to 110,000 oz at a cash cost of NZ$280/oz. The mine life would also be increased by at least 7 years to 2007.


Ashton Mining (18 December 1998)

In Angola, Ashton and its 2 JV partners have agreed to sell all production from the new Cuango mine to the London-based De Bees CSO.

Ashton is close to finalising a deal with Argyle to sell its Merlin production through the Antwerp office.


BHP Copper (18 December 1998)

BHP Copper has won a bidding battle to develop the US$475 million Tenke Fungurume copper/cobalt deposit (estimated 500MT @ 3.5%Cu and 0.27%Co )in the Democratic Republic of Congo. A feasibility study indicates the mine would produce 100,000 tpy of copper from 2002 at an operating cost of 6 cents/lb, including cobalt credits. Output would increase to 200,000tpy.


Jubilee Gold Mines (18 December 1998)

Jubilee has reported some encouraging gold intersections on its Kathleen Valley tenements, 10km from the Cosmos nickel project in WA. Better intersections included 4.62m @14.4 g/t Au and 16.85m @6.90 g/t Au.


Abednego Nickel / Anaconda Nickel (17 December 1998)

Abednego directors recommended shareholders accept a $1 a share offer from Anaconda and Glencore. The recommendation came after the initial cash component of the offer was increased from 15 cents to 40 cents.


BHP (17 December 1998)

BHP's troubled Beenup titanium minerals mine in WA is now running at about 60% of capacity, up from the previous 40%. Problems are still being encountered with the tailings.


Boral Energy (17 December 1998)

Recent promising gas discoveries in SA's Otway Basin have prompted Boral to begin a $20 million exploration program - initially two $3 million greenfields exploration wells will be drilled in the north of the basin and a $1 milion seismic survey immediately south of the Boral/Omega/Cultus JV at Ladbroke Grove.
The JV also looks set to approve a further 6 appraisal wells (Cost $16.5 million) at the Ladbroke and Redman fields.


CSR (17 December 1998)

CSR has said it would consider selling its aluminium operations at the right price.


Lynas Gold (17 December 1998)

Lynas revealed its partial funding plans for the $9.5 million purchase of the Whim Creek copper project from Straits Resources. The first 2 instalments ($2 million on signing the sales agreement and $3 million in April) will be through a $5 million convertible note issue to be offered to Lynas shareholders on a 3-for-5 non-renounceable basis. The balance would be financed depending on the market conditions at the time.


MIM (17 December 1998)

MIM has accepted a US$9 per tonne cut in coking coal prices for 1999, to US$42/tonne.


Normandy Mining / Johnson's Well Mining (17 December 1998)

Normandy says it has reached agreement with JWM on ground covering the majority of the Duketon Greenstone Belt in WA. Normandy will earn a 50% interest in the Rosemount gold deposit through an initial payment of $8 milion and a further contribution of $10 million to feasibility studies on the project. Delineation drilling is scheduled to commence in the first quarter of 1999.


Resolute / Titan Resources / Marymia Exploration / Homestake Mining (17 December 1998)

Resolute has sold its interests in the Marymia region of WA to Homestake. Homestake's wholly-owned Plutonic Operations has acquired 100% of Resolute's interests along those of its JV partner Titan Resources NL and Marymia Exploration for $14 million cash. Of that, Resolute will receive $9.7 million.


Woodside Petroleum (17 December 1998)

Woodside has appointed ANZ Banking Group bank chairman Charles Goode as its new chairman.


An Feng Kingstream (16 December 1998)

Shares fell 31% to 10 cents as the market expressed concern over the future of the group (see yesterday's announcement).


Coal Prices (16 December 1998)

Japanese steel mills have forced coking coal prices down by 18% - a result which could cut more than $230 million off the botom line of BHP Coal which ships 16 million tonnes of coking coal to Japan.


Lynas Gold / Sipa Resources (16 December 1998)

Lynas has increased its scrip bid for Sipa from 2-for-7 to 1 Lynas share for every 2 Sipa shares. Lynas says the new offer is in line with the independent valuation of the 2 companies.


Pasminco / Savage Resources (16 December 1998)

Pasminco purchased another 3% of Savage on-market (at the offer price of 85 cents), increasing its stake to 19.95%.


Perseverance Corporation / Cobra Resources (16 December 1998)

Perseverance has purchased exploration tenements at Walhalla (Woods Point-Walhalla Goldfield), 130km east of Melbourne from Cobra Resources. Perseverance will pay Cobra $528,000 by issuing 1.6 million shares at a deemed price of 33 cents.


Preston Resources (16 December 1998)

Preston has tied up long-term financing for its Bulong nickel mine, raising US$185 million through a 10-year secured note facility on the US bond markets. The raising was led by British bank Barclays.


Shell (16 December 1998)

A US$4.5 billion writedown and sale of assets by the Royal Dutch/Shell Group, due mainly to the collapse in oil prices, is not expected to have a big impact on local operations.


WMC (16 December 1998)

The Directors of WMC Limited ("WMC") announce that the Company is proposing to buy-back up to 900,000 WMC shares on market. The buy-back will offset the dilution in shareholders' interests that will result from the required sale into the market of WMC shares, allocated to employees under the 1993 Employee Share Plan but not taken up by them prior to the expiry date earlier this month. The on market share buy-back is expected to be concluded by 4 February 1999.


MACMIN (15 December 1998)

Re: MACMIN RAISES APPROXIMATELY $1M IN PROSPECTUS ISSUE
CRATER MOUNTAIN UPDATE, PNG (100% MACMIN)

The recent Prospectus Issue has raised approximately $1M. The Issue was well supported by existing shareholders including the founders of MACMIN and their families who contributed approximately $200,000.

MACMIN has total cash of approximately $1,956,000 including the new issue proceeds and $250,000 joint venture funds in advance from New Guinea Gold Corporation. MACMIN also has assets, (other than Mining Tenements) which, if liquidated, may yield a further $1.0 to $2.5M. MACMIN is in a good financial position for the near term .

The first two drill holes at the Crater Mountain Project (100% MACMIN) have been completed (total of 450m) and half core samples from the first hole have been despatched to the laboratory for analysis. Results should be available in late December or early January. Hole 3 is in progress. For details, click here.


Anaconda Nickel (15 December 1998)

Anaconda and State West Power have reached an agreement to aggregate their gas volumes to provide a foundation base load for the construction of a mid-west pipeline in WA - from the Dampier-Bunbury Natural Gas Pipeline through to the existing lateral that supplies Anaconda's Murrin Murrin nickel mine.


An Feng Kingstream Steel (15 December 1998)

AFKS revealed that it had been cut free from its Taiwanese entity under a deal it termed as a major group restructure. AFKS is to lose its chief shareholders and its 92.3% stake in Taiwanese-based An Feng Steel. Under the deal AFKS will acquire and cancel the 435.7 million shares from its major stakeholders. In turn, AFKS will transfer back to Madam Chu-Wu its 92.3% stake in An Feng Steel Co.
The deal puts a cloud over the future of the proposed $1.5 billion Midwest Iron and Steel Project in WA.


Energy Equity Corp (15 December 1998)

EEC has doubled its stake in an Indian power plant to 26% and is now considering selling its holding..


Energy Resources of Australia (15 December 1998)

ERA says firm sales for the current financial year are expected to fall from last year's levels due to weaker demand.


Petroz (15 December 1998)

Petroz advises that it is a member (15%) of a consortium which has been offered a new EL over 2 Blocks, 28/15 and 29/11, in the UK sector of the North Sea - approx 190km southeast of Aberdeen.


Australian Oil & Gas / Roma Petroleum (14 December 1998)

AOG is preparing to drill an onshore target, on behalf of Roma, surrounding Esso - BHP's Longford oil and gas facility in the Gippsland Basin. Roma has identified 3 targets - McCreesh, O'Hara and Hurson. Drilling commenced at McCreesh last Thursday.


BHP Coal (14 December 1998)

Coal miners from BHP Coal have decided to go on a 48-hour 'strike' over unconfirmed reports of a US$9/tonne price cut for coking coal with Japanese customers.


Cue Equity (14 December 1998)

Cue has countersued a Norwegian gas company that was seking US$32 million damages for an alleged breach of contract re gas fields in Indonesia. Cue is seeking US$4.6 million from Saga. Cue pulled out and Saga consequently sold the fields for US$17.7 million.


Heathgate Resources (14 December 1998)

Federal Government approval for Australia's first in-situ leach uranium mine (the Beverley mine in South Australia) has been delayed again. The 21,000 resource is planned to produce up to 1,000 tonnes of uranium per year for up to 20 years.


Petsec Energy (14 December 1998)

Petsec has purchased the outstanding 56.67% interest in the West Cameron 542 oil and gas lease in the Gulf of Mexico - from Phillips Petroleum for US$125,000. The lease contains 2 production wells which are awaiting remedial work early next year. Petsec estimates the 2 wells will recover about 4 billion cubic feet of gas - in addition to further exploration potential.


Ashton Mining (12 December 1998)

Ashton's Canadian subsidiary said it had found 2 more kimberlites at its Buffalo Hills area in Canada.


Coal Prices (12 December 1998)

Shares in BHP and Rio Tinto fell yesterday on rumours that 3 Australian coking coal producers (MIM, Shell Coal and North Goonyella) had accepted a cut of US$9/tonne (18%) in contract price negotiations with Japanese steel mills. Rumours also suggested that volumes were also likely to be cut by up to 30%.


An Feng Kingstream (11 December 1998)

Shares in An Feng rose almost 50% (from 10 cents to 14.5 cents) on speculation that a restructure of the group - where the Australian steel project would be separated from the debt-burdened Taiwanese operations - was close.


BHP Petroleum (11 December 1998)

Depressed oil prices have forced BHPP to cut a further $78 million off its cost base - and make up to 220 employees redundant.


Pasminco / Savage Resources (11 December 1998)

Pasminco plans to sell Savage Resources' 49% stake in the Ernest Henry copper-gold mine if its takeover bid is successful. Pasminco also plans to sell all of Savage's coal and copper-gold interests but will retain all US zinc assets.


Macmin (10 December 1998)

RE: FIRST DRILL HOLE AT KABANG NORTHEAST PROSPECT, FENI PROJECT
PAPUA NEW GUINEA INTERSECTS ENCOURAGING GOLD MINERALISATION.
KABANG GOLD SYSTEM NOW CONFIRMED AS MORE THAN 800m LONG BY 200-400m WIDE WITH POTENTIAL FOR LARGE GOLD RESOURCE

SUMMARY

Encouraging gold values were encountered in Hole 1 at the Kabang Northeast Prospect, Feni Project. The Feni Project is within the Lihir Gold Corridor, and has similar geological characteristics to the Lihir Mine.

For complete details, click here.


New Guinea Gold Corporation (10 December 1998)

GOLD INTERSECTED OVER A WIDE INTERVAL IN THE FIRST NGG DRILL HOLE AT THE KABANG PROSPECT (NORTHEAST), FENI PROJECT, PAPUA NEW GUINEA

Highly encouraging gold assay values were encountered in NGG’s first drill hole at the Kabang Northeast Prospect, Feni Islands. The Feni Project is within the Lihir Gold Corridor and has similar geological characteristics to the Lihir Mine.


Capricorn Resources (10 December 1998)

Capricorn says it has varied an agreement with Resolute to extend gold production from the Mitchell Palaeochannel in WA. Resolute will pay Capricorn $100,000 to continue producing gold from the end of December to 30 June, 1999.


Commodity Prices (10 December 1998)

The Bridge CRB index fell to 192.4 - its lowest level in 22 years.


Energy Equity Corp (10 December 1998)

EEC says the PPN Power Generation Company, in which it has a 13% stake, has bought a 346 Mw natural gas-naptha power station in India.


MIM (10 December 1998)

MIM is confident that its Alumbrera copper-gold mine in Argentina will reach its 310,000 tpd production target by the end of the first quarter in 1999; production is currently above 250,000 tpd.


Minerals Council of Australia (10 December 1998)

The MCA annual industry survey has shown that profitability in the mining sector has plunged to its lowest level in 10 years. Net profit on average shareholder's funds dropped to 1.8% in 1997-98 compared to 2.9% in the previous year.


Normandy Mining (10 December 1998)

Normandy has finally secured exploration licences over about 1000 sq km of land in the highly prospective Tennant Creek gold region - after 6 years of consultation with local Aboriginal groups.


Oil and Gas Resources (10 December 1998)

The latest Oil and Gas Resources of Australia survey (by AGSO) says crude oil production is set to peak in 1999 before plunging after the turn of the century.


Savage Resources / Pasminco (10 December 1998)

Savage has written to shareholders urging them to ignore Pasminco's takeover offer, hinting there may be further offers to come.


United Energy (10 December 1998)

UE is likely to take an equity stake in any Victorian gas asset acquired by its US parent Utilicorp.


Ballarat Goldfields (9 December 1998)

The Board of Ballarat Goldfields N.L. advises that it has resolved to issue and allot 45 million (forty five million) Ordinary shares in the capital of the Company to Doravale Enterprises Pty Ltd (ACN 084 202 362) in its capacity as Trustee pursuant to the provisions of the Scheme of Arrangement between the Company and its Members in Matter No 7176 of 1998 as approved by the Supreme Court of Victoria. For details, click here.


Energy Equity Corporation (9 December 1998)

EEC has acquired Beach Petroleum's 19.6% interest in the Thylungra gasfield (5-6 billion cubic feet of proven plus probable reserves). EEC will also acquire Beach's 2% interest in the post Permian section of the Naccowlah block, for a combined cost of $2.2 million.


Gippsland Resources Australia (9 December 1998)

Gippsland said its Kumroch project in Russia would now become its main focus - it is to relinquish its other main exploration area - the Porozhistoe gold deposit.


Lynas Gold / Straits Resources (9 December 1998)

Lynas has acquired the Whim Creek Copper project from Straits Resources for $9.5 million. For more details, click here.


Mt Lyell Mining (9 December 1998)

Trading in Mt Lyell Mining shares was suspended following an announcement that the company had been placed in administration.


Savage Resources (9 December 1998)

Savage shares rose to 89 cents, above Pasminco's 85 cents/share offer, amid speculation the bid would be increased.


YKR Resources / Duketon Goldfields (8 December 1998)

YKR is pleased to announce the completion of the private placement of 1,150,000 common shares at an issue price of C$0.20 per share, for net proceeds of Cdn.$230,000.00.

The purpose of the private placement to Duketon Goldfields NL was to enable the Company to complete the acquisition of a further 6.25% interest in the Mt. Alexander Goldfield Project in Australia. The Company now has 31.25% of the Mt. Alexander Goldfield Project and an option to increase the interest to 75% of the project by December 31, 2000 by further payments totalling C$3,500,000.00.


Ashanti Goldfields (8 December 1998)

Ashanti says it has arranged the necessary debt finance to develop its Geita gold project in Tanzania. It has aranged a US$270 million revolving credit facility and will use US$118 million of this to develop Geita with the balance used to refinance a previous corporate debt facility.

Workers sacked earlier this year after the closure of Ashanti's Cobar copper mine in NSW can expect a cash payment before christmas. The liquidator has advised that employees will receive 85 cents for each dollar claimed.
The mine has recently been picked up by Mt Lyell Mining which intends to bring it back into production.


Minotaur Gold (8 December 1998)

The Board of Minotaur Gold NL wishes to advise that they have lodged a Prospectus with the ASIC for the non-renouncable issue of 16,991,750 options having an expiry date of 31 December 2001 and an exercise price of 20c. The options will be offered on the basis of one option for each two shares held by shareholders on the register at the close of business on 17 December 1998 at an issue price of five (5) cents an option. For additional information, click here.


Normandy / Great Central Mines (8 December 1998)

Speculation is mounting that Homestake Mining may launch a two-pronged play to acquire Normandy and GCM. Talk that Normandy is to advance on its 28% stake in GCM has also intensified.


Petsec Energy (8 December 1998)

Rating agency Moody's Investors Services has downgraded a large portion of Petsec's debt (from Caa1 to Caa2 with a negative outlook). Moody's concern was the ability of Petsec to replenish its small, short-life oil and gas fields in the Gulf of Mexico and tha rate at which it was spending money on exploration.


Meekatharra Minerals (7 December 1998)

Meekatharra has announced that former Placer Pacific MD Alf Paton has joined the company as the new executive chairman. Also joining as non-executive director is the former chief executive of Freeport McMoRan Pacific, Lou Clinton.


Anaconda Nickel (5 December 1998)

Anaconda is to become the sole operator of the Murrin Murrin nickel mine in WA; Mining contractor Henry Walker Group's contract for mining and the construction of a waste disposal facility was terminated after it could not reach a 'mutually' acceptable schedule of rates.


BHP (5 December 1998)

Shares in BHP rose following the long-awaited news that oil was again flowing from its 50% owned Bass Strait assets.


Central Norseman Gold (5 December 1998)

CNG shareholders have approved a $15.6 million capital return - they supported plans to reduce its share capital by paying 7.5 cents a fully-paid ordinary share.


Duke Energy (5 December 1998)

Duke expects Bass Strait gas to be piped to Sydney ahead of the Sydney Olympic Games should his company successfully conclude acquisition talks with Eastern Gas Pipeline developers, BHP and Westcoast Energy.


Esso Australia (5 December 1998)

Esso and its JV partners have agreed to the Federal and Victorian governments' renewal offer for a retention lease covering part of the Kipper gas field. The JV will commence a program to define the size and quality of the resource.


Murchison United (5 December 1998)

MU has withdrawn from the Ambor Coal Project in Indonesia following notice from Griffin Coal Mining Company that it intended to pull out of the operation.


Western Metals (5 December 1998)

Following its takeover of Aberfoyle, WM is to rename the Gunpowder copper mine in Qld to the Mt Gordon mine. The mine is in the final commissioning phase of a $144 million expansion.


Copper Price (4 December 1998)

The copper price has fallen to an 11.5 year low of US68.5 cents/lb after failing to respond to Asarco's decision earlier this week to close its El Paso copper smelter in Texas. The copper price has fallen 17% in the last 12 months.


Rio Tinto (4 December 1998)

Rio expects a January decision on the sale of a 23% stake in the rich Kaltim Prima Coal JV in Indonesia to State-owned tin producer PT Tambang Timah.

Rio's Hammersley iron ore operation in WA has also received State government approval to mine the Nammuldi iron ore deposit close to the Brockman mine.


Union Mining (4 December 1998)

1998 ANNUAL REPORT - CHAIRMAN’S LETTER

Dear Shareholder,

The past year has seen a change for Union Mining from gold exploration in the South West Pacific to a global focus on major resource opportunities predominantly in developing countries. Your Board considered that this change of focus would provide more opportunity for the Company’s shareholders to benefit, firstly through the acquisition of high quality resource projects and secondly through any major exploration success that occurs in these projects.

As the first step in this process, the Company targeted major undeveloped bauxite resources situated in Guinea, West Africa and set about the difficult task of obtaining a secure Licence to enable a bankable feasibility study to be carried out. Whilst success is yet to be achieved, the Company is in a good position to ultimately obtain such a Licence and establish a new major bauxite mining operation.

The second step was the signing of an Agreement with Tehran based Iran Itok Engineering and Technology Co. to jointly explore and develop major mineral exploration projects in Iran, through a new Swiss based Company Union Itok International AG. The Company’s geologists are currently evaluating a number of very exciting opportunities in Iran, and the granting of secure tenements on significant projects is anticipated.

During the year the Company has had exploration success in Vanuatu, with the identification of a number of significant surface gold and base metal anomalies on Pentecost Island and the identification of new mineralisation within the North Santo Island Tenement. This success means that these tenements now offer exciting potential for the discovery of major mineralisation and the Company expects to Joint Venture these projects on favourable terms during the coming year.

Yamana Resources vigorously explored the Company’s Papua New Guinea Tenements up until the end of 1997. Exploration has increased the gold resources at both Gameta and Wapolu to a total of 682,500 ounces. The potential for additional mineralisation is considered high when exploration is able to recommence.

In Australia, Kidston Gold Mines continues to explore the Forsayth West Area, and the Company believes it is close to success in Joint Venturing the Croydon tenements where attractive high grade gold targets exist at depth. The Company’s earthmoving equipment has been refurbished and is involved in contract work that is expected to provide a profit to the Company.

The Company expects that more tangible evidence of its change in focus and global vision will be evident in the coming year, with long term sustainable benefit to Union’s shareholders.

We thank shareholders for their support over this difficult year in the resource sector, and the Company’s staff who have worked diligently to reduce the effect of outside events on the Company’s share value.

Yours faithfully

Ian Burton
Chairman.

For complete details of the 1998 Annual Report, click here.


Davnet / Golden Hills Mining (3 December 1998)

Telecommunications group Davnet, previuosly known as Golden Hills Mining, is making a 2-for-5 renounceable rights issue seeking to raise $2.4 million.


Grenfell Resources (3 December 1998)

1998 ANNUAL REPORT - LETTER FROM THE CHAIRMAN

Fellow shareholders

You will be acutely aware that the prevailing climate in our chosen business of gold exploration is extremely bearish and that only the major, profitable gold producers in Australia have managed to retain a respectable level of market support during the past year. While no end to the strongly negative sentiment on gold exploration is in our immediate sights, we, as a Board, maintain the view that discovery and development of mineral resources, including gold, will, as it has done many times in the past, prove to be highly rewarding to investors.

Despite our company being valued by the market at a fraction of its 1997 capitalisation, we have made considerable progress and achieved excellent exploration results during 1998, while maintaining very healthy cash reserves.

Our achievements during the 1997-98 financial year have included:

A significant step for the company has been our investigation of opportunities outside Australia, resulting in our agreement in principle to pursue what we regard as a first rate base metal exploration venture in the State of Rajasthan in northwest India. The quality of the geology, the region's known deposits and the highly workable operating environment have led us to seek active involvement in the projects. In many ways the exploration environment in Rajasthan is less challenging than that of the Gawler Craton and given the absence of systematic modern exploration in India, we see our chances of a major discovery as being extremely good.

While the Indian venture represents an exciting new step in the company's pursuit of exploration success, our main focus will remain on the Gawler Craton. We regard our progress in the Gawler in past years as being exceptional and have established ourselves as one of three major 'stayers' in the region. The only two groups more active than Grenfell in the Gawler are the Dominion-Resolute JV and the Acacia-Helix association at Tunkillia. Both of these ventures involve two companies mainly focussed on one or two major projects. We take some pride in the fact that we have maintained our presence in the region, advanced our projects and preserved our cash position without assistance from a larger partner. We believe that the Gawler Craton will be host to numerous economic mineral deposits and see our own tenement block as having an excellent chance of housing a substantial ore body.

Our strategy for next year will be to maintain our effort on the Gawler and to initiate exploration in Rajasthan and we are confident that 1999 will bring us closer to a major discovery of gold and/or base metals. For details of the 1998 Annual Report, click here.


Pasminco / Savage Resources (3 December 1998)

Savage Resources shareholders are to receive the Part A takeover from Pasminco next week following the dismissal of claims by Savage in the Federal Court. Savage has maintained its opposition to the 85 cents a share offer.


Commodity Prices (2 December 1998)

Some commodity prices fell to long-term lows -with the January crude oil futures contract down to a 12-year low of US$11.22/bbl. Gold was down US$3.40 and base metals weakened.


Dominion Mining (2 December 1998)

Dominion has encountered promising gold intersections on the company's Homasi concession in Ghana. Better intersections included 26m @ 2.87 g/t Au, 24m @ 2.91 g/t and 42m @ 1.32 g/t. The drillhole spacing was 400m.


Exxon / Mobil (2 December 1998)

Exxon and Mobil are on the verge of announcing a mammoth merger creating the world's largest oil company.


Total / Petrofina (2 December 1998)

French oil group Total has agreed to buy 41% of Belgian oil group Petrofina and will make an offer for the rest of the company. Total is offering a stock deal on a 9-for-2 basis.


Western Metals (2 December 1998)

WM expects to finalise the sale of its Khartoum gold project in WA within weeks. Bids have closed and WM is negotiating with 2 WA-based companies.


An Feng Kingstream (1 December 1998)

An Feng Kingstream has discovered its Taiwanese subsidiary, An Feng Steel Group, is owed $52 million by interests associated with the company's chairman, Madam Te-Mei Wu.


Beach Petroleum (1 December 1998)

Beach has gained an exploration partner (not yet named) for its move back to South Australia's Cooper-Eromanga Basin next year when Santos' exclusive exploration rights expire.


Herald Resources (1 December 1998)

Quarterly Report - For The Period Ended 30 SEPTEMBER 1998

KEY POINTS :

  • Working capital increased to $12.1m, bank debt reduced to $0.5m.
  • Treatment of stockpiled low-grade ore at both sites was profitable during
    the quarter.
  • Continued drilling success on Dairi project, Sumatra.

For complete details of the September Quarterly Report, click here.


Normandy Mining (1 December 1998)

Normandy awarded a contract to Macmahon Holdings to mine its Big Bell gold project in WA. Macmahon will develop 1.6km of decline and undertake development for Stage 2 of the Big Bell mine.


Oil Search (1 December 1998)

Oil Search has indicated that the sponsors of the $3.5 billion PNG to North Qld gas pipeline are seeking to extend the project as far as Brisbane.


YKR International Resources (1 December 1998)

Management Discussion (Summary) - Quarterly Report - To 31 October, 1998

CORPORATE ACTIVITIES

The Joint Venture agreement between the company and Duketon Goldfields NL in respect of the Mt Alexander Goldfields has been further amended by a letter agreement dated 31 December 1997 whereby Duketon Goldfields NL agreed to a further extension of the next earn in phase of C$500,000 to 31 December 1998. The Company had only advanced C$270,000 by 31 October 1998 towards the next earn in phase of 6.25%. Duketon Goldfields NL has allowed the extension to 31 December 1998 for the balance of C$230,000 to be contributed as the CIP mill is earning revenue for the Joint Venture. The company currently has a 25% interest in the Mt Alexander Goldfields Joint Venture.

The shareholders passed a resolution at the Annual General Meeting held on 16 October 1998 which approved a private placement to Duketon Goldfields of 1,150,000 shares at C$0.20 which will enable the balance of C$230,000 of the next earn in of 6.25% to be finalised and the company to have a 31.25% in the Mt Alexander Goldfields Joint Venture. The placement has been approved by the VSE since the end of the quarter (27 November 1998) and the shares have been issued to Duketon Goldfields NL.

The Wattle Gully CIP plant, part of the Mt Alexander Goldfield Joint Venture (YKR International Resources 25%) continues to custom treat high grade material from Reef Mining NL which has extended the contract for a further 12 months to 26 August 1999.

EXPLORATION ACTIVITIES

Mt Alexander Goldfield Joint Venture - Victoria, Australia

EL 4235, over the old Eureka Mine, was granted on 14 May 1998 for a period of 2 years. Work approvals were granted on 24 June 1998. Diamond drilling commenced on the 1 July 1998 and was completed by the 12 August 1998. The diamond drilling was carried out by Strata Exploration Pty Limited.

The first two holes of the program targeted the area up dip of the old CRAE intersections where the reef structure intersects the east limb of the Eureka Anticline, approximately 230 metres below surface. Although holes E98/1 and E98/2 both intersected some quartz stockwork mineralisation, this does not appear to represent a major structure. Results indicate that the structure intersected in the CRAE holes has not breached the Eureka Anticline to create a Wattle Gully type lode below and east of the old mine workings.

Hole E98/3 was drilled down the anticlinal axis, south of the other holes, to test the anticline for a repeat of the Eureka orebody below the old workings. The hole intersected quartz/carbonate/sulphide veined sandstone from surface to 110 metres. Gold content in this zone is patchy with large discrepancies between repeat assays of samples. One sample returned an assay of 1.73 g/t Au whereas a repeat assay on the same sample returned 67.5 g/t Au. Because of this result, all of the mineralised zone in hole E98/3 was reassayed by the BLEG technique.

Results from the drilling indicate that the “centre country” of the Eureka Anticline, which was tested by hole E98/3, is prospective for a series of auriferous, north plunging reef/stockwork structures. It is likely that the intersections in holes E98/1 and E98/2 are on the eastern edge, or leg, of the anticline zone. The depth of the intersections suggests that the mineralisation is more extensive than past mining indicates. The deepest old workings, off the Eureka Shaft, reached only 150 metres below surface. Most of the workings were less than 50 metres deep. The E98/1 and E98/2 intersections were both below the level of old mining.

The zone intersected in E98/3 is near surface south of the hole collar and plunges north under the old Eureka Shaft. The area south of the drill hole is therefore prospective for a near surface deposit which would be amenable to open cutting. A shallow RC drilling program south of E98/3 will test this zone.

The drilling has tested only 200 metres of the 2,000 metre long Eureka-Vineyard mineralised structure. Historical research indicates that a structure similar to that intersected in the E98 program plunges north under the old Vineyard workings.

An application was made for ELA 4372 during the quarter.

Reef Mining NL treated 4,882 tonnes of high grade ore from their Tarnagulla Mine through the Wattle Gully treatment plant during the quarter. The Mt Alexander Goldfields Joint venture has recently completed the refurbishment of the crushing facility at Wattle Gully which now has both a primary and secondary crushers with a crushing capacity of 50 tph.

Aurex Property, McQuesten Area, Yukon Territory

An induced polarization (IP) survey was conducted on the Aurex Property by Amerok Geosciences Limited to identify sulphide rich zones associated with gold occurrence within the Keno Hills Quartzite and Hyland Group rocks. The IP survey consisted of 4.25 line-km and was conducted over 4 days in August 1998.

A promising target was located on lines 0E and 100E. Both lines contain a broad, highly chargeable and resistive anomaly near 500N. The anomaly is estimated to be 100m wide, deep, and laterally extensive, extending from (and likely further to the west of) line 0E to beyond lime 100E. Chargeability and resistivity values of the anomaly are in agreement with expected values for sulphide-rich silicic or calcareous auriferous host rocks. The anomaly is on strike with known showings in the area, striking approximately E-W and occurs within the same package of rocks, making it an important economic target.

The Company is continuing discussions with possible joint venture partners to continue exploration on the property.

Revenue Creek Claims, Dawson Range, Yukon Territory

Total field magnetic and VLF-EM surveys were conducted on the property by Amerok Geosciences Limited in August 1998 to locate structures or rock units hosting gold mineralization.

The magnetic survey found a close association of geochemical gold values and magnetic trends on the property. The Discovery, Guder, Klaus ad Gow Zones are all associated with magnetic lows and the Discovery and Guder zones are located in ground where substantial magnetic lows were recorded. More barren sites, sampling less than 100 ppb, typically coincide with magnetic highs on the property.

An extensive, E-W trending, weak conductor was delineated by the VLF-EM survey. Its location also coincides with the Discovery and Guder zones. The conductor may represent a fault or shear zone.

The company has been seeking Joint Venture partners to further exploration on the property and has signed a Confidentiality Agreement with a US major.


Australasian Gold Mines (30 November 1998)

AGM said it was acquiring a significant ground position around Meekatharra in WA. AGM has successfully tendered for WMC's Meekatharra Project. AGM is paying $650,000 plus commiting itself to a further $2 million of production-linked payments.


Carpenter Pacific (30 November 1998)

Resource estimates at the Mt Kare gold project in PNG have been increased to 4 milion mineable ounces of gold. Exploration is to be intensified with the aim of further expanding the resource.


Fimiston Mining (30 November 1998)

Fimiston has reported the discovery of a major vanadium oxide deposit at its St Elmo project, near Julia Creek in Qld. Initial drilling had shown the vanadium was within 15m of the surface; geological consultants have calculated an indicated resource of 60 million tonnes @ 0.42% vanadium oxide (252,000 tonnes).


Intermin Resources (30 November 1998)

Intermin has acquired the Gabanthina-Yarrabubbba vanadium project near Meekatharra in WA. The deposit has the potential to host a world-class vanadium resource - drilling encountered mineralised widths of up to 15m containing up to 1.3% vanadium pentoxide.


Pima Mining (30 November 1998)

Pima has been granted an EL covering a large deposit of magnesite, north-west of leigh Creek in South Australia -at the West Mount Hutt, Witcheline and Mt Hutton deposits with a total inferred resource of 47 million tonnes). These magnesite resources will provide the feedstock for the proposed magnesium plant at Port Augusta.


Red Back Mining (30 November 1998)

Early drilling results from the Chirano gold project in Ghana were encouraging - including near-surface intersections of 51m @ 3.27 g/t Au, 49m @ 4.36 g/t and 58m @ 4.81 g/t.


Resolute (30 November 1998)

The Golden Pride gold mine in Tanzania has been commissioned 2 weeks ahead of schedule and $3.1 million below budget. Golden Pride will produce about 180,000 ounces/year.


Sirocco Resources (30 November 1998)

Sirocco has been granted a gold exploration licence in the Gog Range, near Devonport, Tasmania. Previous driling encountered up to 3m @ 21.4 g/t Au and 2m @ 7.7 g/t.


Macmin (29 November 1998)

INDEPENDENT RESEARCH REPORT - RESOURCE OPPORTUNITIES
MACMIN N.L.

Reprinted from the November 1998 issue

This Australian explorer has an extensive portfolio of gold projects with world class potential. Resources of gold and silver have already been defined on three of them. MACMIN has a highly experienced and focussed management team and major company joint venture partners.

Joint venture partners will be spending money on six of MACMIN’s projects over the next few months. All of these projects have already had substantial work on them, and have large scale potential. Gold resources have already been identified on two of the projects. MACMIN also has a silver project with an inferred resource of 35 million oz and good upside potential, plus several other exploration projects. The company is well managed.

Further exploration success on any of MACMIN’s numerous projects could add substantial value to this company. For complete details of the Report, click here.


North Limited (28 November 1998)

North has appointed 2 new members (Dr. Max Richards and Dick Carter) to the board following the resignation of Peter Willcox.


Petroz (28 November 1998)

Petroz has decided not to exercise its option to acquire a 15% interest in the onshore Roccasicurra and Durania Blocks in Italy, following Setteporte-1 exploration well being plugged and abandoned after encountering only minor oil shows.


QNI / Billiton (28 November 1998)

Billiton has met all the conditions of its $1.05-a-share takeover bid for QNI - it has acquired more than 96% of QNI shares from more than 75% of shareholders. Billiton will proceed to compulsory acquisition of the outstanding shares and then apply for delisting of QNI.


WMC (28 November 1998)

WMC Limited ("WMC") has agreed to sell its Western Australian power assets including gas turbines and power distribution and transmission assets which deliver power and energy to its Nickel and Gold Operations.

The purchaser is the Southern Cross Energy ("SCE") partnership between TransAlta Energy (Australia) Pty Ltd (85%) and AGL Power Generation Pty Limited (15%).
The sale price of $230.2 million is subject to working capital adjustments to be determined prior to completion of the sale. The assets sold had a book value of approximately $165 million as at June 1998.


Woodside Petroleum (28 November 1998)

Due to low oil prices, Woodside is looking to cut spending by about $400 million across its operations within the next 2 years.


British Petroleum / Amoco (27 November 1998)

BP shareholders have voted in favour pf a merger with Amoco.


Eastern Aluminium (27 November 1998)

EA is to abolish the position of managing-director as part of moves to put the company on a care-and-maintenance footing while awaiting sale.


Grenfell Resources (27 November 1998)

Grenfell is pleased to announce that it has received advice of formal approval from the Government of India for participation in the Rajasthan Zinc-Lead and Copper-Gold exploration projects.

Grenfell will hold a 75% interest in the company owning the six ELs, the remaining 25% being held by Meridian Peak Resources Corporation (MRK), a publicly listed, Vancouver based exploration company. MRKs interest will be free carried to delineation of a mineral reserve at which time it must elect to contribute to future expenditure pro rata or convert its interest to a royalty of 2% (net smelter return).

The "Meridian" exploration licences total 9700 square kilometres and have a 3 year term (extendable to 5) during which areas must be progressively reduced (by approximately half the area annually). Mining lease tenure can be secured (where justified) on areas of 25 square kilometres, or before expiry of the ELs. For complete details, click here.


New Hampton Goldfields (27 November 1998)

RE : SHARE BUY-BACK

On 20 November 1998, we made an announcement in relation to the business of our Annual General Meeting of that date in which, inter alia , we advised that the Company’s Board of Directors would be giving consideration to the above subject during the course of discussions this week.

The Directors have resolved to make an offer to all shareholders of minimum holdings, i.e. registered as having less than a “marketable parcel” as defined under the ASX Business Rules. Assuming yesterday’s closing price of the Company’s shares of 18.5 cents on SEATS, the offer could be made to shareholders holding up to 2,702 fully paid Ordinary Shares in the Company. The Board proposes, however, to offer to acquire holdings of up to and including 2,500 shares, subject to any change in the Company’s share price prior to the date of the offer.

Each such shareholder will be sent a letter making the offer of a buy-back on the following terms within the next few days :

Price :
25 cents
Stamp Duty :
For the Company’s account
Brokerage (if any) :
For the Company’s account
Payment :
No later than 14 days after receipt of acceptances
Validity :
Until 31.12.98

The Board is continuing to give attention to the desirability of an on-market buy-back not exceeding 10.0% of the paid up capital on issue and may make a further announcement on this subject shortly. For complete details, click here.


Nimbus Resources (27 November 1998)

RE : EXERCISE OF OPTIONS / NAME CHANGE

On the 3rd September 1998, the Company announced that it had signed a Memorandum of Understanding with the Broken Hill Proprietary Company to purchase the Hawks Nest mineral sands operation from a subsidiary of BHP pursuant to the latter’s restructuring programme.

Formal documentation to give effect to this transaction was signed between the parties in Melbourne yesterday. Nimbus will assume control of the Hawks Nest operation later this month.

Also, we have been advised that Nimbus’ major shareholder, New Hampton Goldfields NL, which holds 43.2% of the issued capital of the company, has advised of its intention to exercise the 1,500,000 June 1999 25 cent options it owns in the capital of Nimbus to assist the Company with funding the acquisition of the Hawks Nest mineral sands project.

At the AGM, thr Resolution to change the company name to Mineral Deposits Limited was adopted unanimously. For complete details, click here.


Normandy Mining (27 November 1998)

There were rumours that Normandy was preparing to move on Great Central Mines after freeing up $650 million by effectively closing out 85% of its gold hedge book. Normandy is in the process of replacing its forward sales with put options.
Another potential target is Newcrest Mining.


Ashton Mining (26 November 1998)

One of the key kimberlite pipes at the Buffalo Hills diamond project in Canada has proven uneconomic. Sampling from a bulk testing program of the K-14 pipe had resulted in 56.45 carats being recovered from a 479 tonne sample. The effective grade of 11.78 carats/tonne is disappointing and considered uneconomic. The quality of the stones was mixed.


BHP (26 November 1998)

BHP has revealed that continued weak commodity prices, combined with lost production from the Longford explosion in Vic, will significantly impact on first-half profits.


Dynergy Power Corp (26 November 1998)

US-based Dynergy has withdrawn from a $500 million gas-fired baseload power station project (766-Megawatt) near Townsville. The Qld Government-owned Stanwell Corp Ltd, the JV partner, says it will press ahead with the project after acquiring Dynergy's 50% stake. The station plans to use gas from the proposed PNG-Queensland gas pipeline.


Hargraves Resources (26 November 1998)

Hargraves is intent upon expansion, but is yet to decide whether this will be through JV's, acquisitions or exploration success. Hargraves has $30 million reserved to effect its goal of a 250,000 to 300,000 ounce/year gold producer.


Iron Ore (26 November 1998)

Australian iron ore producers could face price cuts of up to 10% when negotiations with Japanese steel mills commence shortly.


Mt Kersey Mining (26 November 1998)

Mt Kersey has applied for 39,000 sq. km of tenements in central Australia (Tanami desert region) to explore for South African Witwatersrand-style gold mineralisation.


New Guinea Gold Corp (26 November 1998)

MANAGEMENT DISCUSSION - SEPTEMBER 30, 1998

Exploration during the quarter consisted of completion of a large induced polarisation (IP) geophysical program of the Kabang-Kapkai gridded area (by Zonge Engineering) on the Feni property that is located in the Lihir gold corridor of Papua New Guinea. Drill testing of the highly prospective geophysical / geochemical anomalies and structural zones was initiated on October 5 th and will be reported on early-December.

The geophysical survey consisted of 20,050m of 150m dipole/dipole IP on 200m spaced lines and 2100m of infill 50m dipole/ dipole, for a total survey of 22,150 linear metres. The final data have recently been received and interpretation commenced.

The geophysical method measures attributes known as chargeability and resistivity, both of which can provide specific geological and structural information. At Kabang, the gold mineralisation is associated with sulphides that produce chargeability anomalies and can also be associated with resistive anomalies that can be directly correlated to silicified and/or quartz veined zones.

The IP data have documented large anomalous zones that will be further evaluated /compared with structural interpretations based on the company’s high resolution radar digital elevation model (DEM) data. High quality drill targets are being defined and these will be tested in the new year.

On November 6, 1998 a public offering prospectus was filed and receipted by regulatory authorities to qualify the issue of 7,500,000 units to be issued upon exercise of 7,500,000 special warrants previously issued at a price of $0.20 per special warrant to Goldcorp Inc. Each unit is comprised of 1.1 common Shares (each whole Common Share being an "SW Share") and 0.55 Common Share purchase warrants. Each whole share purchase warrant is exercisable for the purchase of an additional common share at $0.30 until January 9, 2000.

The November 6 th prospectus also includes an additional offering of 3,500,000 common shares at an estimated price of $0.15 per share to raise a further $525,000 to be used to continue the drilling program currently underway on the Company's highly prospective Feni Island property in Papua New Guinea.


Rio Tinto (26 November 1998)

Rio is extending its share buyback scheme beyond November; the current scheme ends on 27 November but Rio would begin another one on 30 November.


Western Reefs (26 November 1998)

Western Reefs expects its net real assets to increase from $11 million to $20 million within the next 12 months. This would be achieved on the back of the development of the Gilbey's and Western Queen mines in WA. Westren Reefs recorded a net profit of $2.6 million in 1997-98.


Diamond Rose / Striker Resources (25 November 1998)

Diamond Rose has struck an agreement to move to 57% of Striker in return for financing further exploration on the Ashburton tenements.


Gilt Edged Mining (25 November 1998)

GEM has identified 2 possible commercial pits at its East Kundana gold project in WA. A wide-spaced shallow drilling program has located 2 zones of mineralisation within a 1.6km corridor. The zones are about 300m long and 400m apart and remain open at depth and possibly along strike. The latest results at Hornet include 17m @ 5.38 g/t Au and 8m @ 6.26 g/t; at Rubicon results include 8m @ 57.19 g/t Au and 4m @ 17.78 g/t.


Gawler Gold & Mineral Exploration (24 November 1998)

Quarterly Activities Report and Mining Exploration Entity Quarterly Report
- For The Quarter Ended September 30, 1998

COMMONWEALTH HILL GOLD JOINT VENTURE - South Australia

An RC drilling program commenced to evaluate geochemical and geophysical anomalies the Mars, Comet, St. Andrews, Eaglehawk and Birthday prospects. Significant gold mineralisation has been demonstrated at the Comet prospect.

On July 22, 1998, Gawler Gold and Mineral Exploration NL acquired a further 297,374 shares in BeMaX Resources NL via purchases“on market” and, as at the date of this Report, Gawler Gold holds approximately 9.7 percent of the Company’s total issued capital at that time, in addition to 1,090,000 options in BeMaX.

For complete details of the September Quarterly Report, click here.


AEP Resources (24 November 1998)

US-based AEP plans further expansion in the Australian energy market following the purchase of Victorian electricity distributor CitiPower for $1.7 billion.


Boral Energy / Cultus / Omega Oil (24 November 1998)

Boral has revealed its newest gas field in the SA section of the Otway Basin is up to 4 times larger than previously predicted. Recent tests showed the Ladbroke Grove gas field (Katnook JV) held likely reserves of up to 35 petajoules.


Giants Reef (24 November 1998)

Giants has announced exciting drill results from its Billy Boy prospect near Tennant Creek in the NT. A 12m section gave promising results - split into 1m intervals the results included 8.6% Cu and 0.82 g/t Au, 23% Cu and 8.9 g/t Au, 17% Cu and 1.55 g/t Au and 16.4% Cu and 2.93 g/t Au. Other results included 24m @ 30 g/t Au and 3% Cu - a 5m enriched zone returned 137 g/t Au.


Golden Cross Resources (24 November 1998)

Golden Cross Resources NL announces commencement of diamond drilling at Cargo and completion of 25 reverse circulation/aircore drill holes at Narragudgil.

At Cargo, joint venture partner Newcrest has drilled approximately 300m of diamond core, using two drill rigs. Each rig is working double shift in an effort to finish four 700-800m holes by Christmas.

At Narragudgil, joint venture partner Newcrest has completed 25 reverse circulation/aircore holes. Assays are awaited. It is intended that the best holes will be deepened by diamond tails in about two weeks time to test for porphyry copper mineralisation.


Pasminco (24 November 1998)

Production above ground at the Broken Hill lead, zinc and silver mine will be disrupted for up to 1 week after a fire in the primary screen house of the concentrator.


Titan Resources (24 November 1998)

Titan has announced plans to generate up to $3 million in extra revenue from its Radio Hill nickel-copper-cobalt mine - the extra revenue will come from the sale of stockpiled copper concentrates and the finalisation of details for payment of contained palladium in the concentrate delivered to WMC.


Anaconda Nickel (23 November 1998)

The Murrin Murrin nickel project was now more than 98% complete; the refinery is scheduled to start up in January.


Australian Worldwide Exploration (23 November 1998)

Three gas fields in which AWE holds significant interests have been upgraded in resource terms. A review of the Manta, Gummy and Kipper fields in the Gippsland Basin in off the Vic coast has resulted in total proved and probable resources of 796 petajoules of sales gas and 182 million barrels of oil equivalent in associated liquids.


Ballarat Goldfields / Highlake Resources (23 November 1998)

APPROVAL OF SCHEMES OF ARRANGEMENT

Ballarat Goldfields NL ("Ballarat") and Highlake Resources NL ("Highlake") are pleased to jointly announce that the Supreme Court of Victoria has approved:

The effective date of each of the schemes will be Monday, 23 November 1998 on which date the Orders of the Court will each be lodged with Australian Securities and Investments Commission and with Australian Stock Exchange Limited.

Highlake shareholders should be aware that trading in shares in Highlake will cease on close of business on Monday, 23 November 1998. For details, click here.


Coal (23 November 1998)

Australian coal producers face price cuts of up to 15% as the spectre of softer demand and surplus supply overshadows the current round of negotiations with Japanese buyers.


Cultus Petroleum (23 November 1998)

Cultus has confirmed oil has been found in the Maari-1 well, south of the commercial Maui field off Taranaki. Earlier this week Shell Todd Oil Services, which is drilling the well for Cultus, played down rumours of a significant oil find.


Giants Reef Mining / Mt Grace Resources (23 November 1998)

Giants has intersected high-grade copper and gold in its first hole drilled at the Billy Boy prospect, east of Tennant Creek. The hole intersected 12m @ 12.17% Cu and 3.15 g/t Au in a 9,000m drilling program - part of the sale of its remaining 40% stake in the Batchelor interests to Mt Grace Resources NL.


Gold Imports (23 November 1998)

Australia imported a record $875 million of gold in the September quarter (from virtually nil 18 months ago), mainly from the financially troubled South Korea..


Goldsearch (23 November 1998)

Drilling has commenced at the Mt Kellly high-grade copper-gold deposit, 90 km north of Mt Isa. The holes will be drilled to confirm a previous high-grade intersection and to assess the potential for an economic resource with an average grade of about 3% Cu and 15 g/t Au.


Paget Mining (23 November 1998)

Illegal mining at the disputed Sabodala gold deposit in Senegal had been stopped by army and police intervention. Paget is claiming it has a valid agreement with BRGM to buy a 51% share of the 1 million ounce deposit.


Woodside Petroleum (23 November 1998)

Woodside is seeking a "micromarket" for LNG in a JV with Energy Equity Corp to provide fuel to small towns and mines close to its North West Shelf venture. The JV plans to build a $60 million mini LNG plant from a design developed for remote users of natural gas.


Glengarry Resources (21 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER

Tanami Granites :

The final phase of the 1998 drill program at Larranganni confirmed bedrock anomlaism/mineralisation at another 4 anomalies and significantly extended the zone of mineralisation at the Osprey prospect. Significant intersections include:

Queensland :

The resource at Great Britain has been increased to in excess of 161,000 ounces . The existence of high-grade cross-cutting shoots has been further demonstrated with an intersection of 2m @ 17 g/t Au.


Perseverance Mining Corp (21 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER

Total gold production was 11,040 ounces. Gold production at Fosterville was
the third best quarter on record at 10,457 ounces, bettering the mine forecast
by 320 ounces. Bailieston produced a further 583 ounces.

Cash costs at Fosterville were A$331 per ounce, a reduction of A$33 per
ounce on forecast figures and 8% better than the corresponding quarter in the
previous year. Cash costs for Bailieston were A$465 per ounce.

Further encouraging drilling results were received from the Hunt’s infill drilling
programme. Best oxide intersections were 22 metres at 3.57 Au g/t, 12 metres
at 5.82 Au g/t, 12 metres at 4.48 Au g/t and 12 metres at 3.99 Au g/t. Best
sulphide drilling results were 26 metres at 3.73 Au g/t and 28 metres at 2.44 Au
g/t.

The cost estimate of the Fosterville Sulphides Project treatment plant capital
equipment has been reduced from A$20.1M to A$16.6M.

The Company has signed a BIOX® licensing agreement with Minsaco BIOX®
Pty Ltd. Minsaco is a wholly owned subsidiary of the giant South African group
Gold Fields Limited.

Geophysics at Fosterville has identified a number of pronounced targets under
alluvial cover on both the Fosterville and O’Dwyer’s Faults after being trialed
over the buried Hunt’s deposit.

Infill drilling at Goornong South increased the oxide resource to 783,000
tonnes at 1.4 Au g/t. Significantly, a diamond hole drilled for metallurgical
testwork intersected 21 metres at 2.74 Au g/t of sulphide mineralisation, with
the bottom sample in the hole returning 5.11 Au g/t.

Metallurgical testwork has been carried out in heap leach columns for both
Hunt’s and Goornong South. Indicated recoveries for Hunt’s were 89% to 95%
and for Goornong South were 89%. Preliminary testwork on the Goornong
South sulphide mineralisation indicated that it is very similar to the Fosterville
Sulphides Project mineralisation that occurs 8 kilometres to the south.

Both the Mill’s and Goornong South prospects have reached the stage where
there are sufficient oxide resources to allow an Environment Effects
Statement to be prepared for both. This will provide the necessary permitting
to allow these areas to be quoted with ore reserves. The mineralisation at both
deposits is metallurgically very similar to those at Fosterville

Sampling at Myrtle Creek has indicated gold and arsenic anomalism in
favourable sandstone units over an area of 450 by 300 metres.


Capricorn Resources (21 November 1998)

Capricorn has announced the resignation of Tony Gates, founder of the company, as director and Executive Chairman. Mr Chris Barker has been appointed as non-executive chairman.
Due to the timing of Mr Gates' resignation, resolution 1 of the AGM was withdrawn prior to the comencement of the meeting. Resolutions 2,3,4,5 and 6 were all duly passed at the meeting.


Gympie Gold (21 November 1998)

Gympie has posted an unaudited profit of $2 million for the first 4 months of 1998/99 - made up of good contributions from gold and coal.


Pan Australian Resources (21 November 1998)

Company Highlights - 1997/98 Annual Report

1997

 
August
Placement to AMP Society of 7,600,000 fully paid ordinary shares raises $1.6 million
October
Large polymetallic (lead, zinc, gold, copper and silver) soil anomalies discovered at the Steere River Project
   

1998

 
February
Agreement reached with Phelps Dodge and Dominion for a tripartite joint venture at the Happy Valley Project
May
Agreement reached with Resource Investments for a joint venture over the Yilgarn Extension, Grass Patch and Mt Burdett Projects

Agreement reached with Delta Gold for a joint venture over the Steere River Project

June
Placement to Laurina Mines Pty Ltd (subsidiary of Delta Gold N.L.) of 4,000,000 fully paid ordinary shares raises $1,000,000

Agreement reached with Rio Tinto for a joint venture over the Hawkwood Project

First phase drilling at the Steere River Project intercepts elevated polymetallic values

For complete details of the 1997/98 Annual Report, click here.


Precious Metals Australia (21 November 1998)

Earthworks commence at the Windimurra Vanadium project in WA. To view a photo taken yesterday, click here.


Ross Mining (21 November 1998)

EXCERPTS - CHAIRMAN’S ADDRESS AT THE COMPANY’S 12TH AGM

Operating Profit before tax and abnormals was $7.5 million or some 40% lower than the previous year’s result. A major cause of this lower profit was the high operating costs experienced at the Glen Eva satellite pit. A wall collapse at the mine in June, 1997 and subsequent instability in the mine walls together with the cost of ore transportation to Yandan made it uneconomic to continue production. As a result the pit was closed in December, 1997.

Despite the loss of production from Glen Eva for a full six months of the year, gold delivered increased by 2.5% to 81,495 ounces. The average sale price realised during the year was A$559 or A$108 over the prevailing spot price for the year. This was only $3 below last year’s average.

The excellent operating result and production figures achieved was largely due to a very good performance from the Yandan mine which delivered 65,023 ounces of gold at an average cash cost of A$288.

The Company is now poised on a new phase in its development with the commissioning of three new mines in the current financial year. It is anticipated that production this financial year will more than double from the 81,495 produced last year and that annual production of at least 200,000 will be achievable in the following year. For complete details, click here.


BHP Iron (20 November 1998)

The demarcation dispute at BHP's Pilbara iron ore operations is no closer to settlement following recent on-site union meetings.


Ergon Energy (20 November 1998)

Ergon has secured Goodman Fielder as a major customer - GF will buy 25.8 gigawatt hours of power.


MIM (20 November 1998)

MIM has promoted Vince Gauci to the new position of group executive, Australian operations.


Pasminco (20 November 1998)

Pasminco has denied it has flagged legal action over delays in construction of power lines to its $1 billion Century Zinc project in Qld. Work has stalled due to a native title issue.


Ballarat Goldfields (19 November 1998)

CHAIRMAN’S ADDRESS - ANNUAL GENERAL MEETING - BALLARAT

The 1997/98 Year and Update

As you have been made aware by recent events, some important steps have been initiated by your board to help position BGF to be able to enjoy long term sustainable growth and be in a better position to become a pre-eminent Victorian and Australian Gold Company.

Steps important in achieving this outcome include:

So as you can determine from this outline there has been considerable implementation of strategies in accordance with the Company’s business plan.

Your board is very mindful of not losing focus on our main project, the Ballarat East Gold Project. During the past year an external and independent revision of technical issues relevant to the final design and construction of the Project was commissioned. This study indicates that $13 million are required over an 80 week period in order to complete the access decline, in lode underground development, trial mining and final resource definition drilling. We fully expect work to confirm the robust nature of the Ballarat East gold resource and to lead to a decision to proceed to develop the underground mine. The independent consultants’ study confirms BGF’s conclusion that based on a production rate of 300,000 tonnes per annum, the cash costs are estimated to be approximately A$74/tonne mined and approximately A$272 per ounce of gold produced. In other words the project is expected to offer an operating cash margin of about $200 per ounce at a spot gold price of A$475 per ounce.

All of this work has clearly confirmed that an investment of A$13 million in decline development and resource definition is justified and ideally dovetails with the trustee capital raising facility previously mentioned. Subject to funding the Company is scheduling re-commencement of decline development late in 1999. For more information, click here.


Climax Mining (19 November 1998)

Climax says its Dinkidi copper-gold deposit in The Philippines, is expected to have an operating cost below 90% of the world's gold mines. A feasibility study had been completed and Climax was now processing various financing alternatives on the 1.7 million ounce project.


North (19 November 1998)

North is reviewing its operations in an attempt to cut costs and improve returns to shareholders. North said it was a weakness of the mining industry in that it believed it had to own and operate its assets. North has placed all of its infrastructure up for sale, a move expected to be followed by other mining houses.


Straits Resources (19 November 1998)

STRAITS COMPLETES NIFTY ACQUISITION

Sydney, Australia: The Directors of Straits Resources Limited (ASX Code: SRL) are pleased to announce that the company has completed the acquisition of Nifty Copper Operations from WMC Resources Ltd. Settlement of the acquisition was finalised today following the satisfaction of all conditions precedent under the Sale and Purchase Agreement entered into with WMC on 19 October 1998.

The acquisition is being funded by a loan facility with Bankers Trust Australia Limited. The Company has entered into a A$62 million, four year Syndicated Revolving Facility Agreement fully underwritten by Bankers Trust Australia Limited. For additional information, click here.


Brandrill (18 November 1998)

Brandrill has secured 2 new contracts, including an $18 million contract with Great Central Mines' Bronzewing gold mine in WA and a $3 million contract to develop an underground decline and loophole stoping at Triako Resources' Mineral Hill gold mine at Condoblin in NSW.


Monto Minerals (18 November 1998)

Power Asset management is to pump $2.618 million into Monto as partb of a move that eventually may give it control. The staged placement to Monto will be followed by moves to raise $35 million in debt funding to get mining at the Goondicum ilmenite deposit in QLD underway.

Power will subscribe for 30.8 million shares at 8.5 cents each, taking the shares up in tranches between 27 November and 30 September. Power will also be granted 20.2 million options, exercisable at 17 cents each by 30 June. If exercised, Power will have a 53.8% holding.


Santos (18 November 1998)

Santos has claimed Australian gas producers were selling gas up to 30% cheaper than their US counterparts.


Tanganyika Gold (18 November 1998)

Tanganyika has diversified into vanadium mining, announcing it was proceeding with a feasibility study into a 6,000tpy vanadium mine. The decision follows the exercising of an option to acquire a 100% interest in the Balla Balla deposit in WA's Pilbara region.


Woodside Petroleum / Energy Equity Corp (18 November 1998)

Woodside and EEC have unveiled plans to build a domestis LNG plant in WA's north west, probably near Port Hedland. The cost is estimated to be between $60-70 million.


An Feng Kingstream Steel (17 November 1998)

An Feng has denied reports that it is about to be cut free from its Taiwanese connections.


Border Gold (17 November 1998)

1998 Annual Report - REVIEW OF OPERATIONS - Introduction

During 1997/98, Border Gold NL advanced the status of its Karonie Gold Project which is located 110 km east of Kalgoorlie. This was achieved through pre-feasibility mining and processing studies for defined resources and the commencement of joint venture trial underground mining of a high grade ore shoot at the north end of the Main Zone open pit.

Regional grassroots exploration was largely curtailed except on projects such as Gidji and Dordie Rocks in the Kalgoorlie - Kambalda district where joint venture partners are in the process of earning majority interests and the strategically located Boomerang project at the north end of the Kalgoorlie Golden Mile where the Company holds a 30% contributing interest .

It is envisaged that exploration at Karonie, by Border Gold during 1998/99, will comprise limited testing of advanced targets in the Main Zone – Harry’s Hill and French Kiss areas where there is potential to increase the currently defined mineable reserves at exploration cost. The key initial focus however, will be the completion of the mining feasibility assessment of the project.

A rights issue capital raising of $1,025,625 was finalised in May 1998 to fund ongoing working capital requirements, feasibility studies and reserve definition drilling. A capital reconstruction and share consolidation was also completed.


Emperor Gold Mines (17 November 1998)

Emperor has advised shareholders to ignore an offer from South African group Durban Roodepoort Deep to acquire at least 51% of Emperor - until the offer is explained in detail. DRD has not mentioned a price.


Novus Petroleum (17 November 1998)

Novus will sell a portfolio of Carnarvon Basin oil and gas permits in WA, including interests in the Harriet and Airlie producing areas, to Apache Corp for US$55 million, comprising US$49 million in cash, working capital and other adjustments
Novus will use the funds to finance its interests in the western desert of Egypt..


Auridiam Consolidated (16 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER:


Border Gold / WMC (16 November 1998)

KARONIE JOINT VENTURE - WMC RESOURCES LTD

Border Gold NL advises it has entered into a Joint Venture Agreement (“JVA”) with WMC Resources Ltd (“WMC”) covering Karonie project tenements which consist of exploration licences 28/469, 470, 471 & 472 and mining lease applications 28/189, 190 and 191.

Under the terms of the JVA, WMC must spend a minimum of $500,000 on exploration, after which WMC may elect to receive an 80% interest in the JVA tenements. Border’s retained 20% interest is then free carried for the life of the JVA and Border has no obligation nor the right to continue with further exploration or development costs.


Boss Resources (16 November 1998)

Sampling of quartz at the Rio Bocay project in Nicaragua has returned values up to 2.3 g/t Au.


Crest Resources (16 November 1998)

Multiplex Constructions has entered into a deal with crest which could result in Multiplex taking a 51% stake in the proposed $1 billion magnesium plant, based on Crest's Arthur-Lyons River magnesite deposit near Burnie in Tasmania - adjacent to another proposed magnesium project being proposed by Golden Triangle Resources.


Mosaic Oil (16 November 1998)

The Kimu-1 well in PNG, (spudded yesterday) is the first probe on lower ground south of the Papuan fold belt on which sit several large producing fields.


Pacific Mining (16 November 1998)

Pacmin has received further encouraging drill results from its Tarmoola operation in WA. The latest results include 7m @ 11.1 g/t Au and 8m @ 6.6 g/t Au.
Pacmin is now expanding Tarmoola's ore processing plant from 2.7mtpy to 3.3mtpy to prepare for an underground operation at Tarmoola Deeps - expected to produce 180,000 ounces/year this year and rising to 220,000 ounces/year.


Ballarat Goldfields (14 November 1998)

All motions at the AGM were carried. For details, click here.


Macmin (14 November 1998)

OUTCOME OF ANNUAL GENERAL MEETING

In accordance with Listing Rule 3.13.2 I Macmin advise that all motions as per the Notice of Annual General Meeting were carried without amendments. For details, click here.


Precious Metals Australia (14 November 1998)

Presentation by PMA at the Las Vegas Ferroalloys Conference - Primary Vanadium Production - Windimurra Project (largest proven Vanadium deposit). For full details of the presentation, click here.


BHP (13 November 1998)

BHP has been forced to cut production at the Whyalla steelworks in SA in response to weaker markets. In addition, heavy rainfall in Queensland has adversely affected coal production.


BHP / Esso (13 November 1998)

Oil production from Bass Strait will not restart in mid-November due to industrial action at Esso Australia and BHP's Longford plant.


Golden Hills Mining (13 November 1998)

1998 Annual Report - Company Overview

The change of focus to telecommunications and information technology provides the Company with a clear objective to restore shareholder value and obtain a growing cash flow.

Following the forthcoming Annual General Meeting (“AGM”), shareholders will be given a detailed presentation of the Company’s plans and then given the opportunity to decide on a future direction in one of Australia’s fastest developing business sectors.

THE PAST YEAR

Since the last Annual General Meeting, the Company has effectively been in a holding pattern whilst gold prices continued to fall and resource market confidence was sapped. Cash for exploration was not available in the market. The board has concentrated effort on the evaluation of alternative cash-flow generating business opportunities to find a way to return value to shareholders’ investment. Projects were initially evaluated in the resources sector, then on a wider scale; with the best opportunity finally identified in the burgeoning telecommunications sector.

During the year an active exploration effort was sustained in the Lachlan Fold Belt of New South Wales, the Victorian goldfields and at Lake Johnston in Western Australia, whilst fixed and mobile plant assets were rationalised and liabilities greatly reduced, in an adverse market, to leave the company with a radically different balance sheet and the capability to take on a new business.

CONTRASTING VALUATIONS

The Notices of Meeting for the 1998 AGM and the following Extraordinary General Meeting (“EGM”), accompanying this annual report, detail the future path for the company. We urge shareholders to read the attached expert’s reports. You will see substantial downgrading in the valuations of the Company’s exploration assets due to market forces and the opportunity to reverse this via the strategic investment in telecommunications technology and the consequent strong valuation of the telecommunications assets under contract.

RESOURCES BUSINESS

The exploration effort was at the primary level of data gathering and assessment of several large tenement packages. The results of high quality airborne Geophysical and GIS coverage of the areas, have confirmed the presence of major structures and targets and enabled the planning of significant relinquishment’s to reduce holding costs. The focus is now on specific targets and the selective joint venturing of areas. There are excellent exploration packages suitable for joint venture in each area.

Gold production at Temora has virtually ceased with the plant being prepared for mothballing. Crushed Rock is now available for sale, and whilst a very wet winter in New South Wales has delayed sales, revenue is still expected from Temora during the coming year.

The challenges for 1999 for the Company’s resources business are:

CORPORATE

If shareholders approve the Davnet Pty Ltd purchase, the board believes that the year to 2000 will be an exciting time, with your company being at the forefront of real commercial Internet development. You will have noticed the positive publicity regarding Davnet. Investor interest has been very strong, with the rapid provision of loan funds for Davnet project development, and an offer to arrange further finance via Intersuisse Ltd. An energetic management team pushing the roll-out of an advanced corporate telecommunications network, should stimulate interest in the Company and provide a platform for a significant return of value to shareholders.


Highlands Pacific / Nord Pacific (13 November 1998)

HP expects to proceed with its $1.33 billion Ramu nickel/cobalt JV in PNG by late 1999 following the release of a feasibility study confirming the low-cost status of the project - forecasting average cash operating costs of US$1.38/lb of Nickel metal or US$0.41/lb after a US$10/lb cobalt credit. At these cost levels the project will be amongst the world's lowest cost producers.


Kingstream Resources (13 November 1998)

The fate of the An Feng Kingstream's $1.5 billion slab steel plant in WA is hanging in the balance after the collapse of plans for a takeover by Taiwanese interests.


MIM (13 November 1998)

MIM has reached agreement to sell its 20% stake in the Mica Creek Power Station at Mt Isa to North West Energy ( who own the other 80%).


QNI (13 November 1998)

QNI 's independent directors have finally accepted Billiton's $1.05 - a - share offer.. Billiton now is entitled to 91.04% of QNI.


Stuart Oil Shale Project (13 November 1998)

Suncor Energy has contracted Macmahon Holdings for a $6 million contract as part of Stage 1 of the $250 million oil shale project in QLD.


QNI / Billiton (12 November 1998)

Billiton has now acquired 87.4% of QNI, very close to the all-important 90% acceptance level.


Ross Mining (12 November 1998)

GOLD RIDGE

VALEHAICHICHI RESOURCE UPDATE

A final resource estimate has been completed for Valehaichichi by Hellman & Schofield consultants. The new model includes the recent drilling reported in the September 1998 quarterly report.

Despite a reduction in cut off grade to 0.60 g/t gold, the average grade of the measured and indicated resource increased by more than 8% to 1.56 g/t gold, totalling 856,000 ounces of contained gold, up 42,000 ounces on previous estimates. An additional 160,000 ounces has been defined in the inferred category which may be converted into reserves with additional drilling. Total contained gold of the Valehaichichi resource including the inferred category now stands at more than one million ounces. Early indications are that both grade control and production reconcile well with the new model.

Exploration Drilling Results– Kupers & Dawsons

As part of the ongoing exploration drilling programme, results since September from 45 new holes (3,440m) include:

  KUPERS

DAWSONS
10m
@
2.36 g/t

24m
@
8.00 g/t
6m
@
2.12 g/t

6m
@
4.11 g/t
11m
@
1.66 g/t

25m
@
4.99 g/t




10m
@
3.91 g/t

The drilling continues to test possible extensions to mineralisation at both Kupers and Dawsons defined by the recent drilling results, reported in the September Quarterly Report, and soil sampling.

Both zones of mineralisation remain open and an increase in resources is expected for both areas. The new results at Kupers confirm that the resource area may double and that the two pits at Dawsons may merge into one. Resource estimation work is planned, and will start on the completion of the drilling programme in December.

For complete details, click here.


Geographe Resources (11 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER:


Grange Resources (11 November 1998)

The assay results from Hole RPHY0819, at the Mt Windsor JV - Conviction Prospect are:

All material assayed was diamond drill core apart from the interval 310m - 318m which was RC drill chips.


Macmin (11 November 1998)

Re: CRATER MOUNTAIN GEOCHEMISTRY & DRILLING (100% MACMIN)

Detailed auger soil geochemistry at the Nevera Prospect, Crater Mountain Project has confirmed and more closely defined some of the higher grade gold zones in soils. Five samples returned results greater than 2g/t Au with a high value of 13g/t Au. The previous high value was 17g/t Au.

The diamond core drill has been mobilised to site and will commence drilling in the next few days. For additional information, click here.


Oil Company of Australia (11 November 1998)

Lower crude oil prices have cut OCA's first quarter operating profit - sales revenue was 10% below the corresponding period last year.


Pasminco (11 November 1998)

A large offshore zinc producer is believed to be sizing up Pasminco for a $2 billion takeover.


Preston Resources (11 November 1998)

The QLD Government has approved the $639 million development of a nickel/cobalt mine near Rockhampton. 19,400 tonnes of nickel and 1600 tonnes of cobalt will be produced annually.


QMC (11 November 1998)

The current economic outlook will make it dificult for QMC to match its 1997-98 maiden profit ($3.5 million) this financial year.


Santos (11 November 1998)

Santos has announced another gas discovery in the Patchawarra South West Block in the Cooper Basin - the Moonanga 1 well flowed gas at 263,360 m3/day and 29 barrels of condensate/day. The discovery will be cased and suspended as a future gas producer.


Werrie Gold (11 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER:


Kimberley Resources (10 November 1998)

Kimberley has announced the discovery of 4 lamproite pipes at its Blina prospect in WA's Kimberley region. The prospect borders on the Allendale project being drilled by Ashton and talks to consolidate the region were ongoing.


Merritt Mining (10 November 1998)

SIBERIA TANK OPTION

Centaur Mining & Exploration Limited has exercised its option to acquire an 80% interest in Siberia Tank from Merritt Mining NL and Richfield Resources NL for $1,200,000. Centaur will pay Merritt and Richfield $300,000 each by 31 December 1998 and a final $300,000 each by 30 June 1999. Merritt and Richfield will each retain a 10% interest carried to production. Siberia is located about 8km west of the northern Cawse nickel resources and about 25km northwest of the Cawse Treatment plant. For additional information, click here.

ALLIANCE GOLD MINES NL

Following the completion of the Alliance Gold Mines NL share issue, Merritt Mining NL holds 36.7% of Alliance.


Minotaur Gold / Gawler Gold & Mineral Exploration (10 November 1998)

1) Bibliando Joint Venture

In preparation for the deep drilling program to test for Olympic Dam and/or Telfer style mineralisation, vein mapping and sampling encountered anomalous gold and base metal values. Initial sampling adjacent to one of the deep drilling targets returned 66 grams / tonne gold. Follow up sampling of a gossanous quartz vein, measuring 10 x 0.3 metres, returned the following analyses:

BIB 71
28
grams/tonne gold
BIB 145
134
grams/tonne gold

Neighbouring vein sets returned high background values ranging up to 0.25 grams/tonne gold. Preliminary base metal analyses indicate anomalous values of > 0.2% copper, cobalt and arsenic within the vein systems.

The veins are sparsely distributed and vary from a few centimetres to 0.3 metres in width and are interpreted to represent leakage from a larger mineralised system at depth. The distribution of the veins and their geochemistry compliments the local gravity and magnetic anomalies and further supports the deep drill testing program. Tenders for up to three deep diamond drill holes designed to test those anomalies have been called, with the first hole programmed to commence within 4 weeks.

2) Eyre Peninsula Joint Venture

Agreement on the terms of a joint venture has been reached between Minotaur and Aurora Gold (W.A.) Pty Ltd (a wholly owned subsidiary of Aurora Gold Ltd) on EL’s 2260 and 2263.

The two tenements lie within the Eyre Peninsula along the southern margin of the Gawler Range Volcanics. EL 2263 lies only 10 kilometres east of Acacia’s Weednanna gold discovery while EL 2260 is some 50 kilometres to the west.

Aurora may earn a 51% equity in each tenement by expending $240 000 on each tenement. This may be increased to 80% in either or both areas through additional exploration expenditure of $260 000 on each tenement. As such, to achieve an 80% equity in both areas, total expenditure will amount to $1 million. Aurora will manage the project.

An Aboriginal Heritage Survey has just been completed on both tenements paving the way for exploration to be advanced, subject to formal confirmation, this and early next year. For additional information, click here.


Gold Exploration (9 November 1998)

Gold exploration by US gold producers will probably fall 28% this year according to the Gold Institute. Last year exploration expenditure fell 9% - delays in securing permits for exploration and development in the US caused producers to focus on projects abroad.


Hampton Hill Mining (9 November 1998)

Following the withdrawal of MIM from the Ryansville JV in WA, Hampton will drill 5 new holes to follow-up previously reported encouraging gold results. Hanpton is looking for new JV partners.


Herald Resources (9 November 1998)

Overview - 1997/1998 Annual Report

  • Production for the year of 111,563 oz of gold, at an average cash cost per ounce
    of $415.
  • Net operating profit for the year of $6.0m.
  • Reduction of bank debt from $12m to $1m.
  • Increase in cash reserves to $10.5m at 30 June balance date.
  • Plants at year end treating stockpiled material.
  • Herald reaches agreement-in-principle with MPI/Pittston on the Coolgardie
    exploration area, mine area and resources which, if fully completed, entails
    MPI/Pittston spending up to $16.2m for a 60% interest in the project.
  • Sale of Greenfields Plant for $2.6 million.
  • Sale of Indonesian interests to associate company, Canadian-listed International
    Annax Ventures Inc, for shares. Equity interest in that company to exceed 50%.

For details of the 1998 Annual Report, click here.


Hunter Exploration (9 November 1998)

Drill results from the Thackaringa project in the Curnamona Craton near Broken Hill show high-grade cobalt mineralisation and indicate a major cobalt deposit.


SOCDET (9 November 1998)

An Australian-led consortium is pushing its oil exploration west of Manila following encouraging initial seismic surveys. Exploration and drilling would initially concentrate on the Coron North and Nido blocks.


MACMIN NL (7 November 1998)

Re: PUBLIC PRESENTATION - 13-20 NOVEMBER

The Directors’ of MACMIN will conduct presentations describing MACMIN’s activities, including the current Prospectus Issue to raise $2.8M, for the benefit of shareholders, optionholders, brokers and other interested investors. Presentations will be held at venues throughout Australia.


Portman Mining (7 November 1998)

Portman announced a $1 million feasibility study into a proposed $100 million silicon project near Cowra, NSW, with Doral Mineral Industries which would be Australia's second silicon producer, targeting international markets.


Ross Mining (7 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

14m
@
8.48 g/t gold
28m
@
4.10 g/t gold
11m
@
6.81 g/t gold
36m
@
2.35 g/t gold

For complete details of the September Quarterly Report, click here.


Santos (7 November 1998)

Santos has discovered a new gas field in the SA section of the Cooper-Eromanga basins. The Verona-1 well has flowed gas at 148,650 cubic metres and high-quality condensate at 1.6 kilolitres/day..


Sons Of Gwalia (7 November 1998)

SOG has announced the discovery of a major new tantalite resource at its Wodgina mine in WA and plans to increase production.


Anaconda Nickel (6 November 1998)

Anaconda says its Murrin Murrin nickel mine is on track for construction in the second quarter of 1999. Anaconda plans to cut stage 2 operating costs by producing ammonia and sulphur and building a gas pipeline.


BHP Petroleum (6 November 1998)

BHP has sold its stakes in the Ravenspurn North and Johnston gas fields in the North Sea for $264 million.


Centaur Mining (6 November 1998)

Centaur says its Cawse nickel and cobalt mine is on track for production to commence later this month. There have been some minor problems with the autoclave equipment. Centaur is planning to complete stage 1 at Cawse and generating cash flow before moving to stage2.


Coolgardie Gold (6 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER


Grange Resources (6 November 1998)

Current drilling at the Mt Windsor JV - Conviction Prospect has intersected 24.95m of copper mineralised massive sulphide mineralisation from 318.5m to 343.45m. The interval from 318.5m to 329.6m is described as massive pyrite containing large blebs of chalcopyrite and the interval from 329.6m to 343.45m is described as semi-massive to massive chalcopyrite.


Hallmark Gold / Kanowna Lights (6 November 1998)

The ASIC is in dispute with the ASX re recent transactions in the shares of Hallmark Gold and Kanowna Lights, in which interests reportedly close to Mr Allan Endresz bought into the cashed-up Hallmark and gained apparent board control and then bought shares and options in Kanowna from interests close to Endresz at a huge premium to the prevailing market price.


Lakes Oil (6 November 1998)

1998 ANNUAL REPORT - CHAIRMAN'S ADDRESS

During the year ended June 1998, Lakes Oil continued its active drilling program, following on from last year’s six wells, with a further six during 1997/98.

The “Hunters Lane-1” well, drilled at Lakes Entrance in October 1997, produced over 200 litres of oil from the base of the Greensand. While not a large volume of oil, this result has encouraged us to put significant time and resources into assessing the potential of the Lakes Entrance oil field.

We are convinced that there is a significant possibility that commercial oil can be recovered from this field. Our earlier belief that steam injection may solve the problem now looks less likely. We now feel that the Greensand may be acting as a “thief zone” and that the oil may be located in the gravels beneath. Tests are about to begin on the gravels at Hunters Lane and additional work is being done to see if we can access the reservoir “up dip” to the north of the current wells. Although the Lakes Entrance oil field is not large, the drilling costs are low because of shallow depths and our large equity (100 percent) makes the commercial viability of the field a teasing possibility.

We have also spent considerable time studying the remainder of our Gippsland permits. The sudden appearance of a “mud island” in one of the Gippsland lakes appears to have been caused by gas venting to the surface. This, together with oil shows occurring in several locations on the bottom of these lakes, has led us to believe that oil and gas is still migrating from offshore oil and gas reservoirs in Bass Strait. Two locations have been chosen to test this migration, “Baudin” and “Investigator”. They will be drilled during the next 12 months, subject to funding.

Our big effort for 1998 will be the drilling in late December of the “Tumuli” prospect located in western Papua New Guinea. This is a potentially large structure by international standards in which Lakes Oil has a 5 percent interest. We hope that we will be able to maintain our interest at the current 5 percent level, however the likely costs are high and our share will be approximately $800,000. Your Board is of the opinion that shareholders would like to maintain the maximum exposure of 5 percent and, accordingly, the Company is currently considering a variety of funding options.

Prior to the drilling of Tumuli, a well named “Stanley” will be drilled in PPL 157, which adjoins our PPL 106 permit. Current mapping of this structure has indicated that up to 20 percent of the reservoir could be located in our permit. The Stanley structure is believed to be larger than the Tumuli prospect and it will create a great deal of interest in the industry when it is drilled in late October. Any success in the drilling of Stanley would significantly upgrade the possible 20 percent portion on our side of the permit. A further target, “Champion”, also of considerable size, is located further along strike from Stanley in our PPL 106 permit.

We hope that 1998/99 will be “our” year. We have continued to find interesting and large targets, as that is what our shareholders require. Hopefully, this is the year of a major discovery for Lakes Oil N.L.

For complete details of the 1998 Annual Report, click here.


Michelago Resources (6 November 1998)

SUMMARY - CHAIRMAN’S ADDRESS - 1998 ANNUAL GENERAL MEETING

The year ended 30 June 1998 was a difficult and challenging one for all exploration companies, including Michelago.

Your Company has accepted the challenge of the times and made the most of the opportunities presented by them. The Company’s prime aim has been to focus its activities on key assets and enhancing the value of these assets.

  1. To this end, two important transactions have been undertaken in the past seven months: Options have been acquired over the joint venture interests of Sipa Exploration NL where Sipa has been in joint venture with Michelago.
  2. An agreement, in principle, has been entered into for the acquisition of the Parkes Gold Mine, currently on care and maintenance, from Hargraves Resources NL for 10 million Michelago shares.

This second transaction is the most significant as it gives Michelago the potential to become a producer in the near future. It also complements the option agreements negotiated with Sipa, whereby Michelago can acquire from Sipa its rights in joint venture with Michelago at Parkes (as well as Wisemans Creek, Cow Flat and Dirnaseer).

The combined effect of the transactions is that Michelago will have the right to ownership of a mine and treatment plant at Parkes, as well as a large exploration tenement package surrounding it, which contains several partially explored prospects. We are now very firmly focussed on outlining sufficient reserves and resources at the mine site and the surrounding prospects to justify refurbishment of the facilities and the commencement of mining.

While our main focus may be in Parkes, we have not neglected our other exploration assets.

While the Board is very cognisant of the cash position, one of the great skills of the Company has been its ability to acquire prospective ground and, therefore, a selective ground acquisition programme has been maintained. The Breadalbane project is an excellent example of what can become available. As announced in our June quarterly report, research of old exploration data revealed wide zones of gold mineralisation within the project, including 142m @ 0.9g/t gold (including 12m @ 4.4g/t) and 148m @ 1.0g/t gold (including 7m @ 9.0g/t). Although these intercepts are now beneath the Hume Freeway, they do demonstrate the prospectivity of the project.

Michelago took the opportunity to purchase the interests of Denehurst Limited in joint ventures with Michelago on four projects. This gave the Company 100% ownership of the important projects of Cullulla and Sunny Corner.

The Company is continuing to seek joint ventures for many of its exploration projects. At Sunny Corner, after acquiring 100% interest in the project, a joint venture with Rimfire Pacific Mining NL was concluded. Rimfire will maintain a 51% interest in the project by spending the next $100,000. In the near future, we hope to be able to conclude several other joint ventures that are currently being negotiated.

Michelago’s small but competent team is working hard to not only survive the difficult market conditions, but to make the transition from explorer to developer and producer. I believe the Company has the leadership, skill and shareholder commitment to achieve this goal.


Mobil (6 November 1998)

Mobil has discovered a potentially rich gas field in the Carnarvon Basin off the WA coast - the John Brooks 1 well had strong gas flows at 53 million cubic feet/day and condensate at 450 barrels/day. The total gross hydrocarbon column was 300 feet thick.


Preston Resources / Resolute (6 November 1998)

Resolute says the $319 million sale, including $280 million in cash, of its Bulong nickel mine to Preston resources has settled.


Union Mining (6 November 1998)

CROYDON PROJECT - JV WITH NEWCREST

Union Mining NL is pleased to announce that it has signed a Joint Venture Agreement covering the Company’s Croydon Project with Newcrest Operations Limited, a wholly owned subsidiary of Newcrest Mining Limited. Under the Agreement, Newcrest have four years to spend $3million on exploration to earn a 70% interest in the Project, however Newcrest may withdraw after it has incurred $250,000 on JV Expenditure. For complete details, click here.


Compass Resources (5 November 1998)

SUMMARY - REPORT FOR THE QUARTER ENDING 30 SEPTEMBER 1998

Browns Project Prefeasibility Study gives a A$298 million NPV and IRR of 28.8%

Highlights of the study are:


Pan Australian Resources (5 November 1998)

QUARTERLY REPORT - FOR THE THREE MONTHS ENDING 30 SEPTEMBER 1998

HIGHLIGHTS

Western Australia

  • Results and interpretation of first phase drilling (5,915 metres) confirms polymetallic mineralisation in a corridor six kilometres in length and two kilometres in width at the Steere River Project.

  • Aircore drilling (1,739m), ground magnetic survey and soil geochemical survey completed over the "Broken Hill style" lead-zinc model at the Grass Patch Project .

Queensland

  • Deep reverse circulation - diamond core (RC-DD) drilling program (2,014 metres) intercepts copper mineralisation over a 150-350 metre thickness and a one kilometre strike interval at the Happy Valley Project .

  • Airborne electromagnetic (EM) geophysical survey completed over the Hawkwood Project .

For complete details of the September Quarterly Report - including maps, click here.


RGC / Westralian Sands (5 November 1998)

The planned merger will lift annual net profit for the group to $103 million in 2000, up from the current $22 million. Earnings before interest, tax depreciation and amortisation are forecast to increase from about $55 million in 1998 to $270 million in 2000.


Abednego Nickel (4 November 1998)

Takeover suitors Anaconda Nickel and Glencore increased the cash component of their $1 a share bid from 15 cents to 40 cents.


Allstate Exploration (4 November 1998)

Allstate is to increase its level of debt financing by $2 million to fund its share of the development funds for the Beaconsfield gold mine in Tasmania.


Australian Pipeline Industry Association (4 November 1998)

Australian Gas Association deputy head Dr. Allen Beasley has been appointed executive manager of the APIA


Beaconsfield Gold (4 November 1998)

HIGHLIGHTS - 1998 ANNUAL REPORT

For details of the 1998 Annual Report, click here.


Bendigo Mining (4 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTER

MILESTONES FOR NEXT QUARTER

Energex (4 November 1998)

Energex has moved to tidy up its takeover offer of Allgas Energy by offering preference shareholders $10 for each security (previously no offer). Energex has 99% of ordinary stock.


Perseverance Corporation (4 November 1998)

Perseverance said it opposed a "backdoor" takeover play by unlisted Corporate Resolve, which traded in London. The company was aware that Corporate Resolve had made a partial takeover play for Waverley Mining Finance Plc, which held more than 38% of the voting capital of Perseverance.


Santos (4 November 1998)

Santos has announced a second gas flow from the John Brookes 1/ST 1 exploration well in WA's Carnarvon Basin. The first test flowed gas at rates up to 453,000 cubic metres/day. A second test was conducted flowing gas from the Barrow ground sands at rates up to 1.06 million cm/day. The gas was accompanied by about 32kl of condensate/day.
Santos said the well would be plugged and abandoned.


SMC Resources Limited (4 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

For complete details of the September Quarterly Report, click here.


Anvil Mining (3 November 1998)

Anvil is reevaluating its development options at the Dikulushi copper-silver project (Democratic Republic of Congo) after finalising a $1.2 million share placement (24 million shares @ 5 cents).


Grange Resources (3 November 1998)

SUMMARY - SEPTEMBER QUARTERLY REPORT

Precious Metals Australia (3 November 1998)

Highlights For The September Quarter :

    • Sudelektra Joins Windimurra Project
    • Orders Totalling $34million Placed for Major Equipment
    • Development on Schedule and on Budget
    • Design Engineering Proceeding on Schedule

For complete details of the September Quarterly Report, click here.


RGC / Westralian Sands (3 November 1998)

The NSW Supreme Court has cleared the way for RGC shareholders to vote on a merger with Westralian Sands.


WMC (3 November 1998)

WMC is to be prosecuted over the deaths of 2 miners killed in an underground rockfall at its Long Victor mine in Kambalda last year. The WA Dept of Minerals and Energy says it has charged WMC with 6 alleged offences.


Abednego Nickel (2 November 1998)

SUMMARY - SEPTEMBER QUARTERLY REPORT

Africwest Gold (2 November 1998)

Alkane has commenced feasibility studies on a rare-earth deposit near Dubbo in NSW; the deposit contains the world's largest zirconium and yttrium resources. The studies envisage annual production of 3500tpy of zirconia and 250tpy of yttria.


Alkane Exploration (2 November 1998)

Africwest Gold has expanded its West African interests with a new JV in Guinea with unlisted local Voyager Gold.


Australian Resources (2 November 1998)

SUMMARY - SEPTEMBER QUARTERLY REPORT

OPERATIONS

Capricorn Resources (2 November 1998)

SUMMARY - SEPTEMBER QUARTERLY REPORT

CORPORATE:

EMILY ANN NICKEL PROJECT DEVELOPMENT

GOLD EXPLORATION


Equatorial Mining (2 November 1998)

Equatorial has given the go-ahead for the $103 million development of the Tonopah copper project in Nevada, US. Production will start late next year at a rate of 24,000 tonnes of copper cathode/year at a projected operating cost of US$0.50/lb.

Also, Equatorial recently executed an agreement with Rayrock Resources of Canada to gain a 75% interest to the north-east and south-east of its El Tesoro copper project. Equatorial has a 39% stake in this project and plans to build a mining operation producing 75,000 tonnes of copper cathode/year.


Gippsland Resources (2 November 1998)

Gippsland is seeking permission from Russian authorities to commence a drilling program at the Porozhistoe licence in Siberia.


Petroz (2 November 1998)

SUMMARY - SEPTEMBER QUARTERLY REPORT

CASH FLOW - Petroz share of Surat and Timor Sea production produced net cash flow of $2.1 million.

SALES REVENUE - Revenue totalled $5.1 million, up 186% on the June quarter, primarily due to commencement of crude sales from Elang/Kakatua.

SALES VOLUMES

EXPENDITURE - Capital $10.5 million + Operating $2.94 million = Total $13.44 million.


Resolute (2 November 1998)

Resolute said development of the Golden Pride gold project in Tanzania was almost complete; the mine is expected to produce 180,000 ounces of gold/year from 2 million tonnes of ore.


Tanami Gold (2 November 1998)

Tanami has taken an option over the Winnecke goldfield, 60km north-east of Alice Springs. Winnecke would become a priority drill target in early 1999.


Triako Resources (2 November 1998)

In the September quarter, cash costs at the Mineral Hill copper-gold mine in NSW averaged $174/ounce of gold after copper credits. Work continued on the jack's Hut main decline and Triako said decline development from a new portal in the Eastern pit began in late October and full development would start next February.


Western Reefs (2 November 1998)

Mining has commenced at the historic Western Queen gold project in WA - it contains an open-pit resource of 136,400 ounces.

Western Reefs has also announced that it will pay its first dividend, with shareholders to choose between 1.5 cents cash or a bonus share for every 20 held.


Border Gold (1 November 1998)

HIGHLIGHTS OF THE SEPTEMBER QUARTER


Grenfell Resources (1 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

School

Wilgena

Perseverance – Tarcoola Ridge

Yellabinna Reserve/EL2413

INDIA

Rajasthan

CORPORATE

For complete details of the September Quarterly Report, click here.


Leo Shield Exploration (1 November 1998)

HIGHLIGHTS OF THE SEPTEMBER QUARTER

Kayeya Prospect, Ghana

200m spaced blade RC drill traverse lines to the north of the previously identified Kayeya resource zone have successfully delineated additional zones with oxide resource potential. It appears that the southern portion of the Kayeya prospect contains the most continuous mineralisation. This may however be a function of wide spaced drill density and shallower drill depths for the northern and central portions of the prospect. Better results from the northern most line drilled during the quarter included 16m @ 0.9g/t and 6m @ 1.8g/t Au, with both holes ending in mineralisation. Traverse fence drilling of 800m strike of the remaining 1,300m northern limit of the Kayeya prospect commenced in October will complete a wide spaced, first pass assessment of a significant portion of the 4km long anomaly.

Wabri Prospect, Ghana

RC drilling results for the quarter included 11m @ 4.6g/t, 8m @ 3.5g/t and 11m @ 2.5 g/t Au and trenching results included 14m @ 4.0 g/t Au.

Wabri and adjoining properties were farmed out to Ashanti Goldfields Company Limited during the quarter.

PLANS FOR THE DECEMBER 1998 QUARTER

Approximately 3,000m of reconnaissance blade RC drilling is planned to be undertaken on the Kayeya prospect in Ghana to test the northern portion of the anomaly and 1,200m of infill percussion drilling is also planned to test the depth potential of a number of mineralised zones identified by previous drilling.

In Côte d'Ivoire, Randgold is expected to commence an aeromagnetic survey on the Tengrela properties.

Negotiations to farm out properties in Côte d'Ivoire, Guinea and Burkina Faso are at an advanced stage.

For complete details of the September Quarterly Report, click here.


Macraes Mining (1 November 1998)

Macraes has recorded a #380,000 loss in the September quarter, mainly due to lower than expected gold recoveries.


Nimbus Resources (1 November 1998)

HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

  1. Poised to acquire the Hawks Nest mineral sands operation for approximately $9m.
  2. Mineral sands exploration in Murray Basin underway, with successful first pass drilling for Heavy Minerals (HM) completed on the Lake Boga tenement. All holes drilled vertically.
    7 metres
    grading
    2.3% HM
    from
    20 metres
    5 metres
    grading
    4.5% HM
    from
    16 metres
    6 metres
    grading
    2.5% HM
    from
    4 metres
    7 metres
    grading
    3.3% HM
    from
    8 metres

  3. The fourth drill program at the 100% owned Dreadnought gold project has commenced. Assay results for the first nine Reverse Circulation (RC) drill holes continue to intersect good gold grades. All holes inclined at 60 degrees.
    5 metres
    grading
    4.27 g/t
    from
    84 metres downhole
    5 metres
    grading
    3.76 g/t
    from
    68 metres
    12 metres
    grading
    2.99 g/t
    from
    92 metres
    8 metres
    grading
    2.52 g/t
    from
    26 metres
    5 metres
    grading
    5.16 g/t
    from
    40 metres

  • Cash reserves of $3.39m to 30 September 1998.
  • The 1998 Annual General Meeting will be held at 563 Bourke Street, Melbourne on Friday 20 November at 9.30am.

    ACTIVITIES PLANNED IN DECEMBER QUARTER

    Hawks Nest
    : Finalise acquisition and seek / confirm strong marketing links.
    Lake Boga
    : Await mineral sands drill results and analyse for zircon / rutile / ilmenite content.
    Dreadnought
    : Complete RC drill program by end of October.

    For complete details of the September Quarterly Report, click here.


    North (1 November 1998)

    North was warned yesterday of a $200 million cost blowout in its Jabiluka uranium mine - by a representative of the area's traditional owners (Mirrar).


    Straits Resources (1 November 1998)


    HIGHLIGHTS - SEPTEMBER QUARTERLY REPORT

    For complete details of the September Quarterly Report, click here.


    Union Mining (1 November 1998)

    HIGHLIGHTS FOR THE SEPTEMBER QUARTER

    IRAN

    VANUATU

    For complete details of the September Quarterly Report, click here.


    Beaconsfield Gold (31 October 1998)

    Quarterly Report for the Quarter ended 30 September 1998

    BEACONSFIELD GOLD JOINT VENTURE
    (Beaconsfield Gold Total Beneficial Interest 65%)

    HIGHLIGHTS

    For complete details of the September Quarterly Report, click here.


    Duketon Goldfields (30 October 1998)

    Highlights For the September 1998 Quarter

    Mt Alexander Goldfield - Central Victoria

    Golden Mountain Project - Victoria

    Duketon Belt - Western Australia

    For complete details of the September Quarterly report, click here.


    New Hampton Goldfields (30 October 1998)

    OVERVIEW - SEPTEMBER QUARTER

    PRODUCTION

    GOLD EVALUATION AND DEVELOPMENT

    EXPLORATION

    CORPORATE

    For complete details of the September Quarterly Report, click here.


    Equinox Resources (30 October 1998)

    HIGHLIGHTS - SEPTEMBER QUARTER


    Exco Resources (30 October 1998)

    Exco plans to list on the ASX within 2 weeks after its initial public offer (16 million shares @ 25 cents) closed oversubsctibed. Exco has raised an additional $2 million in seed capital and plans to explore for base metals in Mt Isa with BHP.


    Finders Gold (30 October 1998)

    HIGHLIGHTS - SEPTEMBER QUARTER

    DIAMOND EXPLORATION

    Planning for diamond exploration activities to take place in the state of Madhya Pradesh, Central India continues. Heavy mineral analysis of a small 1kg preliminary field sample collected from a surface exposure of the Kodomali kimberlite pipe returned abundant numbers of indicator minerals with geochemical make-up suggesting that more than half of the indicators may have been derived from within the diamond stability field and that the chromites are typical of those from most Group 1 kimberlites worldwide.

    Two macro diamonds and four micro diamonds were recovered from a delineation Aircore drill hole drilled into the Bulgurri dyke and collared 200m north of the Anomaly A23 where previous drilling and sampling had recovered 59 macro diamonds and 13 micro diamonds from kimberlitic material. Two intermediate aircore holes also intersected kimberlite shown by abundant numbers of chromite indicators. A strike length of greater than 200m of diamondiferous kimberlite dyke with local swell or pipe features is now possible and is open to the north.

    GOLD EXPLORATION

    At the Lanut gold project in North Sulawesi discussions with local cooperative members, land holders and regional government have taken place. The discussions focussed on the exploration work so far and the plans for the next work program. Geological reconnaissance of the Lanut area continues.

    A soil sampling program was completed at the Golden Valley project this quarter with a total of 1127 samples collected. Results highlight a number of anomalous trends which coincide with magnetic high linear and structural features observed in recent airmagnetic surveys. Follow up is planned.

    CASH RESOURCES

    Golden Cross Resources (30 October 1998)

    QUARTERLY REPORT TO 30 SEPTEMBER 1998

    HIGHLIGHTS


    Michelago Resources (30 October 1998)

    MICHELAGO TO PURCHASE PARKES GOLD MINE

    Michelago Resources NL (Michelago) and Hargraves Resources NL (Hargraves) have agreed in principle to the acquisition by Michelago of the Parkes Gold Mine (currently on care and maintenance) which at present is 100% owned by Hargraves. Michelago proposes to issue to Hargraves ten million fully paid ordinary shares as consideration for the Mine. The issue of the shares shall be subject to the approval of Michelago shareholders. After the issue Michelago will have 62,665,006 shares on issue and Hargraves will hold 15.95% of the issued capital in Michelago.

    The acquisition is subject to the finalisation of an agreement between the parties and the consent of Government authorities. Under the proposed agreement Hargraves may retain ownership of the treatment plant for up to 12 months after which ownership will pass to Michelago. Michelago will be licensed to use the plant in this period.


    MIM Holdings (30 October 1998)

    MIM said first quarter coal output rose whilst Mt Isa copper output fell after a planned shutdown to upgrade the copper smelter. Copper production at Alumbrera rose and approached target levels.


    North Ltd (30 October 1998)

    North announced a 14% increase in earnings in the September quarter - net profit increased to $48.7 million.


    North Ltd (29 October 1998)

    North's 56.1% Iron Ore Co of Canada is to spend $360 million in a capital expenditure program, including the reactivation of a pellet plant in Sept-Illes (in mothballs since 1981) , Quebec, and the upgrading of equipment at its iron ore mine in Newfoundland.


    Newcrest (29 October 1998)

    Overview - September Quarterly Report

    Financial

    Production

    Development

    Corporate


    Pasminco (29 October 1998)

    Pasminco's total zinc production for the September quarter fell slightly to 86,610 tonnes and lead production fell 7%.
    Development of the Century deposit was proceeding ahead of schedule and under budget; final capital cost is expected to be less than $850 million.


    Abednego Nickel (28 October 1998)

    Dominion has sold its 19.4% stake in Abednego - to a mystery buyer - at 75 cents/share, well below the Anaconda Nickel/Glencore International's $1/share bid.


    Highlands Pacific (28 October 1998)

    Highlights - September Quarterly Report

    Ramu Nickel Project:

    Frieda River Project

    For complete details of the September Quarterly Report, click here.


    Minotaur Gold (28 October 1998)

    SEPTEMBER QUARTERLY REPORT

    HIGHLIGHTS

    COMMONWEALTH HILL JOINT VENTURE (GOLD)

    • Significant gold values were recorded at the Comet Prospect. Results include:

      HOLE
    INTERVAL
     
    GOLD (g/t)
    RCCM 1
    16 m
    @
    1.86 g/t Au
    incl. 4m @ 4.3 g/t
    RCCM 3
    12 m
    @
    0.48 g/t Au
     
    RCCM 5
    4 m
    @
    3.75 g/t Au
     
    RCCM 7
    16 m
    @
    0.44 g/t Au
    incl. 4m @ 1.15 g/t

    BIBLIANDO JOINT VENTURE (COPPER,GOLD)

    • Gawler Gold and Mineral Exploration NL will fund $500 000 of exploration expenditure to retain a 50% equity. Minotaur is operator, with work to commence in the December quarter.

    AURORA TANK (GOLD)

    • The Commonwealth Hill joint venture partners, Minotaur (64%) and Gawler (36%), through purchase and exploration expenditure, acquired a 55% interest in the EL 2503, adjoining the Mars Prospect on Commonwealth Hill. Gawler will fund the initial expenditure, Minotaur being operator of the project. Pima Mining NL holds 45%.

    For complete details of the September Quarrterly Report, click here.


    Mining Alliance (28 October 1998)

    Fourteen of the world's largest mining and minerals companies have formed an alliance (The International Network for Acid Prevention) to control acid drainage from mine materials, citing it as the key environmental challenge for the industry around the globe. INAP includes Rio Tinto, BHP Copper, Placer Dome, Inco, Noranda and Falconbridge.


    QNI / Billiton (28 October 1998)

    Billiton increased its offer for QNI from 90 cents/share to $1.05 - and purchased almost 7% on market, increasing Billiton's stake to almost 60%. Billiton also declared the bid unconditional and extended the offer period to 13 November.


    Santos (28 October 1998)

    Santos has posted third-quarter sales of $211.3 million, up 2.6%. Sales volumes were up 11.6% to 12.5 million barrels of oil equivalent.


    Stanwell Corp (28 October 1998)

    Queensland power generator, Stanwell, has reported a $78.7 million net profit for its first year of operation. Stanwell operates the coal-fired Stanwell power station near Rockhampton and 2 hydro-electric stations in the far north of Qld.


    AIMEX'99 (27 October 1998)

    AIMEX'99 - Australia's International Mining Exhibition, to be held in Sydney from 19-22 October 1999, launches its comprehensive web site, developed by Digital Reflections. The web address is http://www.aimex99.conf.au.


    Herald Resources (27 October 1998)

    Herald is cashed up and is seeking gold and base metal projects, both within Australia and overseas. For details, click here.


    Normandy Mining (27 October 1998)

    Normandy announced a $30.2 million net profit for the September quarter, slightly down on the previous September quarter. Gold production totalled 389,295 ounces.

    Normandy has flagged the possible sale of its 25.5% stake in the WA Goldfield's gas pipeline to help fund acquisitions this year. It would also consider sellimg its 50% stake in the nearby Parkeston power station.
    Normandy is also looking to acquire 100% of the La Source project. In addition, Normandy La Source has reached agreement to increase its share in the Yanfo-Sefwi project in Ghana, from 41% to as much as 90%.


    Resolute (27 October 1998)

    September quarter production from the Obotan gold mine in Ghana was a record 50,870 ounces @ US$149/ounce.

    However, Resolute's total attributable gold production was just 61,252 oz, well below the 113,530 oz produced in the previous corresponding period - due to declining output at Chalice where reserves are almost exhausted.

    Resolute has entered a farm-in agreement with Leo Shield where it can earn an 85% interest in the Mpatasis and Asyoso concessions.


    Rio Tinto (27 October 1998)

    Rio Tinto has reported a 13% fall in iron ore production in the September quarter following heavy rain at its Hammersley Iron operations in WA.
    Coal output jumped to 31.3 million tonnes - aided by an early contribution from the newly acquired Jacobs Ranch coal mine in Wyoming.
    Copper output jumped 26% to 239,300 tonnes, aluminium output was up 11% to 129,600 tonnes, gold production lifted 38% to 751,000 ounces and diamond production from the Argyle mine jumped 20% to 7.4 million carats.


    Aurora Gold (27 October 1998)

    Summary - September Quarterly Report

    Mt. Muro - Kalimantan

    Toka Tindung Development Project - North Sulawesi

    Morobe Gold Project - Papua New Guinea

    Helix Resources (27 October 1998)

    Highlights - September Quarterly Report


    St Barbara Mines (27 October 1998)

    Overview - September Quarterly Report

    The unaudited pre tax profit for the quarter was $3.1 million, including $1.8M from the sale of non-core assets.
    Gold production totalled 22,591 ounces - 698,497 tonnes @ 1.08 g/t Au were milled at a cost of $4.81/tonne.

    Exploration expenditure totalled $0.5 million .


    Acacia Resources (26 October 1998)

    Overview

    Production of 119,027 ounces at $291 an ounce and continuing encouraging exploration results at
    all operations including identification of a new high grade zone at depth at Sunrise Dam

    Gold Production and Costs

    Gold Sales and Hedging

    Exploration

    Development

    Gold Sales and Hedging

    During the quarter 117,282 ounces were sold at an average net realised price of $540 an ounce. The sales represent a premium of $58 an ounce or 11% above the average spot price for the quarter of $482 an ounce.
    Acacia’s forward sale contracts deliverable over the period to 2003, total 1.96 million ounces of gold at an average net realisable price of approximately $584 an ounce (after allowance for gold borrowing costs) and put options on 25,000 ounces of gold at $433 and 100,000 ounces of gold at $661 (net of purchase cost). At 30 September 1998, at a spot gold price of $494 an ounce, the marked-to-market value of hedging contracts represent an unrealised gain of approximately $65 million.

    Financial

    Acacia’s net debt position was $12.8 million at 30 September 1998, comprising drawdowns under the unsecured syndicated debt facility of $40 million, offset by $12.6 million in holdings in cash and $14.6 million in bullion awaiting delivery.


    AMX Resources (26 October 1998)

    A scoping study at the Golden Cities gold project in WA has predicted AMX will have an operating cash flow of $100 million over the 5-year mine life. The study indicates an ore throughput of 2mtpy with an average gold recovery of 95% at an operating cash cost of $305/ounce. Capital development costs have been assessed at $30 million.


    Astro Mining (26 October 1998)

    Contracts have been signed for the handover of the Bow River diamond mine in WA; Astro has paid Normandy the first instalment of $2 million and issued $5 million in convertible notes.


    Caledonian Pacific (26 October 1998)

    CP is planning a major expansion of exploration in New Caledonia in the current financial year. CP is planning to drill its exploration targets at Meretrice, Nakety, Fern Hill, Edison, Devaux, Azema and St Louis. Base Metals Exploration NL has committed to investing $12.5 milion under its JV agreement.


    Coking Coal (26 October 1998)

    AME Mineral Economics believes a shakeout in the hard coking coal industry is inevitable as surplus capacity comes on stream over the next 5 years. Australia, which dominates world hard coking coal exports, is set to reduce cash production costs to an average US$33.50/tonne in 1998, substantiallybbelow Canada (US$39.50) and USA (US$42.60). The greater capacity will drag prices lower and put pressure on high-cost US operations.


    Newcrest (26 October 1998)

    Last Friday, Newcrest opened its $440 million Cadia operation in NSW - expected to produce 215,000 ounces of gold per year (plus 23,000 tones of copper in concentrate). With other improvements, this will lift Newcrest's gold production from around 440,000 ounces to 700,000 ounces per year.


    RGC / Grange Resources (26 October 1998)

    The Highway copper-gold deposit near Charters Towers in Qld has been given the green light - all necessary approvals have been received. Development of the 600m diameter and 230m deep open cut mine will commence immediately; the estimated capital cost of the mine development is $36.2 million.
    Production of 55,000 tonnes of copper ore per month, for a period of 23 months, is scheduled - the ore will be trucked to RGC's Thalanga mill for processing.


    Union Mining (26 October 1998)

    Re: Exploration in Iran

    Union Mining NL (Union) is pleased to announce it has entered into an agreement with Iranian Joint Stock Company “Iran Itok Engineering and Technology Co” to jointly explore and develop mineral resource opportunities within Iran. The partners will operate through a newly registered Swiss Company “Union Itok International AG” (Union Itok). Union Itok has been set up to specifically raise funds for exploration and development within Iran. For complete details, click here.


    Macmin (23 October 1998)

    Macmin releases its Prospectus for the issue of a maximum 40 million ordinary shares at an issue price of 7 cents/share (together with 40 million fre attaching options ) to raise $2.8 million. For complete details of the Prospectus, click here.


    YKR International Resources / Duketon Goldfields (23 October 1998)

    1998 Annual General Meeting and Approval of Private Placement

    The Directors advise that the 1998 Annual General Meeting was held at the offices of the Company on Friday, October 16, 1998, at 10:00 am and all the resolutions were passed by shareholders inclusive of the following:

    1. Shareholders approved the re-election of Fred Bart, Ian Dennis, John Hogan and James McFaull as directors of the Company;

    2. The exercise price of the previously issued 163,000 options to Mr. Fred Bart due on or before November 20, 2001 was reset to C$0.25 from C$0.75;

    3. Shareholders approved the Company entering into a non arm's length private placement to Duketon Goldfields NL of 1,150,000 common shares at an issue price of C$0.20 per share subject to regulatory approval.

    The purpose of the private placement to Duketon Goldfields NL was to enable the Company to complete the acquisition of a further 6.25% interest in the Mt. Alexander Goldfield Project in Australia. On completion of the private placement to Duketon Goldfields NL, the Company will have 31.25% of the Mt. Alexander Goldfield Project and an option to increase the interest to 75% of the project by December 31, 2000 by further payments totalling C$3,500,000.00.


    BHP (22 October 1998)

    BHP plans to dispose of another $4 billion in non-core assets over the next 2 years.


    Centaur Mining (22 October 1998)

    Centaur reported a net loss of $4 million in the 1997/98 year; however the company is confident it will be operating profitably in the second half of 1998/99. Exploration expenditure would face 'significant cuts' until Cawse (nickel) was profitable. Centaur was planning a significant exploration program in 1999/2000 at its Mt Pleasant gold operations in WA to upgrade its 7 million ounces in resources.


    Finders Gold / Dioro Exploration (22 October 1998)

    KIMBERLITE DIAMOND DISCOVERY AT KING GEORGE PROSPECT
    200 Metre Diamondiferous Extension Delineated to the North of A23 Kimberlite Diamond Discovery at King George Prospect .
    Dioro Exploration NL ("Dioro") and Finders Gold NL ("Finders") each of whom hold a 50% interest in the King George diamond prospect located in the Kimberley region of Western Australia are pleased to announce further encouraging results from their latest exploration program.


    Great Central Mines (22 October 1998)

    REPORT FOR THE QUARTER ENDED SEPTEMBER 30, 1998

    Operations and Development

    Gold production for the quarter was 174,315 ounces at a cash operating cost of US$197 per ounce, which was an improvement of 4% on the previous quarters production of 167,613 ounces at a cash operating cost of US$199 per ounce. The improvement was largely due to an increase in production at Bronzewing from 54,062 to 63,464 ounces. Stoping production from Discovery Deeps at Bronzewing commenced during the quarter. Bronzewing production is forecast to increase substantially in the second half of the year when high grade ore in the Central Zone is mined.

    At Jundee, Barton Deeps development proceeded on schedule. A three year mine plan for the open pits and underground operations was completed and will be used to increase production and reduce costs.

    Forecast production for 1998/99 remains at 750,000 ounces at a cash operating cost of US$190 per ounce.

    Exploration

    At Wiluna, underground drilling below the Creek Shear Decline returned a number of excellent results including 59 feet at 0.42 ounces per tonne ("oz/t") gold and 94 feet at 0.41 oz/t gold indicating that the lower part of the Creek Shear orebody is significantly thicker and of a higher grade than that indicated by surface drilling.

    At Bronzewing, drilling on Central 8 Level has defined high grade zones within the Carrot Shoot, with significant intersections including 20 feet at 1.25 oz/t gold and 38 feet at 0.43 oz/t gold.

    At Jundee, exploration drilling continues to focus on identifying mineralised structures from surface down to 975 feet depth, with a view to merging a number of existing open pits into one superpit and extensions to the Nimary Deeps and Barton Deeps mineralisation.

    In the Deakin South area, better results included 39 feet at 0.17 oz/t gold from 104 feet depth and 52 feet at 0.20 oz/t gold from 728 feet depth. In the Lyons area, results included 13 feet at 0.56 oz/t gold from a depth of 338 feet. In the Nimary Deeps area, better results included 16 feet at 0.66 oz/t gold from a depth of 1528 feet and 13 feet at 0.44 oz/t gold from a depth of 946 feet. Drilling continues to confirm continuity and extend mineralised structures.

    South of Jundee, exploration drilling in the Jundee Mine Sequence encountered several zones of gold mineralisation which require follow up in the next quarters.


    Finance

    Gold sales were 175,133 ounces at an average realised price of US$356 per ounce. This average realised price is US$50 per ounce greater than the average spot price of US$306 for the quarter.

    Net profit before tax for the quarter amounted to US$6.2 million.

    Exploration expenditure was US$5.13 million.

    Capital development expenditure was US$11.86 million.

    Total committed and hedged ounces reduced to 7.5 million ounces at US$367 per ounce. The Company continues to monitor its lease rate exposure and a portion of this exposure has been fixed for periods up to two years at less than 2%.


    Macmin (22 October 1998)

    HIGHLIGHT AND COMMENTS QUARTERLY TECHNICAL REPORT - OCTOBER 1998

    MACMIN’s current strategy is to focus its own activities on two or three projects while seeking advancement of other projects by way of joint venture funding. As a part of this focus we have successfully negotiated an option to re-acquire 100% of the favourable Texas Silver Project in SE Queensland and negotiated a farm out (joint venture) agreement with Cyprus in respect to MACMIN’s porphyry copper/gold projects in New Britain.

    MACMIN intends to focus the company’s exploration activities in 1999 on gold exploration at Crater Mountain and silver, gold, lead, zinc exploration at Texas. The Feni Project is at present being advanced by joint venture partner New Guinea Gold Corporation and it is expected that intending joint venture partner Cyprus Amax Australia Corporation will advance exploration on the New Britain porphyry copper/gold prospects in 1999.

    To fully implement MACMIN’s strategy and provide MACMIN’s shareholders with their best opportunity for capital gain it will be necessary for the Company to raise additional funds for exploration. The Board has decided to raise $2.8 Million by way of a Prospectus Issue to shareholders, option holders and new investors. Shareholders and option holders will be given preference in the Issue.

    MACMIN believes the Crater Mountain Project has high potential to yield a major orebody; it has geological similarities to the very large Porgera and Mt Kare deposits and already has one drill hole with a long gold intercept of 118m at 1.83g/t gold (with high grade intervals to 14.16 g/t gold). MACMIN drilling is planned to commence in November and will continue into the New Year.

    The BHP withdrawal from the Crater Mountain Project provides MACMIN with an exciting opportunity to progress the Project providing the greatest potential benefit to shareholders.

    Opportunities like the Crater Mountain Project are usually few and far between for junior exploration companies like MACMIN, and although market conditions are weak at present, we consider that the Company, on behalf of all its shareholders, should not forgo such an opportunity. Thus the need to raise funds now.

    Likewise, we believe the Texas Project presents a major opportunity for the Company. The Project has a substantial silver resource, good potential to increase this resource and favourable location and infrastructure. The potential acquisition of Hunter Exploration N.L’s 50% interest gives the company greater opportunities and flexibility in dealing with this Project. Funds raised will be used partly to attempt to locate and drill out additional resources.

    For complete details of the Quarterly Report, click here.


    Minotaur Gold (22 October 1998)

    CHAIRMAN'S REPORT - 1998 ANNUAL REPORT

    A deteriorating investment climate for exploration was evident during the year under review, but your Board nevertheless determined that exploration activity should be maintained at a significant level. To achieve this, several joint venture agreements were negotiated, some of which have been concluded since the end of the financial year.

    First of all, the arrangements entered into have allowed Minotaur to retain its own funds, and at 30 June 1998, approximately $1.5 million of cash and investments were on hand.

    Secondly, we are quite excited by Dr Tim O’Driscoll’s assessment of our data on the Bibliando prospect in the Adelaide Geosyncline. Dr O’Driscoll, well known for his contribution to the discovery of the huge Olympic Dam deposit, reviewed the structural data both at a regional and prospect level, and selected the Bibliando site as a possible location for large scale mineral deposition. Our geologists consider the area to be prospective for base and precious metals within mineralised structures similar to those containing the gold deposits at Telfer. With this comparison, we are anxious to progress the project as rapidly as possible.

    We plan to continue our aggressive exploration at Commonwealth Hill, diluting our interest to approximately 63%, with our joint venture partner, Gawler Gold and Mineral Exploration NL funding the 12 month program to the end of 1998. I am pleased to note the promising results at the Mars Prospect within the joint venture area. The position of Mars prompted the company to secure an interest in the adjacent ground. Subject to normal approvals Minotaur, on behalf of the Commonwealth Hill joint venture partners, will hold a 55% interest. The first 6-12 months of exploration on this additional area will be funded by our Commonwealth Hill joint venture partner, Gawler, with Minotaur being the operator.

    During the year, Minotaur, both independently and in conjunction with Gawler, secured exploration areas prospective for heavy minerals and possibly placer gold deposits. These areas are in the Murray Basin in South Australia and Victoria which hosts some major heavy mineral sand deposits, many of which are metallurgically complex. However, recent work by companies such as RGC, outlined deposits which are proving to be coarser grained, higher grade and more easily processed than the earlier finds. These strand line deposits form linear targets which relate to ancient beaches along a Tertiary coast line. Several strand lines occur within Minotaur’s ground and potential for significant rutile discoveries is considered high.

    Finally, I am pleased to have Acacia Resources Ltd as a joint venture partner on our Kimba area. Acacia is funding and operating exploration to earn an initial 51% equity with an option to increase to 75% on further expenditure.

    The current depressed market conditions have not dampened our resolve to continue to evaluate quality exploration tenure. Our enthusiasm is obviously shared by others who have elected to fund exploration on our ground, with total joint venture expenditure in the next 12 months expected to exceed $1.4 million. Current negotiations with other parties could result in additional expenditure. Most importantly, in the main, Minotaur will be the operator of the projects.

    We are now well placed to test some of our most interesting targets. This will progressively occur within the next 12 months and I am looking forward to advising you of our progress throughout the year.

    For complete details of the 1998 Annual Report, click here.


    Pasminco / Savage Resources (22 October 1998)

    Ratings agency S&P has raised concerns about Pasminco's debt levels saying the company's prudential measures would be weakened by the additional debt related to the Savage takeover.


    Petsec Energy (22 October 1998)

    The share price jumped 18% yesterday as bargain hunters began buying the stock. Petsec shares have fallen from a low of $6.80/share in October 1997 to a recent low of $1.10; they closed at $1.30.


    QNI / Billiton (22 October 1998)

    Billiton has extended its $373 million bid for QNI to 6 November (was 30 October).


    Rio Tinto (22 October 1998)

    Rio has acquired Arco Coal's 80% stake in the troubled Gordonstone coal mine in Qld for US$150 million and expects to reopen the mine in June 1999. Arco sacked the 316-strong workforce in September 1997 and placed the 5mtpy thermal and coking coal mine on care-and-maintenance after failing to reach agreement on work practices.


    YKR International Resources (22 October 1998)

    Revenue Creek Property Yukon Territory, Canada

    The Company is negotiating with a US major on the property (October 1998) with a view to entering into an option to acquire the property with a royalty to YKR International Resources Limited.


    Australian Gold Council (21 October 1998)

    More than 50 of Australia's major gold producers united yesterday to form the Australian Gold Council, in an effort to raise the industry's profile. The council will be headed by Normandy Mining executive chairman Robert Champion de Crespigny, with Peter lalor from Sons of Gwalia deputy chairman.


    AGL (21 October 1998)

    AGL are "70% confident" that the proposed $2 billion gas pipeline from PNG to Qld will proceed.


    Compass Resources (21 October 1998)

    Excellent Economic results Indicated by Pre-feasibility Studies of the

    Browns Cobalt — Lead — Copper Project, Northern Territory .

    Compass Resources NL is pleased to announce the completion of pre-feasibility studies at the BROWNS PROJECT near Batchelor in the Northern Territory of Australia. The project is 90% owned by Compass and the positive results means that the joint venture will instigate final feasibility studies as soon as possible.

    The selected flowsheet envisages a 1,750,000 tonne per year sulphide plant with 300,000 tonnes per year of oxide treated by heap leach. The sulphide plant will use a two stage furnace to recover lead bullion and zinc before pressure oxidation of the copper cobalt nickel enriched smelter matte. Following pressure oxidation a conventional solvent extraction electrowinning circuit has been included to recover high purity copper cathode, very high purity cobalt cathode and a nickel intermediate product. This process flowsheet comprises robust technologies in current use and results from the considerable attention given to eliminate areas of high process risk.

    Financial analysis shows a project with an Internal Rate of Return (IRR) of 28.8% and a Net Present Value(NPV) of A$ 297.7 million. Strong revenues averaging A$ 257 million per year over the first 5 years results in a short payback period for the estimated A$ 298 million capital cost project.

    These projections used an 8% discount rate and are based on US$ per pound metal prices of cobalt $12.00, copper $0.80, lead $0.25, nickel $2.50, zinc $0.70 and silver $4.50 per ounce and on an exchange rate of A$1.00= US$0.63.


    Envestra (21 October 1998)

    Holyman has sold its 146km Palm Valley pipeline (Palm Valley to Alice Springs) to Envestra.


    Pasminco / Savage Resources (21 October 1998)

    Pasminco has made a hostile 85 cents-a-share bid for Savage. Pasminco says the bid represents a 42% premium over Savage's share price prior to the takeover speculation. Savage closed at 87 cents, up 13 cents. Pasminco has built a 17% stake in Savage.


    Petroz (21 October 1998)

    Petroz advises that the Setteporte-1 exploration well, located in the Roccasicurra Block in central Italy has reached a total depth of 3202 KB and is being plugged and abandoned after failing to encounter significant hydrocarbons. Although oil shows were encountered in the primary objective, 2 formation tests failed to recover hydrocarbons.


    CAIL (20 October 1998)

    Rio Tinto offshoot CAIL is about to cut the workforce at its Hunter Valley No 1 coal mine by 115 workers.


    Crest Magnesium (20 October 1998)

    Crest yesterday revealed plans to build the world's largest magnesium metal plant in Tasmania with a $1 billion development cost. Talks have been held with General Motors.

    A consortium of Ford, Normandy Mining and QMC is examining a similar plant in Qld - and have spent about $135 million building a pilot plant.

    Golden Triangle has also proposed a $700 million, 80,000tpy plant in Tasmania.


    Savage Resources (20 October 1998)

    Savage's plans to raise $570 million (to triple zinc production) have been put on ice - due to the credit crunch.


    Straits Resources (20 October 1998)

    STRAITS FORMALISE NIFTY ACQUISITION AND ANNOUNCE

    CONVERTIBLE NOTE ISSUE

    The Directors of Straits Resources Limited (ASX Code: SRL) are pleased to announce that the company has executed a Sale and Purchase Agreement with WMC Resources Ltd to acquire the Nifty Copper Operation.

    The Agreement formalises the Company’s announcement on 13 July 1998 that it had agreed to acquire Nifty from WMC. The agreed consideration is approximately $33 million payable on settlement, $6 million by 15 January 1999, $7.5 million payable on 1 July 2001 and $7.5 million on 1 July 2003. The consideration varies slightly to that previously announced but better suits the final financing structure and the working capital needs of the company.

    Completion of the Nifty acquisition is expected to occur on 30 October 1998 or shortly thereafter.

    Pursuant to the Agreement, Straits is entitled to the copper production and net cash flows of Nifty from 1 July 1998. The directors are pleased to report that Nifty continues to perform to expectation. For the three months ended 30 September 1998, the mine produced 3,947 tonnes of LME Grade A copper cathode at an average cash cost of US$0.51 cents per pound.

    Convertible Note Issue

    Straits is financing the initial component of the Nifty acquisition from a new corporate facility with Bankers Trust Australia Limited which incorporates the existing loan facility and the previously announced project finance facility.

    The Directors have also resolved to make a three for five pro-rata renounceable rights issue of unsecured 10% convertible notes at 45 cents each. The issue will raise approximately $16 million. The notes will mature on 31 December 2003. The proceeds of the issue will be applied towards reducing the company’s bank debt. The convertible notes will not reduce the company’s level of gearing in the short term, however the gearing level will reduce if the Notes are converted to shares on or before their maturity date.

    The note issue is fully underwritten by BT Alex.Brown.

    The major shareholders of the company, Messrs G A D Keet and A D Toms, have given their support to the issue and have agreed to sub-underwrite $5 million of the Issue. They will subscribe up to $5 million of the issue by taking up part of their entitlements and any Notes under the sub-underwriting agreement with the underwriter. Further, WMC Ltd, WMC’s parent company, has agreed with BT Alex.Brown to sub underwrite up to $8 million of the issue. For additional information, click here.


    Australian Resources (19 October 1998)

    Diamond drilling at the Cockburn Deeps prospect in the Mt McClure project had confirmed significant ore zones in 2 sections; best intersections from the Orelia and Cumberland Sections were 4m @ 14.23 g/t Au , 8m @ 13.06 g/t and 4m @ 26.8 g/t.


    Bemax Resources (19 October 1998)

    Partners in the Murray Basin JV are spending $725,000 on a 30,000m drilling program in an area thiught highly prospective for rutile, ilmenite and zircon within ancient beach strandline deposits.


    Diversified Mineral Resources (19 October 1998)

    DMR has announced a resource of 967,500 ounces at its Agbaou project in Ivory Coast. DMR now had to decide how to finance the $3-5 million required to complete the drilling program; DMR has $1.3 million in cash and a royalty flow from the Burton coal mine (worth $3.9 million last year).


    New Hampton Goldfields (19 October 1998)

    FIRST QUARTER 1998 RESULTS

    We are pleased to report that gold production for the quarter ended 30 September 1998 was a new record in terms of ounces and cost.

    Gold Production :
    32,484 ounces
    Cash Cost :
    $236.30 (two hundred and thirty six dollars thirty cents per ounce)

     

    Gold was sold principally at spot during the quarter with an average of $481.74 per ounce received.

    Ore was sourced from the Dawns Hope and Gala orebodies during the quarter. A substantial cash surplus was generated.

    Production continues at a high level and the expectation for the current quarter is for another strong result.

    In recent weeks we have commenced mining at Golden Ridge. (First ore deliveries are now being made to the plant). Start up of Golden Ridge has occurred smoothly.

    Further details will be available in the quarterly report later this month. For additional information, click here.


    Pacific Mining (19 October 1998)

    Production at the Tarmoola gold mine in WA in the September quarter was a record 46,229 ounces and cash costs were down 11% to $326/ounce.


    Sirocco Resources (19 October 1998)

    Encouraging intersections have been recorded from the Mt Bundey gold project in the NT, including 3m @ 7.96 g/t Au, 10m @ 5.56 g/t and 9m @ 3.26 g/t.


    St Francis Mining (19 October 1998)

    Latest exploration results from rock-chip sampling at the Chacarilla copper project in Bolivia are encouraging, including 1m @ 10.4% Cu, 1.4m @ 20.2% Cu and 3m @ 6.28% Cu.


    Preston Resources (17 October 1998)

    Shareholders approved the $319 million acquisition of Resolute's Bulong nickel-cobalt project in WA.

    Preparations have commenced for a start of construction at the Marlborough nickel project in Qld following the Qld Mining Warden recommending the granting of 25-year mining leases. The deposit contains 210 million tonnes @ 1.02% Ni and 0.06% Co; current mineable reserves are 52Mt @ 0.88% Ni and 0.06% Co.


    Rio Tinto / Canning Resources (17 October 1998)

    Rio subsidiary Canning Resources has placed its Kintyre uranium project in WA under care-and-maintenance - due to low uranium prices.


    Ross Mining (17 October 1998)

    The Directors of Ross Mining are pleased to announce the appointment of Mr Clive Hildebrand as a Non-Executive Director of the Company. Clive Hildebrand, BE (Qld) and MA (Oxon), aged 60, is a mining engineer and economist with more than 35 years experience in the mineral industry in Australia, South Africa and the near Pacific.

    Also, in an historic first for the Solomon Islands, Gold Ridge Mining has paid to the Solomon Islands Government the first royalty payments from the Gold Ridge Mine. The gross royalty and export tax payments totalling half a million ($SBD500,000), equivalent to 3% of the value of the gold and silver shipped during the commissioning stage of the Gold Ridge plant, during August and September 1998.

    For complete details, click here.


    BHP (16 October 1998)

    BHP has advised that diamonds from the Ekati mine would be sold through the company's recently established Antwerp marketing office until the mine reached projected capacity levels.

    BHP Coal says coal shipments are 2.4% lower in the 3 months to 31 August, with domestic shipments down 3% to 1.7 million tonnes.


    Macmin (16 October 1998)

    RE-ACQUISITION OF 100% INTEREST IN TEXAS SILVER PROJECT, QUEENSLAND

    MACMIN NL (MACMIN) and Hunter Exploration NL (Hunter) have reached agreement whereby Hunter has granted MACMIN an option to re-acquire Hunter’s 50% interest in the Texas Project and terminate the Texas Joint Venture (50% MACMIN, 50% Hunter), on the following terms.

    Hunter has contributed approximately $869,000 to the Joint Venture.

    The Texas Silver Project, with its substantial silver resource, good potential to increase this resource and favourable location and infrastructure, is a major opportunity for MACMIN. The re-acquisition of Hunter’s 50% interest gives MACMIN greater opportunities and flexibility in dealing with the Project. For additional information, click here.


    Macmin (16 October 1998)

    RE: NEW ISSUE

    The Directors of MACMIN advise that they propose to issue up to 40 million New Shares at an issue price of seven cents ($0.07) per New Share together with an equivalent number of free New Options. The New Options will have any expiry date of 28 February 2001.

    The issue will raise up to $2.8 million before costs.

    MACMIN proposes to use the funds raised to continue exploration, primarily at the Company's Crater Mountain Gold Project in Papua New Guinea and the Texas Silver Project in SE Queensland. Some of the funds are also required to partly finance reacquisition of Hunter Exploration NL's 50% equity in Texas and possibly fund further modest exploration at the Lisle, Sehulea and Mt Sinivit Projects.

    For additional information, click here.


    MIM (16 October 1998)

    MIM Holdings has forecast an improved first-half net profit due mainly to an abnormal gain of $50 million from an asset sale - its interest in the Norddeutsche Affinerie AG in Germany. However, MIM warns of a lower operating profit due to weaker demand and lower commodity prices.


    Normandy NFM (16 October 1998)

    Normandy NFM is unlikely to match last year's $36.4 million net profit this year, with the switch to underground mining at its Callie gold mine in WA increasing costs and reducing yields.
    Net profit for the September quarter fell from $7.7 million to $5.5 million and cash margins decreased from $345/ox to $278/oz. Cash costs rose from $257/oz to $351/oz.

    NFM also revealed the discovery of a promising gold resource over an area of 1.2km at Ground Rush, 100km north-west of The Granites in the NT.


    Normandy Mt Leyshon (16 October 1998)

    Normandy ML announced a 17% increase in net profit for the September quarter to $12.2 million and increased gold production to 77,438 oz, up from 74,932 oz in the June quarter. Total cash costs were $265/oz.


    Zimplats (16 October 1998)

    Delta Gold's 51%-owned offshoot Zimbabwe Platinum Mines yesterday listed in Australia at 87.5 cents/share, well above expectations, before slipping back to close at 55 cents with only a few shares traded.


    BHP (15 October 1998)

    BHP has announced that it has plans to drill 2 appraisal wells, in the first quarter of 1999, at the highly prospective Zamzamwa natural gas discovery in Sindh province in Pakistan.


    QNI (15 October 1998)

    QNI's Part B response to the 90cent a share offer from Billiton had "Reject the inadequate offer" on the front cover. This was expected given that an independent report had put a price of between $1.23 and $1.62/share.


    Union Mining (15 October 1998)

    Re: Gold & Base Metal Exploration Results - Vanuatu

    Union Mining N.L. advises that recent exploration at the Peasoso Creek Prospect within Prospecting Licence 1589 North Santo Island has located gold and base metal anomalies within creek boulders which has significantly upgraded the prospectivity of this Project.

    The anomalies come from both mineralised massive sulphide, and sheared and altered volcanic boulder float ranging up to two metres in diameter.

    The best assays are as follows:

    (a) Massive sulphide float:

    Sample NS 1218F: 7.8 g/t Au 120 g/t Ag 2.89% Cu
    Sample NS 1217F: 5.2 g/t Au 25 g/t Ag 4.41% Cu

    (b) Sheared and altered volcanics float:
    Sample NS 1215F: 11.7 g/t Au

    The Peasoso assay results are very encouraging particularly since similar mineralised float was located in three separate areas within the Company’s Prospecting Licence 1588 on South Penecost Island, also in Vanuatu.

    Preliminary interpretation of an airborne electromagnetic survey completed recently at South Penecost Island has located a number of conductive anomalies. These anomalies appear to coincde with the three areas where mineralised float was been previously located and may support the geological evidence that the area is prospective for either Kuroko or Cyprus style massive sulphide mineralisation. For additional information, click here.


    BHP (14 October 1998)

    BHP's asset disposal program continues with Britain's Powergen (BHP owns 46.1%) sold its 8.9% stake in the Liverpool Bay oil and gas field in the Irish Sea for the full price of $674 million.


    Grange Resources (14 October 1998)

    Grange announces an on-market buy-back of up to 16.5 million shares (9.9% of its issued capital), commencing 1 November and ending 30 April 1999. It is also proposed, subject to shareholder's approval, that the share capital of the Company be reorganised by consolidating all of the Company's issued share capital on a 1-for-3 basis. The number of issued shares following the consolidation will be approx. 55.64 million and 1 million partly paid shares.


    Macmin (14 October 1998)

    MACMIN JOINT VENTURES PORPHYRY COPPER/GOLD PROJECTS IN
    NEW BRITAIN, PAPUA NEW GUINEA, WITH CYPRUS AMAX AUSTRALIA CORPORATION (MT NAKRU, SIMUKU & WHITEMAN RANGE PROJECTS)

    MACMIN has reached agreement with Cyprus Amax Australia Corporation (Cyprus) whereby Cyprus will Farm-In to MACMIN projects in West New Britain - Mt Nakru (EL 1043), Simuku (EL 1077) and Whiteman Range (EL 1214). Cyprus is a unit of Cyprus Amax Minerals Company, headquartered in Englewood Colorado. Cyprus Amax is a major producer of copper, molybdenum and coal. The Company explores for base metals worldwide.

    The MACMIN tenements cover a 20km by 100km corridor which trends northwesterly across New Britain and contains several known and partly explored porphyry copper/gold systems, plus other known gold and skarn copper/gold mineralisation.

    Two systems, Mt Nakru and Simuku, have been partly explored by MACMIN. Drilling by MACMIN or previous tenement holder’s have given results such as 77m at 0.5% Cu; 36m at 0.7% Cu at Simuku and 74m at 0.78% Cu; 45m at 0.75g/t Au at Mt Nakru . Bulldozer trenches at Mt Nakru have yielded results such as 48m at 2.83g/t Au and 36m at 3.54g/t Au. Some of the better intersections and trench results are shown in the accompanying tables.

    The joint venture provides for Cyprus to earn 75% equity in all projects by spending $20M (million) in exploration over the next seven years. Cyprus will have earned a 51% equity after spending $4.0M over 4 years . For complete details, click here.


    Merritt Mining (14 October 1998)

    HIGHLIGHTS : QUARTERLY REPORT TO 30 SEPTEMBER 1998

    Alliance
    - Substantial investment in Alliance Gold Mines NL
    Funds
    - $1.9 million cash and investments

    EXPLORATION PROJECTS — GAWLER CRATON, SA

    Myall Creek (Merritt 100%) continues as Merritt’s priority project in the Gawler Craton. During the quarter, work concentrated on compilation and interpretation of the data base. Considerable progress has been made in understanding this complex area of geology and mineralisation. Merritt has identified mineralised pebbles of granites and basement rocks in conglomerates intersected in old diamond drill holes. These pebbles are altered and soft which means that they could not have been transported far. The geographic spread of the mineralised pebbles implies a large source, potentially a significant orebody. Merritt’s exploration at Myall Creek is continuing to search for the source of the basement mineralisation.

    At Yalata (Merritt 100%), BHP has farmed into Craton Resource’s option to earn 80% from Merritt. It is expected that RC drilling will commence during 1998.

    EXPLORATION PROJECTS, WA

    At Corsair (Merritt 12.5% and diluting) the EM results are being assessed by a consultant geophysicist.

    At Top Dam (Merritt 12.5%) Paladin Resources NL and Ranger Minerals NL have farmed in as part of a larger farmin with Central Kalgoorlie Gold Mines NL. Merritt is not contributing.

    EXPLORATION EXPENDITURE

    Merritt spent $66,629 on exploration during the Quarter and additional expenditure was made on Merritt’s projects by its joint venturers.

    INVESTMENTS

    Merritt has become a substantial shareholder with 12.6% of gold producer Alliance Gold Mines NL. Merritt has also underwritten a share issue to Alliance shareholders which is in progress and will almost certainly result in Merritt’s increasing its percentage shareholding of Alliance. Merritt also has investments in petroleum companies Omega Oil NL and Richfield Resources NL with which its shares offices.

    For additional information in the September Quarterly Report, click here.


    Precious Metals Australia (14 October 1998)

    SUMMARY - DIRECTORS' REPORT - 1998 ANNUAL REPORT

    PRINCIPAL ACTIVITIES

    The principal activities of the Company during the financial year were mineral exploration and development.

    CONSOLIDATED RESULTS

    The consolidated net operating loss for the Company for the financial year was $2,532,336 (1997: Loss of $12,552,613). The loss for the year included an abnormal item of $358,806 (1997:$8,400,535).

    REVIEW OF OPERATIONS AND LIKELY DEVELOPMENTS

    The Company will develop the Windimurra Vanadium Project in the coming year, details of the current status of this project and other activities of the Company are discussed in the “Review of Operations” in the front of this report.

    CHANGES IN STATE OF AFFAIRS

    During the year, a total of 7,037,500 ordinary shares were issued:

    DIVIDENDS

    No dividends have been recommended or paid during the financial year.

    EVENTS SUBSEQUENT TO BALANCE DATE

    On 11 August 1998, Glencore International AG (“Glencore”) advised that they would not be withdrawing from the Windimurra Vanadium Project and as a result, the Company and Glencore have committed to commence the development of the Windimurra Vanadium Project.

    Glencore will acquire a 51% interest in the project by contributing up to $35M towards project capital expenditure. In addition, Glencore and the project participants have entered into a 10 year take or pay marketing agreement for 100% of product produced by the project.

    Other than the matter discussed above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company to affect significantly the operations of the economic entity, the results of those operations, or the state of affairs of the economic entity.

    For complete details of the 1998 Annual Report, click here.


    Beaconsfield Gold (13 October 1998)

    Beaconsfield Gold NL has entered into a project finance facility with the Bank of Western Australia Ltd (BankWest) which will provide the company with its share of the necessary funds to bring the Beaconsfield Mine into production in mid 1999. The facility is for $29 million, part of which will be used to repay a short term facility of $7 million and a $5 million convertible note with N M Rothschild (Australia) Limited.

    As part of the arrangement with BankWest, the company has issued BankWest with unlisted options over 2,000,000 ordinary shares in Beaconsfield Gold NL, exercisable on or before 31 December 2001 at an exercise price per share of $1.25.

    The company has also entered into a gold hedging agreement with BankWest. The company has initially sold forward 240,000 ounces of gold production and locked in an average flat forward net gold price for those ounces of approximately $537 per ounce.

    As Beaconsfield Gold is targeting an average cash operating cost of around $230 per ounce, the targeted cash operating margin is around $300 per ounce. For additional information, click here.


    Equinox Resources / BHP (13 October 1998)

    Equinox has signed a Heads of Agreement with BHP Minerals to allow BHP to explore the Ethiudna Project in the Curnamona Craton in SA. BHP is to spend a minimum of $250,000 in the first 12 months before withdrawal and may, over 5 years, earn a 70% interest in any resources which have an in-ground value of greater than $1 billion - by spending at least $250,000 per year.


    Michelago Resources (13 October 1998)

    Chairman's Statement - 1998 Annual Report

    Dear Fellow Shareholders

    The past year has been a challenge for all exploration groups and Michelago has been no exception. The poor performance of the resources sector on the stock market has been particularly difficult for those exploration companies without an income stream.

    Challenging times are, nevertheless, periods of opportunity. Companies can rationalise and focus on programmes and acquire projects that will provide long-term growth. Michelago is taking advantage of these opportunities to enhance its position in New South Wales as a prime Lachlan Fold Belt explorer.

    Two recent transactions illustrate these opportunities.

    In April 1998, Michelago negotiated option agreements with Sipa Exploration NL to acquire Sipa’s New South Wales interests held in joint venture with Michelago. This has given Michelago the opportunity to acquire 100% of the Parkes, Cow Flat and Dirnaseer projects and 75.5% of the Wisemans Creek project. Michelago has also acquired 100% of the Sunny Corner, Cullulla, Captains Flat and Peakview joint ventures by purchasing the interests of Denehurst Ltd in those projects.

    Details of these transactions are outlined in the Review of Operations.

    Michelago is seeking to balance the optimisation of cash resources against the need to progress its exploration projects while taking advantage of opportunities available in the current market. In achieving this goal the Company is:

    In the forthcoming year, Michelago intends focussing its exploration activities on the Parkes project. This area has about one million ounces of past gold production and provides the best opportunity for the Company to identify economic mineralisation and establish an income flow in the medium term. The close proximity of mining related services and infrastructure augers well for the cost-effective establishment of mining operations should exploration be successful.

    Although market conditions are difficult for junior explorers such as Michelago, I believe the Company has the skill and commitment to not only survive the current market, but to emerge with greater opportunities and real growth potential.

    The appointment of Mr Roy Swan, a very experienced and respected mining engineer, to the Board of Directors, has broadened the skill base of the Board and I welcome Roy to the Company.

    I would like to thank our Managing Director, Mr Sam Lees, and his team for their continued enthusiasm, commitment and hard work throughout this very challenging year. I also thank my fellow Directors for the support they have given the Company this year.


    Pasminco (13 October 1998)

    JB Were & Son has upgraded its recommendation for shares in Pasminco from a hold to a buy.


    QNI (13 October 1998)

    Weak nickel prices kept QNI shares below Biliton Plc's 90 cents bid price, despit the release of an independent expert report which values the stock between $1.23 and $1.62/share.


    Australian Kaolin (12 October 1998)

    AK has accepted a finance offer of an additional $15 million from the Commonwealth Bank. Of this, $10 million can be drawn down upon the completion of construction of the Skardon River kaolin project to repay the short-tewrm facility, with the $5 million balance providing further working capital.


    Homestake Mining (12 October 1998)

    Homestake says drilling at the historic Lawlers Mine in WA was expected to increase resources and reserves at the project significantly by year end.


    RGC Mineral Sands (12 October 1998)

    Due to the successful application of new technology and the flat market conditions, RGC is to rationalise its production and processing operations in the Geraldton region of WA to reduce costs. Some 80 people will be made redundant between the Eneabba and Narngulu operations.


    Roma Petroleum (12 October 1998)

    A significant reduction in oil prices has complicated plans by Roma to farm out the drilling of its proposed wells. In addition, the company is also concerned about the uncertainties in light of the High Court Wik decision.


    SMC Resources (12 October 1998)

    Financial Statements To 30 June 1998 - Summary - Directors Report

    PRINCIPAL ACTIVITIES

    During the year the principal continuing activities of the economic entity constituted by SMC Resources Limited and the entities it controlled from time to time during the year were:

    CONSOLIDATED RESULTS

    1998
    $'000
    1997
    $'000
    Operating profit (loss) of the economic entity after income tax
    (2,977)
    (1,443)
    Retained profits (losses) at the beginning of the financial year
    (1,641)
    (198)
    Retained profits (losses) at the end of the financial year
    ($4,618)
    ($1,641)
    EARNINGS PER SHARE


    1998
    ¢/share
    1997
    ¢/share
    Basic earnings (loss) per share

    (4.0)
    (5.0)
    DIVIDENDS
    No dividends were paid or declared during the income year by the entity. The directors do not recommend a final dividend in respect of the year ended 30 June 1998

    OPERATIONAL REVIEW
    Highlights
    • Producing Assets Providing Cashflow:
    • Hadleigh Castle is at full production. 1997/98 ore production totalled 113,270 tonnes at a head grade of 4.0 g/t gold to produce 14,080 ounces of gold and 7,465 ounces of silver.
    • Increasing Grade:
    • More efficient and effective selective mining at Hadleigh Castle to increase the grade of ore mined is proving to be successful. This has occurred subsequent to year end
    • Falling Costs:
    • 1997/98 cash operating costs - $AUD588 per ounce
    • July 1998 cash operating costs - $AUD463 per ounce
    • August 1998 cash operating costs - $AUD312 per ounce
    • Growing Resource Base:
    • SMC’s strategy of exploiting small open pits with its surface mining crew is underway at the Blue Gold project. This mine has a proved reserve of 11,600 tonne @ 9.2 g/t gold (3,400 ounces of gold). Christian Kruck another project containing a probable reserve of 28,000 tonnes @ 3.16 g/t gold (2,800 ounces of gold) will follow immediately thereafter.
    • Toll Treatment:
    • The Company successfully tendered to treat approximately 100,000 tonnes of gold oxide ore.
    • Increased Reserves:
    • Proved and probable ore reserves increased from 130,000 ounces to over 155,000 ounces.

     

    Key Result Areas

    Restructure the mining technique at Hadleigh Castle to a selective, smaller tonnage and consequently higher grade operation.
    Last financial year SMC produced 14,080 ounces of gold. However, excessive ore dilution led to sub-optimal mined grades. Accordingly, a restructure implemented in July 1998 led to a substantial increase in the mill head grade.

    Prove the viability of batch treating 10,000 to 15,000 tonne ore parcels through the 800,000 tonnes per annum Rishton Gold Treatment plant.
    During 1997/98 the company milled nearly 115,000 tonnes of ore in nine batches. The average gold recovery achieved exceeded 95 per cent.

    Actively explore in a 50/50 joint venture with Egerton Gold NL on tenements covering more than 400 square kilometres in the prospective Charters Towers region.
    The company expended over $0.5 million on gold exploration during 1997/98. SMC’s share of joint venture exploration expenditure exceeded $190,000.

    Identify, develop and exploit large and small ore bodies through acquisition/exploration for minimal capital cost, thereby capitalising on the significant capacity utilisation available at the Rishton CIP gold treatment plant.
    During the year, the company acquired two tenements which SMC’s surface mining crew will mine. At the date of this report, the surface crew is exploiting one of the tenements, Blue Gold, located 200 kms northwest of the Rishton mill.

    For complete details of the Financial Statements, click here.


    Spinifex Gold (12 October 1998)

    Spinifex has announced multiple intersections from drilling at the Kitongo and Buckreef projects in the Lake Victoria Goldfields of Tanzania. Intersections included 18.25m @ 15.41g/t Au, 16.3m @ 31.01g/t Au and 32m @ 9.07g/t Au.


    New Guinea Gold Corp (10 October 1998)

    Canadian based Resource Opportunities releases an encouraging report on NGG: " New Guinea Gold holds interests in two projects with excellent potential to be major gold deposits, similar to nearby world-class gold mines. The company is managed by highly respected geologists with substantial exploration experience in this area.

    The company already has a significant resource, for which it gets almost no credit. Drill programs on the Feni project later this year and the Normanby project early next year could add enormous value to this little known company."


    QNI (10 October 1998)

    QNI have approved the US$350 million expansion of the Cerro Matoso nickel project in South America.


    Santos (10 October 1998)

    Santos has announced the discovery of a new gas field in the South Australian sector of the Cooper-Eromanga Basin. Welcome Lake East-1 flowed gas at the rate of 103,600 cubic metres/day with associated condensate at 13 kilolitres/day over a 15m interval.


    WMC (10 October 1998)

    Highlights in September Quarter :

    Market Conditions
    Business conditions in the period since 30 June 1998 have deteriorated further from the poor conditions prevailing in the first half of this calendar year. The Asian crisis has spread to other emerging markets, and commodity prices and the Australian dollar have fallen.

    Nickel prices have reached near record low levels. Gold prices have recovered only marginally after reaching a 19 year low during the September quarter. Copper prices have fallen to levels not seen for many years. Alumina contract prices largely reflect movements in aluminium prices, and as a result are lower than those of the first half. These all directly impact on revenue and profit.
    At the prevailing prices, the half year results to 31 December will be significantly lower than in the June half.


    Rio Tinto / Comalco (9 October 1998)

    Rio has further increased its stake in Comalco - to 69.45%.


    Santos (9 October 1998)

    Santos says preliminary data interpretation shows an 80m gas column in the John Brookes -1/ST-1 exploration well in the Carnarvon Basin, off WA.


    Acacia Resources (9 October 1998)

    BODDINGTON - ACQUISITION OF ADJACENT HEDGES MINED AREAS

    The Boddington Gold mine joint venture partners (Normandy Mining Limited 44.4 percent, Acacia Resources Limited 33.33 percent and Newcrest Mining Limited 22.22 percent) agreed on 16 April 1998 to acquire tenement rights over the adjacent Hedges Gold Mine worked areas and a portion of the adjacent exploration licence for a consideration of $15 million. The transaction was subject to due diligence and other conditions and does not include acquisition of the Hedges treatment plant, residue dam or freehold lands.
    Due diligence has been satisfactorily completed, and the Sale and Purchase Agreement was executed today. Accordingly, the acquisition remains subject only to Government approvals.

    Sunrise Dam Drilling Results
    The ongoing exploration drilling programme at the Cleo gold deposit has identified a further extension of the ore body beneath the Sunrise Shear. Diamond drill hole CD306W1, which is a wedge hole off diamond hole CD306, has intersected 185 metres at 11.8 g/t gold between 549 metres and 734 metres. The intersection represents a southern and deeper extension of a zone of mineralisation below the Sunrise Shear known as the Western Deeps. This new extension of the Western Deeps is not yet clearly defined due to insufficient drilling. The intersection in CD306W1 appears to be associated with a steeply dipping zone at least 15 metres wide and extending to at least 650 metres below surface. Gold mineralisation within the steeply dipping zone is characterised by quartz lodes and breccia veins.


    Minotaur Gold / Gawler Gold (9 October 1998)

    BIBLIANDO JOINT VENTURE
    Minotaur Gold NL and Gawler Gold and Mineral Exploration NL have entered into a joint venture to explore on ELs 2229 and 2265, the latter of which was purchased from Tri Resources Pty Ltd in September. The tenements cover the Bibliando Dome and Eukaby gold field (the Eukaby Mine itself is excluded) and covers an area of 1800 square kilometres located 100 kms NW of Olary in the Adelaide Geosyncline in South Australia

    AURORA TANK JOINT VENTURE
    The Commonwealth Hill joint venture partners, Minotaur Gold NL and Gawler Gold and Mineral Exploration NL, have signed a joint venture agreement with Pima Mining NL to explore on EL 2503 (Aurora Tank), located 40 kilometres NE of the Challenger gold deposit. The tenement forms a common boundary with the north-west portion of EL 1900 (Commonwealth Hill).
    Challenger, Aurora Tank and Commonwealth Hill all lie within the same NW-SE corridor as Bibliando. For complete details, click here.


    Ross Mining (9 October 1998)

    The Solomon Islands Court of Appeal yesterday handed down decisions on two appeals involving the Gold Ridge project.

    The appeals were brought by Mr John Maningelea and others, and Mr Samuel Saki and others, against the decision of Palmer J of the Solomon Islands Supreme Court on 19 December 1997 to strike out both of their cases against the Gold Ridge project on the basis that they disclosed no reasonable cause of action, were vexatious and an abuse of Court process.

    The Court of Appeal dismissed the Maningelea appeal, which had involved land claims over the Gold Ridge Mining Lease area. The Court upheld the finding of Palmer J that Mr Maningelea and his co-appellants had no standing to challenge the Compensation Agreement and lease arrangements for the Gold Ridge project, and rejected their allegations of bias against Palmer J. The Court awarded costs to the respondents — Ross Mining NL, the Attorney-General of the Solomon Islands and the Gold Ridge Community and Landowners Association.

    The Saki appeal, which involved alleged environmental issues in the downstream Metapono River area, was upheld in part. While the Court of Appeal agreed with the conclusion of Palmer J that there was no basis for a claim based on breach of the Mining Agreement, and while it rejected the appellants’ allegations of judicial bias, it found that the judge had not had the opportunity to consider affidavit material filed by the appellants, after the hearing before him was completed. For this reason, the Court held that there was an arguable case to go to trial on the issues of trespass, nuisance and negligence. Costs were awarded to the appellants.

    The Managing Director of Ross Mining NL, Dr Bertus de Graaf welcomed the Court of Appeal decision on the Maningelea case, and said that while the decision to allow the Saki case to go to trial was disappointing, it was not a setback. All shareholders should understand that the Court’s decision does in no way affect the Gold Ridge Mining operations, which are now fully operational following a successful commissioning programme.

    For complete details, click here.


    Abednego Nickel (8 October 1998)

    Director Rene Rivkin has recommended shareholders accept the joint bid from Anaconda Nickel and Glencore - in the absence of a higher offer.


    Caledonian Pacific Minerals (8 October 1998)

    Caledonian has lifted its cash reserves to more than $9 million following an injection of funds by JV partner Base Metals Exploration NL, an unlisted public company. Base, which paid an up-front $500,000 in December 1997 to secure a 40% interest in CP's tenements in New Caledonia and NSW, has since paid an additional $10 million.


    Capricornia Resources (8 October 1998)

    Major technical aspects of the Emily Ann Feasibility Stidy are complete - the currently depressed nickel price (around US$4,000/tonne) and the greater than anticipated volumes of groundwater suggest Emily Ann is not viable at the present time.


    Grenfell Resources (7 October 1998)

    Principal Activities The principal continuing activities of the company during the fiscal year just ended consisted of exploration for gold and other economic resources in South Australia.


    Operating Result

    The loss after tax for the financial year was $117,526 for both the Parent and Economic entities: (1997 $342,107 loss for both the Parent and Economic Entities).

    Dividends

    During the year, no dividends were paid, nor have the Directors recommended the payment of a dividend.

    Review of Operations

    During the financial year, the company continued to concentrate its exploration effort in the Tarcoola region, located in the central part of the Gawler Craton in South Australia. Total expenditure on exploration was approximately $1.89 million during the period.

    The main focus of expenditure continued to be the drilling of high grade subsections of the Perseverance gold mineralised system. Development of outlying prospects was also ongoing.

    Significant Changes

    There are no significant changes in the state of affairs of the company during the twelve month period ended 30 June 1998.

    Matters Subsequent to 30 June 1998

    On 16 July 1998 , the company announced that it had reached agreement in principle to acquire a 75% interest in Meridian Minerals India Pty Ltd, a partly owned subsidiary of Meridian Peak Resources Corporation, an exploration company listed on the Vancouver Stock Exchange.

    The principal asset of Meridian Minerals India is 100% ownership of 6 mineral exploration leases within the major base metals province in Rajasthan in north west India. The lease areas had been selected by Meridian’s Indian geological consultant and are prospective for zinc/lead and copper and gold. Major existing deposits of zinc/lead and copper are mined in this region by government-owned enterprises.

    The foregoing arrangements are subject to formal documentation, regulatory acceptance and due diligence processes, all well underway at the date of this report.

    The company regards this as an opportunity to apply its skills to exploration in a richly mineralised, but demonstrably under-explored part of India, through an arrangement with an established, and respected player on the market.

    For complete details of the Financial Statements, click here.


    QNI (8 October 1998)

    The falling nickel price may cause Billiton Plc to abort its takeover offer for QNI, say analysts. Billito can withdraw if the LME cash nickel price fell below US$3750/tonne - on the LME overnight, nickel fell to an 11-year low of US$3860/tonne before closing at US$3870/tonne.


    Laverton Gold (7 October 1998)

    Laverton has requested a suspension of trading in its shares pending clarification of its financial position.


    West Oil / Frontier Petroleum (7 October 1998)

    West Oil has failed in its bid (5-for-9 scrip offer) for Frontier and is to revert to its initial 9.81% stake.


    Woodside Petroleum (7 October 1998)

    Woodside and its 5 equal partners in the Cossack-Wanaea oil field off the coast of WA will forgo more than $150 million in revenue while the production vessel servicing the operation is overhauled in January. The work will shut down the field for 160 days but when the vessel returnd production will be boosted by about 50% to 115,000 barrels of oil and 3.4 kilotonnes of gas a day.


    Macmin (6 October 1998)

    DIAMOND CORE DRILLING COMMENCES AT FENI PROJECT, PAPUA NEW GUINEA

    The Feni Project, in New Ireland Province, PNG (EL 1021) is situated SE of and along trend from the Lihir Mine. This project has widespread known gold in drill core, soils and groundwater. The Feni Islands consist of two islands (Ambitle and Babase) and have comparable geology to Lihir Island. Due to this similarity, plus the widespread known gold in drill holes and groundwater, and absence of drill holes over much of this prospective area, Feni is considered to have comparable gold potential to the Lihir Mine (40 million ozs gold).

    Feni, at the Kabang Prospect, has an open ended Inferred Resource of 4.0 million tonnes at 1.4 g/t Au (180,000 ozs gold) at 1.0g/t gold cut off. Some of the intersections from within this resource, drilled by previous tenement holders, intersected wide intervals of mineralisation, generally between 1 and 2 g/t gold. The mineralisation is considered to be mainly epithermal but over printing a porphyry copper/gold system.

    Recent exploration has concentrated on a 10 square kilometre area to the west and north of the above mineralisation. Numerous gold, mercury and arsenic geochemical anomalies have been defined and radar surveys to collect data on structures that may be significant in terms of mineralisation suggest that such a structure extends both NE and SW from Kabang Prospect.

    The Induced Polarization (IP) survey which has just been completed was successful in locating several chargeability anomalies interpreted to represent previously undefined sulphide zones, and in extending the known area of the Kabang sulphide system. The extent of the Kabang system is considerably larger than originally anticipated.

    Diamond Core drilling commenced at Kabang Prospect, on October 4th 1998. The Initial hole is located approximately 400 metres NE of hole AMD 002 which was drilled by Esso/City Resources in 1987. Planned depth is 250 metres.

    The present drill hole is sited in an area of strong I.P. anomalism and will test a previously untested part of the Kabang system for higher grade gold mineralisation.

    Further drill holes are planned to test the SE extension of the Kabang system, other I.P/geochemical anomalies and beneath the Kapkai area where gold is presently being deposited at surface.

    For additional information, click here.


    Nimbus Resources (6 October 1998)

    Financial Statements To 30 June 1998
    Summary - Directors Report

    Principal Activities

    The principal activity of the Company and its controlled entities is mineral exploration in Australia. These activities did not change during the financial year just ended.

    Operating Result The net amount of the operating loss after provision for income tax for the financial year was $527,178 for both the Parent Entity and Economic Entity (1997: $548,711 Economic Entity $548,711).

    Dividends

    During the year, no dividends were paid. The Directors have not recommended the payment of a dividend.


    Review of Operations

    During the year, the Company continued exploration and development activities on its various gold leases in the Coolgardie region, principally the Dreadnought prospect and at the Snake Hill project both in Western Australia. The Company also acquired interests in mineral sands in the emerging Murray Basin province astride the borders of NSW, South Australia and Victoria.

    State of Affairs

    During the year, the following significant changes in the state of the Company’s affairs occurred :-

    Significant Events After Balance Date

    On 3 September 1998, the Company announced that it was to become a mineral sands producer in addition to exploring for mineral sands. Nimbus and The Broken Hill Proprietary Company Limited (BHP) jointly announced the signing of a Memorandum of Understanding for the purchase by the Company of the Hawks Nest mineral sands operation from BHP Titanium Minerals Pty Limited as part of BHP’s portfolio restructuring programme. The acquisition will also include the right to use the business name Mineral Deposits (MDL), which is a long standing and respected name in the Australian mineral sands industry.

    Hawks Nest is a well established project involving mineral sand dredging at two locations in NSW – Viney Creek and Fullerton - with dry separation occurring at Hawks Nest, producing premium grade rutile and zircon which finds ready acceptance in world markets.

    The purchase price is approximately $9m, payable over 15 months from 1 October 1998. The Company expects to finance the consideration from its existing cash reserves and debt arrangements. Negotiations to conclude the financing are well advanced at the date of this report.

    The Company has commenced exploration in the Murray Basin on its Victorian joint venture tenements on areas already known to contain coarse grained rutile and zircon strands. Successful exploration here could lead to a transfer of operations to the Murray Basin on ultimate depletion of reserves on the east coast of New South Wales.

    For complete details of the Financial Statements, click here.


    Petroz (6 October 1998)

    Petroz advises that, as of 6 October 1998, 2 million barrels of oil had been produced from the Elang, Kakatua and kakatua North Oil Fields; production is now being maintained at about 33,000 barrels of oil/day.


    Tiger International Resources / Amity Resources (6 October 1998)

    Tiger International Resources Inc has announced that it has signed a Memorandum Of Understanding with Amity Resources of Perth, Western Australia, to option an 85% interest, with the right to acquire 100% interest, in approximately four hundred square kilometers of land on the northern boundary of Tiger's Springfield Basin Diamond Project in South Australia. Tiger agrees to spend A$1,000,000 to earn 85% interest in the two Exploration Licenses owned by Amity, identified as EL1948 and EL2050. For each A$100,000 expended, Tiger is vested in 8.5% equity until having spent the A$1,000,000 when it is fully vested.


    Anaconda Nickel / Abednego Nickel (5 October 1998)

    Anaconda and Glencore yesterday launched a $67 million takeover bid for Abednego (a complex $1-a-share offer). The bid involves an initial payment of 15 cents cash but shareholders would have to wait 2 years to get the full $1 payment. The share price of both companies was marked down. Rene Rivkin is executive director of Abednego.


    Ballarat Goldfields (5 October 1998)

    Excerpts from Chairman's Letter - Merger with Highlake
    Our model for growth is that a diverse portfolio of exploration properties is required, comprising a suite of prospects providing the appropriate balance between greenfields and maturing projects.

    Directors saw an opportunity to acquire an extensive portfolio of quality exploration properties and to simultaneously access a range of specialist exploration skills. This arises through the proposed merger with Highlake Resources NL, announced on 3 August. Impetus was given to this idea when it became evident that the respective skills of each party were mutually advantageous and that strong synergies were apparent between the two companies. In fact, the Boards of each company see that the merger creates not only an invigorated, dynamic, regional exploration entity with extensive acreage across much of the highly prospective ground of Central Victoria, but a clear Win - Win for the proponent companies.

    The Business Plan
    The directors of both parties to the proposed merger have developed a forward-looking business plan which maps a pathway to growth for the new group.

    The Plan has as its key elements;
    • A focus within Victoria, and particularly a domination o fCentral Victoria
    • The virtually unexplored mineral fields we control will yield quality projects
    • The prime objective of early cash flow achievement to fund ongoing exploration
    • A reconstruction of BGF‘s capital
    • Presentation of a clear funding strategy and future equity structure
    • Maintenance of the Ballarat Gold Project as the group‘s flagship investment
    • Advancement of that project to final feasibility in accordance with the funding schedule

    The Board has established these principles so that investors and the market will appreciate that the Company has determined and planned a clear way forward.

    The funding scheme integral to this plan is innovative and clear as to the volume of equity to be issued externally with rewards provided to shareholders of the new entity for their continuing loyalty. This is named the Trustee Stock/Capital Consolidation Scheme and was announced on 1 September.

    For complete details, click here.


    Homestake (5 October 1998)

    Homestake announced it would incur net asset writedowns of about $280 million in the 3rd quarter, in light of the low gold price.


    New Guinea Gold Corp (5 October 1998)

    DIAMOND CORE DRILLING COMMENCES AT FENI PROJECT, LIHIR CORRIDOR, PAPUA NEW GUINEA
    - I.P SURVEYS INDICATE KABANG SULPHIDE SYSTEM IS MUCH LARGER THAN PREVIOUSLY ANTICIPATED

    NGG MAY INCREASE EQUITY POSITION FROM 25% TO 70%

    Diamond Core drilling commenced at Kabang Prospect, on October 4 th, 1998. The Initial hole is located approximately 400 metres NE of hole AMD002 which was drilled by Esso/City Resources in 1987. Planned depth is 250 metres.

    The present drill hole is sited in an area of strong I.P. anomalism and will test a previously untested part of the Kabang system for higher grade gold mineralisation.

    Further drill holes are planned to test the SE extension of the Kabang system, other I.P/geochemical anomalies and beneath the Kapkai area where gold is presently being deposited at surface.


    New Hampton Goldfields (5 October 1998)

    FINANCIAL STATEMENTS TO 30 JUNE 1998

    Highlights - Directors Report

    PRINCIPAL ACTIVITIES


    The principal continuing activities of the company and its controlled entities during the year consisted of:


    (a) exploration for gold and other mineral resources, and


    (b) mining, processing and sale of gold.


    There was no significant change in the nature of the activities of the company and its controlled entities during the year.


    SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS


    There were no significant changes in the state of affairs of the company and its controlled entities during the financial year.


    MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR


    No matters of circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company and its controlled entities, the results of those operations, or the state of affairs of the company and its controlled entities in subsequent financial years.


    LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS


    The likely developments in the operations of the company and its controlled entities and the expected results of those operations in financial years subsequent to the year ended 30 June 1998 are as follows:-


    (a) On 28 August 1998, the company and Mineral Commodities NL (MRC) jointly announced the formation of a “technical and strategic alliance” in relation to ongoing developments in the Eastern Goldfields of Western Australia.


    MRC, through its interest in the Mungari West Joint Venture (MWJV), has a 49% interest in the White Foil project in the Kalgoorlie Goldfields that offers a substantial mine life. The MWJV has a current resource of 770,000 ounces and is held 49:51 with Mines and Resources Australia Pty Ltd.


    The alliance contemplates the formation of a joint venture between the parties in the event that MRC becomes entitled to full ownership of the White Foil Project.


    As part of the alliance agreement, New Hampton will provide MRC with technical input as part of the White Foil feasibility development for joint venture consideration, as well as general advice on financing options. In addition, there will be a cross fertilisation of exploration concepts given MRC’s growing experience at White Foil and the company’s strong tenement position (held in part with the Normandy Group) in the historic Hampton Areas.


    This arrangement has an eighteen month term. As part of the arrangement, New Hampton has provided MRC with a structured loan facility of $1.0m on commercial terms, to assist MRC financing to the next stage of development at White Foil.


    By forming this alliance, your directors believe that they can participate at a meaningful level in the inevitable corporate rationalisation of resources in the Kalgoorlie region, adding significant benefits to shareholders.


    (b) Also during August 1998, the company’s 43.2% held associate, Nimbus Resources NL and the Broken Hill Proprietary Company Limited (“BHP”), signed a Memorandum Of Understanding for the purchase by the former of the Hawks Nest mineral sands operation in NSW from the BHP group as part of its portfolio restructuring programme. .


    The purchase consideration is $9.0m payable over fifteen months commencing 1 October 1998. The acquisition is expected to add substantial revenues and operating profits to the company in future years.


    The acquisition complements the recently announced diversification by Nimbus into the mineral sands industry, following a new exploration joint venture in the emerging Murray Basin area of Victoria and South Australia. Drilling on these joint venture tenements commenced mid September 1998.


    Likely developments in the operations of the company and its controlled entities from time to time that were not finalised at the date of this report include:



    Further information on likely developments in the activities of the company its controlled entities and the expected results of same have not been included in this report because the directors believe disclosure would be likely to result in unreasonable prejudice to the company at this juncture.


    RESULTS AND REVIEW OF OPERATIONS

     
    1998
    $000’s
    1997
    $000’s
    Operating profit(loss) before abnormal items and income tax
    702
    5,069
    Abnormal Items
    (4,317)
    -
    Outside Equity Interests
    304
    75
    Profit(Loss) attributable to members of New Hampton Goldfields NL
    (3,311)
    5,144

    The financial statements reflect the consolidated position inclusive of the results of Nimbus Resources NL in which, subsequent to year end, the company has increased its stake to 43.2% (1997 : 42.4%). Without the consolidation, the operating profit of New Hampton Goldfields NL and its wholly owned subsidiaries would have been $1.06 million (1997 : $7.8m).


    Mining of the new pit at Dawns Hope commenced early in the financial year just ended and remains underway. The cost of mining at Dawns Hope exceeded site budget in the financial year due to additional expenditure on a series of cutbacks to contain wall weaknesses which manifested themselves during mining. Mining at the small but high grade Gala deposit commenced in the fourth quarter and was completed, as scheduled, in July 1998. The starter pit at Golden Ridge is underway, ground having been broken mid August 1998.


    Stockpiled Jubilee and Mt. Martin ore is still being treated at the mill, together with material from Dawns Hope, all ore from Gala having already been processed. As reported in the preliminary half year report, given the prevailing gold price, the mining costs associated with the substantial stockpiles of high and medium grade ore from the completed Jubilee and Mt. Martin pits were fully absorbed at 31 December 1997.


    A wide range of exploration projects was undertaken during the year. The ore body at White Hope is likely to be developed during 1998 / 1999. As at the balance date, the directors assessed the exploration and development progress of all the current exploration projects. Inherent in the review was the prevailing state of commodity markets in general and the gold market in particular. Following this review, provisions were raised against the carrying value of many projects. These provisions have been treated as Abnormal Items.


    During March 1998, losses on a number of “out of the money” USD foreign exchange contracts were absorbed and all USD-denominated gold contracts closed out. The net loss was treated as an Abnormal Charge.


    The company continued to operate its corporate head office in Melbourne. This office is responsible for all aspects associated with planning, management, finance, accounting and reporting. The parent entity continues to provide such services to Nimbus resources.


    With the increased requirements now placed on management of the company, the corporate office was strengthened by the appointment of a Group Accountant in March 1998.


    DIVIDENDS


    No dividends have been recommended, declared or paid since the last annual report.

    For complete details of thr Financial Statements, click here.


    Australian Kimberley Diamonds / Rio Tinto (5 October 1998)

    Rio Tinto is farming into the Seppelt Range diamond project in WA. Rio can earn up to 85% from AKD by spending $1.5 million over 3 years. Rio will also take a $100,000 share placement in AKD.


    Kilkenny Gold (5 October 1998)

    Kilkenny has spent $350,000 on its environmental impact study for the proposed Maud Crek gold mine in the NT. Kilkenny plans to mine about 300,000 tonnes/year for about 6 years using both open-pit and underground mining.


    Monto Minerals (5 October 1998)

    Test pitting and sampling has commenced at the Goondicum ilmenite project, and surrounding area, in QLD.


    Rhodes Mining (5 October 1998)

    Rhodes has moved to acquire control of high-grade silver tenements, including Sunbeam, in QLD.


    Sons of Gwalia / Mt Burgess (5 October 1998)

    Mining leases can now be issued for the Butcher Well JV (including the Red October deposit with reserves of 600,000 ounces @ 6.7 g/t Au) following agreement with native title claimants.


    Beaconsfield Gold (4 October 1998)
    Financial Statements - To 30 June 1998 - Directors' Report - Summary

    PRINCIPAL ACTIVITIES

    The principal activity of the company during the financial year was to develop the Beaconsfield Gold Project through its participation in the Beaconsfield Gold Joint Venture.


    REVIEW OF OPERATIONS

    The success achieved with dewatering the orebody ahead of mining using borehole pumps resulted in the planned mining rate being lifted from 150,000 to 200,000 tonnes per annum during the year. This rate gives a minimum eight years life based on the current Probable Ore Reserve.

    A feasibility study on a bacterial oxidation plant for Beaconsfield was completed during the year with positive results. The study showed that the payback for a bacterial oxidation plant would be a little over one year and that a plant could be constructed in time to be commissioned at the same time as the conventional plant.

    On 1 April 1998, the Tasmania Department of Environment and Land Management and the West Tamar Council granted a Permit to the Beaconsfield Mine Joint Venture. The Permit, together with the existing Mine Leases, means that the Joint Venture now has all the necessary Government approvals required to proceed to full production in 1999.

    The main mine access 1 in 8 decline, which commenced from the 375 metre level on the southern side of the Tasmania Reef, passed through two splits of the reef at a depth of 430 metres below surface in early June 1998. Ongoing development of the decline will all be on the northern, or footwall, side of the Tasmania Reef. Ground conditions have proven to be excellent.

    The water level in the mine was 503 metres below surface at the end of June 1998, a decrease of 119 metres for the year. Rapid drawdown occurred following the successful commissioning during the year of the 375 metre level pumping station and the installation of slim borehole pumps in boreholes located on the 375 metre level. The comparative rate of drawdown with the new pumps significantly exceeded what was predicted and provides further evidence that the required pumping rates will continue to decrease with depth.

    The final upgrade of the Hart Shaft to facilitate an increase in the hoisting speed from 2 metres per second to 5.6 metres per second commenced at the end of the year. Works underway and to be completed include the excavation of the shaft loading pocket below the 375 metre level, the installation of the underground grizzly and plate feeder, the removal of the temporary timber shaft guides, the installation of the surface orebin, plate feeder and loadout conveyer, and the installation of the final cage/skip combination conveyance.

    At year end, work had approached completion on the installation of the Fresh Air Shaft, which is located 230 metres south east of the Hart Shaft. This shaft will provide the main fresh air intake for the mine and is to be equipped with a rope-guided 6-man cage to provide an alternative access to the mine.

    During the June quarter, seven engineering firms tendered for the conventional treatment plant contract (crushing, grinding, gravity concentration, floatation, cyanidation and gold metal recovery). Three engineering firms were invited to tender for the bacterial oxidation plant contract (oxidation of the flotation concentrate prior to cyanidation).

    Following detailed technical and commercial evaluation of all the conforming and non-conforming bids, the Joint Venture decided to award both tenders as one inclusive lump sum contract to one group. At year end, a leading engineering and project management group was in final contract negotiations for the design and construction of the 200,000 tonnes per annum treatment plant.


    RESULTS

    The operating result of the economic entity for the financial year after income tax and abnormal items was a loss of $2,994,262 (1997 - a loss of $996,624).


    DIVIDENDS

    No dividends were paid during the period nor are there any recommended at 30 June 1998.


    SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

    Shareholders’ equity increased from $25,030,585 to $35,205,225, an increase of $10,174,640. Placements of 7,426,000 shares at $1 each have contributed $7,426,000 to this increase. The bulk of the remainder was provided by the exercise of 1 December options at $1each of $5,567,156 and 1 March 2000 options at $1.50 each of $58,833. Contributions received pursuant to the 1 for 5 renounceable right issue had contributed $498,741 by 30 June 1998. Costs associated with the share issues of approximately $382,000 have been debited to the share premium account.


    SIGNIFICANT EVENTS AFTER BALANCE DATE

    On 21 July 1998, the directors announced that the 1 for 5 renounceable rights issue of new shares at 80 cents each had been fully subscribed, raising $7.7 million before costs. The issue had been announced on 22 May 1998 and had been available to holders of Beaconsfield Gold shares registered on 9 June 1998.

    On 5 August 1998, the Beaconsfield Mine Joint Venturers and Bateman Kinhill, a leading engineering and project management group, signed the contract for the design and construction of the ore treatment plant. The lump sum price for the fully integrated treatment plant and mine backfill plant is $19.5 million with provision for additional work including commissioning and training of $1.3 million.

    The contract scope of work requires Bateman Kinhill to design, supply, construct and commission the treatment plant which shall be sized to treat underground ore at a rate of 200,000 tonnes per year to produce gold bullion of approximately 130,000 ounces per year and which is expected to operate for at least 10 years.


    LIKELY DEVELOPMENTS

    The major activities to be carried out over the balance of the 1998-99 year at the Beaconsfield Mine are as follows:

    For complete details of the Financial Statements, click here.


    Icon Oil (4 October 1998)

    SUMMARY - OCTOBER NEWS LETTER

    Our drilling programme has been stalled since 27 June 1998 by unseasonal flooding in Queensland. As at 24 September 1998 the rig is still immobilised. Our programme called for the drilling of three wells in this period with joint venture and farm-in partners but these plans have been cancelled until next year. The wet winter is forecast to continue through into the summer, which is the normal monsoonal wet period in Queensland.

    Icon has drilled 10 wells with five of these wells encountering significant but uncommercial hydrocarbons. Of these five, three have economic potential and we are now working towards making them commercial and bringing in a cash flow.

    The collapse of the oil price has opened up numerous opportunities for small independents, such as Icon, who have good cash reserves. Icon’s directors and management have therefore commenced negotiations in Australia, the USA, the UK and several places in the Middle East to acquire petroleum prospects with the aim of rapidly becoming a production company.

    For complete details, click here.


    Macmin (3 October 1998)

    Re: FIELDWORK RECOMMENCES AT CRATER MOUNTAIN PROJECT ,

    The Crater Mountain Project is southeast of and along trend from the Porgera and Mt Kare gold deposits and may have similar gold potential to those deposits.
    Infill auger geochemical sampling commenced at the Nevera Prospect, Crater Mountain Project on 29th September 1998. The purpose of this sampling is to allow a more accurate definition of the previously described gold geochemical anomaly and to assist in the siting of the initial MACMIN drill hole at the project.

    Previous drilling at Crater Mountain by BHP Minerals to test for copper mineralisation gave wide intercepts of moderate grade gold (see accompanying table). The above geochemical anomaly which peaks at 17g/t Au has not yet been tested by drilling.

    TABLE 1: CRATER MOUNTAIN DRILL RESULTS
    Hole No.
    Total Depth

    (m)

    Intersection (m)

    From - To

    Length

    (m)

    Grade

    Gold (g/t)

    2
    340
    225 - 240

    267 - 276

    294 - 297

    298 - 340

    15

    9

    3

    42

    3.43

    2.95

    14.16

    1.45

       
    225 - 340

    (end of hole)

    115
    1.83
    1
    330
    0 - 150
    150
    0.25
    3
    317
    Trace gold throughout - best interval 3m at

    1.01 g/t gold between 255 and 258m

    Present plans are to mobilise the drill to site in late October and commence drilling in early November.

    For additional information, click here.


    ANI (2 October 1998)

    Heavy buying of shares in ANI sparked rumours of a pending takeover and pushed up the share price 27% to 94 cents.


    Abednego Nickel (2 October 1998)

    Abednego says a takeover bid is set to be launched for the company after being advised by major shareholders of the sale of a 19.9% stake in the company. The directors have requested a halt in trading of the shares pending the expected announcement. Current major shareholder is Dominion (19.4% ).


    Boral (2 October 1998)

    Boral will fast-track development of a $30 million gas-fired 75 MW power station project (near Roma) to help meet Queensland's rapidly growing peak electricity neds.


    Oil (2 October 1998)

    Nearly 20 years after expelling US oil companies, Saudi Arabia, the world's largest petroleum producer, stunned the world by inviting them back to help develop its energy resources.


    Placer Dome (2 October 1998)

    Placer has become the first foreign company to explore for gold in north-west China's Qinghai Province - at the Tanjianshan Gold Mine, estimated to have 300-350 tonnes of gold reserves.


    Silver Rose Prospectus (2 October 1998)

    The proposed float of Silver Rose will not proceed. A caveat in the underwriting agreement to allow the underwriter to withdraw if the All Ords fell by more than 12.5% over a certain period has resulted in the withdrawal of the underwriter.


    WMC / AGL (1 October 1998)

    WMC Limited ("WMC") has agreed to sell its natural gas pipeline assets in Western Australia including a 62.664% interest in the Goldfields Gas Transmission Joint Venture ("GGTJV"), the lateral pipelines connecting WMC's operations to the GGT Pipeline and WMC's shareholding in Goldfields Gas Transmission Pty Ltd (the Manager of the GGTJV).

    The purchaser is Southern Cross Pipelines Australia Pty Limited ("Southern Cross"), which is owned by a consortium comprising AGL Pipelines Limited (45%), CMS Gas Transmission and Storage Company (45%) and TransAlta Energy (Australia) Pty Ltd (10%). The Southern Cross Consortium members have extensive operating and ownership interests in pipelines and powerlines throughout the world and an affiliate of AGL Pipelines Limited is currently the operator of the GGT Pipeline. WMC's nickel and gold operations' requirement for cost competitive and secure power supply will be preserved under a long term gas transmission agreement with Southern Cross.

    The purchase price is $402 million, subject to working capital and other adjustments to be determined prior to completion of the sale.


    Croesus Mining / Gindalbie Gold (1 October 1998)

    Croesus and Gindalbie have intersected significant gold and copper mineralisation at the Anketell project (Magnum prospect) north of Telfer in WA, with gold values up to 23 g/t Au and copper-rich zones up to 14% Cu..


    Frontier Petroleum / West Oil (1 October 1998)

    Frontier has told its shareholders there is no point in accepting West Oil's scrip bid (5-for-9 shares) because it is unlikely to succeed as all conditions cannot be satisfied.


    Macmin (1 October 1998)

    Macmin has released its Financial Statements for Year Ended 30/6/98. For complete details click here.


    Rio Tinto (1 October 1998)

    Nippon Steel has taken a 10% equity in the Hail Creek coking coal project in QLD. The proposed mine will produce up to 5.5Mtpy of high-quality coking coal for the export market. Production is scheduled to begin in late 2000.Ashton Mining (30 September 1998)

    Ashton's Canadian subsidiary plans to test 2 bulk samples from kimberlite pipes (K-14 and K-11) at the Buffalo Hills project in Alberta.





    [ Back To Australian Mining and Exploration Site ]



    Disclaimer:
    The information contained in these pages serves as a guide only. Digital Reflections shall not be liable for any accidents, injury, irregularity, loss or damage caused by or arising as a result of information contained within this World Wide Web site.

    This page was produced by...
    DIGITAL REFLECTIONS
    Copyright © 1995