re: mrx looks bettter and better high grade coppe 17 November...

re: mrx looks bettter and better high grade coppe 17 November 2003


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ANNOUNCEMENT High Grade Copper Reported in Diamond Core Drilling at White Range Matrix Metals Limited is pleased to announce the results from a metallurgical
diamond core drilling program completed at the White Range project
"Greenmount" deposit. This diamond drilling program "twinned" a previously
recorded Reverse Circulation (RC) program, the results of which were used in
the estimation of the current resource. The assay results received late on
Friday 14 November 2003, report significantly higher grade copper intercepts
in four out of the six holes drilled in this program.

The Company will now investigate the significance of the higher grades of the
diamond core drill holes.

The following intercepts are reported for the six hole program:
DIAMOND CORE INTERCEPTS GDHM 09 22.7m @ 3.62 % Cu incl. 5.1m @ 3.82% Cu
and 9.2m @ 5.67% Cu and 0.6m @ 24.11% Cu
GDHM 07 22.8m @ 1.75 % Cu GDHM 11 32.6m @ 1.52 % Cu GDHM 10 9.3m @ 1.46 % Cu GDHM 08 19.6m @ 1.42 % Cu GDHM 06 16.0m @ 1.00 % Cu

The diamond drilling program was primarily designed to recover samples for
metallurgical leach column testwork purposes and to provide additional
geological information from within the previously defined Greenmount
resource area. The Greenmount resource currently comprises 7.3 million J:\Company Sec\ASX\Company Announcements\Greenmount 171103.doc 2tonnes @ 1.0 % copper. The six hole program twinned previously drilled
reverse circulation holes (RC) with a comparison of the two programs
presented below.

DIAMOND CORE INTERCEPTS PREVIOUS RC INTERCEPTS 22.7m @ 3.62 % Cu 20.0m @ 2.18 % Cu 22.8m @ 1.75 % Cu 25.0m @ 1.26 % Cu 32.6m @ 1.52 % Cu 33.0m @ 1.74 % Cu 9.3m @ 1.46 % Cu 12.0m @ 1.39 % Cu 19.6m @ 1.42 % Cu 21.0m @ 1.26 % Cu 16.0m @ 1.00 % Cu 19.0m @ 1.56 % Cu

High grade mineralisation is strongly and consistently developed, as shown by
the following sequential values from the GDHM09 intersection. From To Interval Cu % 24.0 25.4 1.4 0.63 25.4 26.4 1.0 0.69 26.4 27.3 0.9 3.18 27.3 28.6 1.3 3.16 28.6 30.0 1.4 4.19 30.0 30.8 0.8 4.87 30.8 31.5 0.7 3.95 31.5 32.5 1.0 1.92 32.5 33.5 1.0 1.40 33.5 33.9 0.4 1.53 33.9 35.0 1.1 1.12 35.0 36.0 1.0 1.16 36.0 36.6 0.6 1.99 36.6 37.6 1.0 4.28 37.6 38.6 1.0 7.64 38.6 39.6 1.0 5.23 39.6 41.0 1.4 4.08 41.0 41.6 0.6 24.11 41.6 42.6 1.0 1.94 42.6 43.6 1.0 2.17 43.6 44.6 1.0 5.10 44.6 45.8 1.2 4.71 45.8 46.7 0.9 1.62 Full details of the diamond drill hole intercepts are presented in Table 1,
details of the previous RC holes are presented in Table 2 with all drill hole
details and locations presented in Table 3. J:\Company Sec\ASX\Company Announcements\Greenmount 171103.doc 3

Mt Watson Drilling Proceeds
The Company also advises that a program of RC drilling commenced at the
Mt Watson deposit over the weekend.