KZL 0.00% 12.0¢ kagara ltd

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    re: kagara-just out 3 DECEMBER 2002

    38% RESQURCE UPGRADE - DRY RIVER SQUTH

    Kagara Zinc Ltd is pleased to announce a major resource increase to the Dry River South
    deposit in far North Queensland.
    The new estimation of 900,OOO tonnes at 14.0% zinc (20.5% zinc equivalent), represents
    a 38% increase in contained zinc over the previously announced high grade resource of
    760,000 tonnes.

    This high grade resource is contained within a global resource of 2.22 million tonnes at
    7.9% zinc, 2.7% lead, l .0% copper, 0.70 grams per tonne gold and 74 grams per tonne
    silver.

    It is expected that the conversion of resource to reserves will be high when the revised
    mining study currently underway is completed. Although the reserve is not fully
    constrained in a number of directions, it is not intended to carry out additional drilling
    from the surface before proceeding to production.
    The Dry River South deposit is expected to be the main source of feed for the Mt Garnet
    plant after the Surveyor deposit is exhausted.

    For and on behalf of the Board;
    KIM ROBINSON
    Executive Chairman
 
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