OK, I'm convinced; I've bought a few.Here is today's...

OK, I'm convinced; I've bought a few.

Here is today's announcement for those who can't access it:


Drilling Commences at Greenmount, Signals Formal Start of White Range Bankable Feasibility Study

The Company is pleased to announce that a diamond drilling program commenced at the Greenmount deposit within the White Range Project on 9 October 2003.

The diamond core drilling program comprising six holes for 500 metres, is primarily aimed at sourcing samples for metallurgical heap leach column testwork essential to the last phase of the White Range Bankable Feasibility Study (“BFS”). The drilling program will also provide important geological, geotechnical and specific gravity information that will allow continued refinement of the geological interpretation, resource estimate and mining studies.

Commencement of this final phase of the BFS, signified by this drilling program, follows the availability of drawdown of the $2 million facility from SG Australia Limited announced on 30 September 2003, and the signing of a native title agreement for the Greenmount deposit with the Mitakoodi People announced on 9 October 2003.

The BFS currently envisages a 15,000 tpa copper cathode capacity, with a life of 8 to 10 years based on the existing resource inventory. However, recent exploration success at a number of nearby prospects indicates that further exploration over the coming months may see the project life and/or the production rate increase.

The BFS is expected to be completed by the middle of the second quarter 2004.