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    HOMEX - Perth


    * Key milestones achieved for the Chirano Gold Project with
    completion of Bankable Feasibility Study and Mining Lease approval

    * The study confirms the feasibility of open pit mining of 12.8MT
    grading 2.25g/t containing 930,000 ounces from a 3km long central pit
    complex and satellite pits

    * Additional resource ounces available for reserve conversion at
    higher gold prices

    * 130,000 ounce per annum gold production over a minimum 6.5 year
    mine life from a 2MTPA CIL treatment plant

    * Cash operating costs estimated at US$211 per ounce but with
    potential to reduce towards US$200 per ounce

    * Undiscounted pre-tax cash flow of US$86M estimated at US$325/oz
    gold price

    * Option on second hand mills exercised utilising Macquarie Bank
    Limited debt facility

    * Estimated project capital cost of US$38M to be reduced with
    additional second hand equipment

    * Other development alternatives under review including access to
    nearby spare mill capacity

    * Cabinet of Government of Ghana approves the grant of a Mining Lease
    enabling Chirano to proceed to development

    * Mining Lease expected to be granted before end of 2003, allowing
    for gold production to commence in late 2004

    * Prime Corporate Finance mandated to secure project debt finance

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