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    Fourth Quarter Activities & Cashflow Reports

    Document date: Thu 30 Jan 2003 Published: Thu 30 Jan 2003 17:24:21
    Document No: 151068 Document part: A
    Market Flag: Y
    Classification: Fourth Quarter Activities Report , Fourth Quarter Cashflow Report

    HOMEX - Brisbane


    (HIG 100% INTEREST)

    * Trial underground mining activities have successfully demonstrated
    the high grade nature of the Kainantu gold mineralisation;

    * Excavation of the mineralised veins over a length of 47.5m returned
    an average grade of 35.7 g/tAu over an average width of 1.15m;

    * The average grade reported from the trial mining is directly
    comparable to the uncut average resource grade of 38.3 g/tAu;

    * The gold mineralisation has been shown to be continuous with the
    veins being easily identified and followed;

    * Excellent ground conditions have been confirmed by the trial

    * Conventional underground mining techniques have been shown to be
    applicable to the deposit;

    * Metallurgical testwork continues to achieve gold recoveries in
    excess of 92%;

    * Work on the definitive capital cost estimate and operating cost
    estimate for the financing continued;

    * Documentation of the USD25 million project financing facility with
    ABN AMRO was advanced.

    (HIG 68.5% INTEREST)

    * The parties to Highlands Pacific Limited's Federal Court proceeding
    have agreed to not to proceed with the action and to release each
    other from all claims and counter claims;

    * Orogen Minerals Limited have agreed to waive its rights under the
    Ramu Put Option;

    * Mineral Resources Development Company Limited has agreed to
    purchase Oil Search's interest in the project.


    * During the quarter, Highlands Pacific raised AUD27.7 million
    through a Share Placement (AUD6 million) and a Share Purchase Plan
    (AUD21.7 million).

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