- Matrix Exploration Re-commences at Mt Watson

First bit of news for a while. Any comments from you Smoot - or are you still peeved at the raising?


MATRIX METALS LIMITED 2002-08-20 ASX-SIGNAL-G

HOMEX - Perth

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Matrix Metals Limited is pleased to announce that after a period of
office based interpretation and analysis work, exploration activities
at the Mt Watson site have recommenced today.

Initial field activities will include mapping and soil sampling of
the strike extension areas that have been identified around the
existing Mt Watson resource, with the aim of firming up the targets
for the next round of scout and resource definition drilling.
Particular focus will be given to the new mineralised zone directly
to the south of Mt Watson that was identified in the successful March
2002 drilling program.

Following this initial work, drilling at Mt Watson is programmed to
commence following completion of the current Rights Issue.

The initiation of this phase of the exploration program signifies the
commencement of the concerted exploration effort to be undertaken by
Matrix. Matrix is targeting to achieve a major increase in the
Company's oxide copper resource inventory to facilitate a significant
increase in the economies of scale at Mt Cuthbert.


A Chapman
CHIEF EXECUTIVE OFFICER