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Announcement-Bulga Downs - Paradise Bore Gold Depo

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    Bulga Downs - Paradise Bore Gold Deposit
    12/6/02 7:12:51 PM


    HOMEX - Perth
    We are pleased to announce the results of a diamond drilling
    programme recently completed at Sipa's 100% owned Paradise Bore gold
    deposit at Bulga Downs in the Eastern Goldfields of Western

    The aim of the programme was to test for continuity of gold
    mineralisation previously intersected in fresh rock down plunge from
    the Paradise Bore oxide gold deposit. To that end, nine reverse
    circulation precollared diamond drill holes (totalling 2,242 metres)
    were drilled over 280m of strike, in part surrounding two previous
    holes, which had returned:

    PBC 38 15.7 g/t Au over 2m within 6m @ 7.5 g/t Au, at about 190m
    below surface.
    PBC 44 12.3 g/t Au over 1m within 3m @ 5.5 g/t Au, at about 170m
    below surface.

    All nine recent holes intersected the lode and five of those returned
    potentially ore grade intersections, shown in Table No 1 below. All
    results are presented in Table No 2 and intersection positions are
    displayed on the Longitudinal Section attached.

    TABLE NO 1

    PBCD49 31.1 over 0.6 within 4 @ 6.3 at about 160
    PBCD55 17.2 over 1 within 3 @ 6.6 at about 235
    PBCD49 13.2 over 1.2 within 3.2 @ 5.7 at about 210
    PBCD52 13.6 over 1 within 4 @ 5.1 at about 200
    PBCD53 12.4 over 1 within 4 @ 4.4 at about 195

    The Paradise Bore oxide gold deposit and prospect is situated within
    the Bulga Downs Gold Project which contains a north striking
    gold-bearing structure at least 10 kilometres long, as shown by
    surface geochemistry and numerous drillhole intersections. There are
    no old gold workings.

    Sipa discovered Paradise Bore by stream sediment, soil and rock
    sampling in 1992, and in 1996 drilled out a small oxide gold deposit
    estimated at 120,000 tonnes grading 5.5 g/t of Indicated Resource to
    about 60m depth.

    The oxide deposit contains seven contiguous high grade intersections
    ranging from 23 g/t over 5 metres to 50 g/t over 1 metre. Three drill
    programmes over the last nine months have been designed to test for
    high grade extensions of the oxide mineralisation within the primary
    (or fresh rock) zone.

    The Paradise Bore lode in fresh rock is a north striking and steeply
    east dipping tabular chlorite-rich shear zone averaging about 5
    metres to 10 metres thick with variable sulphide content (less than
    5% to 15%), carbonate and quartz veining. The sulphides are dominated
    by pyrite, with lesser pyrrhotite and rare arsenopyrite.
    Metallurgical tests on the PBC 38 sulphide intersection showed
    excellent recoveries by cyanide leach (average 95%). A banded chert,
    which forms the footwall to the lode, is a good "marker" unit.

    The lode has now been intersected in drill holes over 700m of strike
    and as deep as 235m from surface and has potentially ore grade and
    width oxidised and fresh mineralisation over much of that distance.

    Most of the intersections in fresh rock are spaced about 40m x 40m
    apart, which is relatively wide spacing for defining high grade
    shoots within this type of shear-zone-hosted gold deposits.

    The results obtained to date are regarded as encouraging and we are
    presently evaluating the best way to realising commercial value from
    the project.

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