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Full-Year Results and Update

28 August 2003

Australian exploration, production and marketing company, Gympie Gold Limited, has reported another month of strong production from the Southland Colliery following the difficulties which severely impacted the Company’s profitability and resulted in a loss after tax of $22.9 million (2002 loss after tax of $2.5 million) for the year ended 30 June 2003.

The Company also reported that it has recommenced drilling in the Gympie Goldfield after curtailing exploration earlier in the year to conserve cash.

Profitability for 2002-03 was severely impacted by production difficulties at the Southland Colliery from September 2002 to February 2003. Coal revenue was much less than planned due to production difficulties suppressing mine production by 300,000 tonnes to 1.2 million tonnes and shipping constraints delayed of 100,000 tonnes of sales into the 2003-04 financial year.

Managing Director, Mr Harry Adams, said "The result for the year is most disappointing and represents what can only be described as an unsatisfactory result. However, a number of changes have now been implemented at both Southland and Gympie Eldorado. A new operating regime at Southland has resulted in above-budget coal production since February and significantly reduced the possibility of similar production difficulties occurring again. At Gympie Eldorado, a reduced workforce has reduced costs."

Southland has continued to perform well with the operation already having produced over 200,000 run-of-mine tonnes for the month of August 2003. Mining of longwall panel SL3 will be completed in September and the existing longwall unit will be upgraded during the six-week transition to panel SL4. Coal sales will continue during this transition as coal stockpiles have been built up to more than 200,000 tonnes. Southland's forecast 2003-04 financial-year production is 1.8 to 2.2 million tonnes.

Mr Adams said "Now that Southland has performed well for six months, drilling prospective gold exploration targets has recommenced in the Gympie Goldfield. Also notable, is that 25%-owned Gympie regional explorer D'Aguilar Gold Limited was ASX-listed on 21 August 2003 (code DGR), having successfully completed its targeted $4 million capital raising."

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    Last Modified: Thursday, 28-Aug-2003 16:47:34 EST