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    Croesus warns lower grades could impact full-year results
    Michael Quinn
    Wednesday, April 30, 2003

    CROESUS Mining's mainstay Norseman operations in Western Australia had a modest production quarter in March with reduced grades from the Bullen and Harlequin mines impacting output.

    Norseman yielded 33,816 ounces at cash costs of $362/oz in the March quarter, taking full-year output to 104,323oz at $341/oz.

    Croesus warned that if the reduced grades at Bullen (10 grams per tonne) and Harlequin (10.12gpt) continue, full-year results would be impacted. In the preceding quarter Bullen had a recovered grade of 11.74gpt and Harlequin 15.61gpt.

    "It is important to note, however, that an increase in grade is forecast for Harlequin," Croesus said.

    In contrast the Daisy opencut is "enjoying excellent reconciliation to reserves", with 81,761t at 5.40gpt delivered to the Norseman mill.

    Croesus also suffered a production shortfall at its Davyhurst operation following the failure of the tertiary mill.

    Davyhurst produced 23,077oz at cash costs of $467/oz, with the mill failure costing around 4000oz.

    In total Croesus produced 62,954oz at cash costs of $420/oz compared to 69,558oz at $393/oz in the December quarter.

    Croesus spent $3.2 million on exploration with the six rigs operating at Norseman recording strong hits at Harlequin, Gladstone, Golden Dragon, St Patricks and Norseman Reefs.

    Other exploration targeted the Lights of Israel deposit at Davyhurst, and Croesus said the results from both operations look likely to extend mine life.

    At the end of March Croesus had cash reserves of $20.4 million.
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