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Report for June 2003 Quarter

21 July 2003

Principal Points

Southland Coal produced 548,000 tonnes of run-of-mine coal for the June quarter, bringing average production to 192,000 tonnes per month since repositioning the longwall to the seam floor in mid-February. This exceeds current budget of 150,000 tonnes per month. Product yield has averaged 94%, providing 180,000 tonnes per month of washed saleable coal.

Gympie Eldorado Gold produced 14,486 ounces for the June quarter.

Development on the Inglewood Lode in the northernmost of current mine workings is 2.5 metres wide and grading 8.5 g/t, almost twice the normal grade for Inglewood development ore. This ore zone will be developed in the next financial year.

Drilling Inglewood North intercepted economic grades 1.2 kilometres north of the mine, including 2.5 metres at 10.7 g/t and 2.4 metres at 11.0 g/t.

Drilling Inglewood South, 300 metres south of the mine, has located near-surface the favourable productive beds.

Coal sales totalled 479,000 tonnes for the June quarter and 1,261,000 tonnes for 2002-03 financial year. Shipments during the June quarter were constrained by port delays, which delayed 100,000 tonnes of scheduled sales into the 2003-04 financial year.

Cash on hand is $8.4 million and coal stocks and debtors have grown to $29.5 million.

Completed capital raisings of $15 million, repaid borrowings of $8 million and rescheduled bank facilities.

Gold hedging reduced by 54,100 ounces to 126,000 ounces to provide greater short term upside to a stronger gold price.

Currency hedging increased to $US57 million of coal revenues hedged at an average $A/$US rate of $A1.00/$US 0.616.

25%-owned regional gold explorer D'Aguilar Gold Limited issued a prospectus on 23 June 2003 for a $4 million initial public offering. The $1 million priority allocation to Gympie Gold shareholders closed oversubscribed on 18 July 2003.

The group's personnel requirements and costs were reviewed during the quarter. Mr Peter Hayes appointed Chief Operating Officer and Mr Arthur Gillen appointed Chief Financial Officer, replacing Mr John Leach - retiring Finance Director. Personnel numbers reduced by 60 at Gympie Eldorado, principally reflecting mine mechanisation and reduced development.

Gympie Gold received this year's Australian Mines Handbook Award from Louthean Publishing for the best quarterly reporting.

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