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Gympie Gold Exploration Back on Track

05 August 2003

Australian mining company, Gympie Gold Limited, is this month recommencing drilling of its recently discovered extensions to the Inglewood structure, a prolific gold- feeder system at its Gympie goldfield in south east Queensland, Managing Director, Mr Harry Adams said today.

Mr Adams, who was addressing the Diggers and Dealers Forum in Kalgoorlie, Western Australia, said the company's Southland Coal operation in the Hunter Valley, NSW was showing strong performance with production in July of another 198,000 tonnes of coking coal.

He said that while the company had faced exceptional challenges during the past year due to temporary difficulties when the coal operation started mining in a new production zone, such problems had been overcome earlier this year.

"While we encountered worse ground conditions since then, because of the lessons learned and the consequent changes to the operating regime, we have nevertheless produced coal satisfactorily. Run-of-mine coking coal production in the six months to January 2003 was 500,000 tonnes while in the six months since it had doubled to 1.1 million tonnes," he said.

"Our recent curtailment of gold exploration at Gympie has been frustrating, particularly in view of results in the first half of the 02-03 financial year which justify aggressive follow-up.

"During the past six months our mapping and reviews have led to our identification of seven targets in the Gympie Goldfield with the potential to be of a similar scale to the zones historically mined on the Inglewood System, which yielded 2 million ounces. While it would be overoptimistic to expect to discover economic ore in all or even many of these zones we believe there is a high probability of major discovery amongst them, " Mr Adams said.

He said four of these targets are on extensions to the Inglewood itself and three are on analogs.

"It is pleasing that we are recommencing our drilling, albeit less aggressively than is warranted by the prospectivity. We'll bide our time so the balance sheet can strengthen further."

Mr Adams said he looked forward to the imminent Stock Exchange listing of Gympie Gold's associate company D'Aguilar Gold which will focus on exploring the bulk mineable gold-porphyry targets in the Gympie region .

D'Aguilar 's IPO is progressing with applications to date having surpassed the minimum subscription level," he said.

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    Last Modified: Thursday, 21-Aug-2003 10:24:01 EST