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Outcome of Creditors Meeting and Advice to Noteholders

07 January 2004

Outcome of First Creditors Meeting

The first statutory meeting of creditors today appointed committees of creditors for Gympie Gold Limited, Southland Coal Pty Ltd and Gympie Eldorado Gold Mines Pty Ltd.

The Administrators from KPMG will now review the Group's financial position and will provide a detailed report to creditors regarding the Company's affairs prior to the second statutory meeting of creditors. The second statutory meeting is expected to be held within 28 days of today's meeting unless adjourned.

Advice to Noteholders

Guardian Trust Australia Limited, the Trustee for Convertible Noteholders, has advised that it intends to represent all Noteholders during the Administration. Guardian Trust Australia Limited provided a proof of debt on behalf of all Noteholders prior to today's meeting and has advised that Noteholders do not need to lodge a proof of debt with the Administrator.

Guardian Trust Australia Limited has also advised that it intends to notify all Noteholders shortly in order to advise them of its role during the Administration.

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    Last Modified: Wednesday, 07-Jan-2004 18:14:56 EST