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Gold Exploration & Coal Production Update

05 December 2002

Speaking at the Sydney Mining Club today, Managing Director of Gympie Gold Limited, Mr Harry Adams, reiterated that the Company's two major objectives are to: 1. establish the Gympie Goldfield as a long-term major gold producer; and 2. build-up Southland Coal into producing over 1.5 million tonnes per annum.

"At Gympie, we launched a major goldfield exploration program in July this year. In October, drilling intercepted gold mineralisation on the Inglewood Lode 700 metres along strike to the north of current workings. Today, we are pleased to report that the Inglewood has been also been intersected by the first drillhole to the south, located only 800 metres from the mine and at a depth of 180 metres. Assay results are not yet available," Mr Adams said.

"The Inglewood is a major goldfield feeder structure which has so far yielded 2 million ounces of gold from the 2 kilometre strike length of current mine zones. Our geophysical modelling suggests the total length of the major Inglewood structure is at least 8 kilometres. These recent exploration drillhole results show that strong mineralisation extends over a total strike length of about 4 kilometres - twice the length of current mine zones and as much again yet to be explored," he said.

The current gold operations continue to provide cash flow and, importantly, a knowledge base for the major goldfield exploration program.

"At Southland, coking coal production to the end of November has totalled 340,000 tonnes. Difficult ground conditions are expected to continue throughout much of December. Forecast coal production remains between 1.3 and 1.5 million tonnes for 2002-03, with profitability and two-thirds of output being generated in the second half of the financial year. We are now examining ways to minimise the impact of a recurrence of such poor ground conditions and to increase production towards 2 million tonnes for 2003-04," Mr Adams said.

Gympie Gold is an Australian exploration, production and marketing company which mines and markets gold and gemstone from southeast Queensland and high-quality coking coal from the Hunter Valley in New South Wales.

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    Last Modified: Thursday, 05-Dec-2002 12:03:32 EST