KCN 0.00% 48.5¢ kingsgate consolidated limited.

av gold price for mq is us$348

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    KINGSGATE CONSOLIDATED LIMITED. 2003-04-24 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    * The wholly owned Chatree Gold Mine in Thailand continued its strong
    production record:
    * Production for quarter = 39,286 oz gold.
    * Total cash costs for quarter = US$102/oz.
    * Chatree process expansion approved by the Board.
    * Steve Reid appointed as Managing Director.
    * Niall Lenahan appointed as Chief Financial Officer.
    * An interim dividend of 12.5 cents per share was paid on 17 April
    2003.
    * Exploration drilling continues on Prospect A.
    * The estimated production for the year has been revised to a range
    of 150,000-155,000 ounces of gold.

    While costs are slightly higher, Kingsgate, on present indications,
    should achieve its forecast profit after tax of at least US$25
    million for the year to 30 June 2003.

    * Chatree operation received ISO 9001 Quality Management System
    accreditation.

    * Under Kingsgates hedge book, all gold production to March 2004 can
    be delivered to the spot market, thereby reaping the benefits of the
    current favourable gold price.

    PRODUCTION
    March Quarter 2003

    Gold production: 39,286 ozs.
    Silver production: 104,671 ozs.
    Total Cash Cost: US$102 per oz.
    Average gold price received: US$348 per oz.

    FINANCE.

    Revenue for the quarter was US$14.8 million.
    Cash at 31 March was US$20.6 million.
    Bank Loan outstanding was US$15.0 million.

    EXPLORATION.

    A comprehensive drill program at Prospect A is scheduled for
    completion during April 2003, allowing an updated resource estimate
    and a first reserve estimate to be completed in late May.

    For further information, please contact:

    Steve Reid, Managing Director. Telephone 61 2 9223 5273 Fax 61 2 9223
    9775 Email: [email protected] Web site: www.kingsgate.com.au
 
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