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Southland Colliery Production Update

02 June 2003

Gympie Gold's 90%-owned Southland Colliery produced 135,000 run-of-mine tonnes for the month of May and since the longwall was re-positioned back on the seam floor mid-February, coal production has averaged 200,000 tonnes per month as compared with current budget of 150,000 per month. The lower production rate for May was due to mining progressing at a slower rate through a localised shear zone.

Recent production has enabled a washed coal stockpile in excess of 200,000 tonnes to be established, which is more than sufficient to act as a buffer against sales commitments when production levels vary.

Southland sales were forecast to be more than 500,000 tonnes for the June quarter. However, several shipments scheduled for May were delayed due to congestion at the port. In view of these delays, which may occur again in June, it is likely that some of the previously projected sales will be pushed into early July. Diversification of Southland's customer base continues successfully, with new customers in South America and North Asia recently arranging trial shipments of Southland coal.

The operation is well placed to achieve run-of-mine production of over 500,000 tonnes for the June quarter.

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    Last Modified: Monday, 02-Jun-2003 17:02:33 EST