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Austpac and Newcrest

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    This is probably why APG did not fall after the news of the placement;

    Newcrest & Austpac Seek Copper/Gold at Horsham Vic

    Document date: Tue 17 Sep 2002 Published: Tue 17 Sep 2002 10:49:34
    Document No: 194932 Document part: A
    Market Flag: Y
    Classification: Progress Report

    HOMEX - Melbourne

    Austpac Resources NL is pleased to announce that Newcrest Operations
    Limited has agreed to explore for copper and gold within Exploration
    Licence 4521 immediately south of Horsham in western Victoria, which
    Austpac has been evaluating for heavy minerals. The exploration
    program will be conducted under the Horsham Joint Venture. It targets
    volcanic complexes in the basement rocks beneath the shallow
    sedimentary cover which hosts the coarse grained strandline and the
    fine grained WIM-type heavy mineral deposits discovered in the Murray

    Newcrest will sole fund the Horsham Joint Venture through to a
    decision to mine. Austpac will then hold a 10% contributing interest
    in any resulting mine, or may elect to revert to a 2% Net Smelter
    Return royalty on production.

    The initial exploration program will comprise approximately 100 holes
    drilled through the thin veneer of sediments into the basement rocks
    to delineate the intrusive and extrusive volcanic complexes. These
    volcanics have the potential to host large porphyry-style
    gold-copper deposits similar to those being mined by Newcrest at
    Cadia-Ridgeway in NSW.

    The volcanic complexes were outlined by Government regional
    aeromagnetic and gravity surveys. They were further defined by the
    detailed aeromagnetic surveys commissioned by Austpac in 2001 during
    the search for coarse grained heavy mineral strandlines within EL
    4521. Altered pyritised volcanics were encountered in several of the
    holes that reached the basement during the strandline exploration
    drilling program. The cover sediments appear to be 25-50m thick
    within EL 4521.

    Austpac and Ticor Limited were jointly granted EL 4521 in December
    2000 to evaluate the fine grained WIM 150 deposit as well as the
    potential for coarse grained strandlines in the western half of the
    area. Ticor has withdrawn from the licence, which is now held 100% by
    Austpac. Austpac will continue its research and development work at
    the Company's Newcastle Pilot Plant on the beneficiation of the fine
    grained minerals from WIM 150. Austpac's main focus remains the
    establishment of a synthetic rutile plant using the ERMS and EARS
    technologies based on coarse grained ilmenite deposits in the Murray
    Basin or elsewhere in the world.

    For further information please contact

    M J Turbott
    Austpac Resources NL

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