CYM 3.33% 15.5¢ cyprium metals limited

ARX-Mt Alexander Aquisition-Bonkers

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    Its appears with agms its what they dont tell you whats going on eh Bonkers.Now I know what all those sellers at 5 are hanging around for.

    Acquisition of Mt Alexander Goldfields NL

    Announced on: 04/06/2002 15:25:22
    Part: A
    Words: 340
    Status: Market sensitive (Y)
    Industry Sub Group: Mining Explorer (27)



    HOMEX - Sydney

    Austindo Resources Corporation NL, an Australian based company
    currently exploring for precious metals in Indonesia, is pleased to
    announce the acquisition of Mt Alexander Goldfields NL (MAG).
    Austindo will acquire 100 percent of MAG for a cash consideration of

    MAG is an Australian company with an extensive exploration and mining
    tenement position which encompasses the whole of the Mt Alexander
    goldfield in the Castlemaine district of Victoria, Australia. MAG was
    responsible for the consolidation of all of the Mt Alexander
    goldfield tenements, which historically produced more than 5.6
    million ounces of gold. The Mt Alexander goldfield is the southern
    extension of the Bendigo goldfield and is considered highly
    prospective for Bendigo style high grade reef mineralisation.

    In addition to holding 213 square kilometers of exploration licenses,
    MAG holds 345 hectares of mining licenses and owns an 80,000 tonne
    per annum CIP plant which is currently under care and maintenance.

    As foreshadowed in the 2001 Annual Report, Austindo has been actively
    seeking opportunities elsewhere in the Australasian region, in order
    to broaden its portfolio and to provide a spread of geographic risk.
    The MAG tenements contain a number of prospective, high grade,
    exploration targets which will now be followed up. This acquisition
    will allow Austindo to bring to bear its proven expertise in
    exploring for high grade narrow vein and reef type deposits to this
    extensive and extremely prospective goldfield. Austindo considers
    that there are excellent opportunities to revitalise mining and
    exploration in and around the Castlemaine area, where Bendigo style
    of mineralisation is known to exist.

    As previously announced, the Company is also conducting a preliminary
    feasibility study into a potential 50,000 ounce per annum gold mine
    at its Cibaliung Project in Indonesia. The results of this study will
    be available in July, when a decision will be made whether to proceed
    to a full scale feasibility study.

    For further details contact:

    Andrew J Cooke,
    Austindo Resources Corporation NL

    Tel: (612) 9925 0155
    Fax: (612) 9964 0080
    [email protected]

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Mkt cap ! $87.54M
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16.0¢ 16.0¢ 15.3¢ $174.5K 1.125M

Buyers (Bids)

No. Vol. Price($)
18 1129780 15.0¢

Sellers (Offers)

Price($) Vol. No.
15.5¢ 7554 1
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