BSG excellent quarter up 10%

The results speak for themselves, I expect BSG to trade at 25c within the next 12 months if not earlier.
ASX-Bolnisi Gold N.L.Third Quarter Activities Report

BOLNISI GOLD NL 2002-04-23 ASX-SIGNAL-G

HOMEX - Sydney

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1. QUARTERLY HIGHLIGHTS

* Quarterly gold production continues to increase, up to 21,961 ounces, despite the normal cyclical effect of winter on performance.

* Cash operating costs reduced to US$149 per Ounce for the quarter.

* Heap leach quarterly stacked tonnage was 443,576 tonnes at 2.45 g/t Au head grade.

* Roseby Copper Project Cultural Heritage Management and Clearance Agreement signed.

* Roseby Plan of Operations approved by the EPA.

* Roseby Project metallurgical testwork commenced and drilling to commence in the June quarter.

* Option agreement negotiated to earn a 60% interest in the Ocampo gold-silver project in Mexico.

* Ocampo Project due diligence completed and feasibility study, including onsite work, to Commence in the June quarter.

MORE TO FOLLOW
BOLNISI GOLD NL 2002-04-23 ASX-SIGNAL-G

HOMEX - Sydney

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2. GEORGIAN OPERATIONS

Bolnisi Gold NL ("the Company") has been active in the Bolnisi Region of Georgia since 1993 through its subsidiaries Quartzite Ltd which
has been producing gold since April 1997, and Trans Georgian Resources Ltd which holds an exploration licence over 1,000 skm in southern Georgia containing numerous occurrences of volcanically hosted gold and massive sulphide mineralisation.

QUARTZITE LTD ('QUARTZITE')
QUARTZITE PROJECT (BOLNISI 50%)

SUMMARY

Since April 1997, Quartzite has been recovering gold and silver by heap leach methods from an indicated resource of 12,000,000 tonnes of
auriferous siliceous ore averaging 1.4 g/t Au, stockpiled at the Madneuli Mine near Kazreti in the former Soviet Republic of Georgia.

During the March 2002 quarter, Quartzite Project gold production and heap leach performance continued to improve despite the adverse effects that even mild winter conditions have on mining and heap leach performance. Gold production increased to 21,961 ounces at a cash cost of US$149 per ounce.

It is anticipated that the warmer conditions, which will be experienced in the June quarter, will further improve heap leach dynamics, resulting in an increase in gold recoveries which are retarded by colder winter conditions experienced in the March quarter.

The continued improvement of the Quartzite Project's operating performance under the management of the Company's personnel is
graphically shown below.

QUARTZITE PROJECT PRODUCTION INFORMATION

A summary of the Quartzite Project production to 31 March 2002 is as
follows:

QUARTER QUARTER QUARTER PROJECT TO DATE
01/01/2002 1/10/2001 01/07/2001 01/05/1997
TO TO TO TO
31/03/2002 31/12/2001 30/09/2001 31/12/2001

Ore processed
(tonnes) 443,576 405,630 495,015 5,756,678

Gold produced (oz) 21,961 21,374 18,393 239,083

Silver produced (oz) 10,841 10,682 10,017 107,744

Head grade (g/t Au) 2.45 2.17 2.12 2.31

Recovered grade
(g/t Au) 1.54 1.64 1.16 1.29

Cash operating costs
(US$'000) 3,262 3,354 3,000 39,925

Cash operating cost
per ounce (US$) 149 157 163 167

The following points should be noted in relation to the above
Quartzite Project production summary:

* Gold produced during the March quarter represents a 3% increase on
the previous quarter's production, an excellent result given that the
weather usually makes the March quarter the lowest production
quarter.

* The cash operating cost per ounce for the March quarter has been maintained at a low US$149 per ounce.

* Ore processed during the March quarter was slightly below budget due to the adverse effects of winter.

* Gold recoveries during the March quarter were approximately 63% of the gold loaded onto the heaps.

* Ore on the heap leach pad is estimated to contain a total of approximately 81,000 ounces of gold which will be recovered by the heap leach process with minimal additional operating costs.

* The estimated 81,000 ounces of recoverable gold inventory is capitalised at approximately US$133 per ounce.

As reflected in the graph of historic Quartzite Project production information below, gold production levels and cash operating costs
per ounce of gold produced have been stabilised at the current highly profitable levels.

TRANS GEORGIAN RESOURCES LTD ('TGR')
GOLD AND BASE METALS PROJECTS (BOLNISI 50%)

TGR activity during the March (winter) quarter was restricted to analysis of samples collected earlier in 2001, preparation of the Annual Reports for Licences 9 and 10, and providing geological and sampling assistance to Quartzite Limited.

Licence 10 covering the 5 'more advanced' prospects from pre-independence times completes its geological exploration period early in the June 2002 quarter. It is intended to relinquish the Dambludka, David Garedji and part of the Kvemo Bolnisi prospects from this licence. Further reduction in area will be made for the
exploration licence, Licence 9.

3. ROSEBY JOINT VENTURE
COPPER PROJECT(BOLNISI 50% EARNING LIP TO 70%)

Roseby is a significant oxide copper resource north of Cloncurry in the Mt Isa-Cloncurry field in NW Queensland. A high proportion (up to 60%) of the copper occurs as fine-grained native copper, which may be recoverable by relatively simple and inexpensive gravity separation methods.

Major achievements during the March 2002 quarter were:

* Cultural Heritage Management and Clearance Agreement signed with the registered native title claimants.

* Revised Plan of Operations accepted by the Environmental Protection Agency.

* Technical data validation completed.

* Metallurgical testwork commences on old core and preparations for new drill sampling underway.

NATIVE TITLE

Bolnisi Logistics Pty Limited, a wholly owned subsidiary of Bolnisi Gold NL, signed a Cultural Heritage Management and Clearance
Agreement with the Kalkadoon People on 7 February 2002 following on front the Access and Cultural Heritage Agreement and cultural
heritage survey signed and carried out in December 2001 and a subsequent report received in January from the consultant archaeologist. The February agreement provides clearance for drilling to proceed in all areas defined in the original survey, and a management strategy for the two cultural sites of significance identified which occur outside the known resource areas.

PLAN OF OPERATIONS

A revised Plan of Operations (M1685 covering ML, 2581-85, 2600, 2647-55, 7497, 90048 and 90052-56 for the period of 1 February 2002
to 31 January 2007) meeting the requirements of the Environmental Protection Act 1994, was submitted to, and accepted by the Environmental Protection Agency ('EPA') in February 2002.

DATABASE VALIDATION

Validation of data acquired from CRA Exploration, Rio Tinto and
Pasmineo has been completed by Computer Aided Geoscience Pty Ltd.
This process has involved an independent check of the entire drilling
database, including assay values, assay method, sample numbers, hole
numbers, hole coordinates, sample intervals, logging codes, and other
resource estimation criteria. The integrity of the inherited database
for the feasibility joint venture major resource areas has been found
to be substantially reliable and accurate.

METALLURGICAL TESTWORK

The Roseby copper deposits have an average grade of 0.75% copper
which occurs mainly as native copper and cupriferous biotite, lesser
chalcocite and minor malachite. Native copper makes up approximately
60% of the copper in the main (Zone C) portion of the deposit.
Chalcocite occurs at the base of the native copper zone within a
narrow zone of enrichment. It is expected that much of this copper
may be readily recoverable by modern gravity separation methods.

Core on site, drilled by CRA Exploration in the period 1991-1995, has
been exposed to the weather since then, however, despite native
copper being rimmed by cuprite in the existing core, the gravity
recoverable copper is not likely to have been affected by exposure to
the elements. On the other hand, oxidation is likely to reduce copper
recovery by flotation in testwork on the weathered clay material.
Fresh material to be obtained by drilling is likely to yield better
flotation recoveries.

M
aterial from Zone C, the native copper zone at the Blackard, Legend
and Scanlan deposits was selected from the old core, resampled and
sent for preliminary metallurgical testwork (gravity and flotation)
to laboratories in Australia. The Blackard-Legend sample is a
composite sample from 3 core holes averaging 1.64% copper from a
depth of 55 - 80 metres while the Scanlan sample is from a deeper
interval from one hole only averaging 1.3% copper from 104 - 118
metres. Results are expected early in the next quarter.

Drilling to obtain fresh sample for testing and assay will commence
in the June 2002 quarter.

MORE TO FOLLOW
BOLNISI GOLD NL 2002-04-23 ASX-SIGNAL-G

HOMEX - Sydney

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4. OCAMPO
GOLD-SILVER PROJECT (BOLNISI EARNING 60%)

During the quarter ended 31 March 2002, the Company entered into an
agreement over the Ocampo Gold-Silver Project, located in the Sierra
Madre Occidental metallogenic province, Chihuahua, Mexico. This
agreement, with Gammon Lake Resources Inc ('Gammon Lake'), a
Canadian public listed company, gives the Company the right to earn a
60% interest in a defined area within the Ocampo Project and the gold
and silver resources contained therein.

The Ocampo Project covers 3,499 hectares and the area of interest
covered by the Company's agreement contains the majority of the
already defined existing open pittable oxide resources and, in the
Company's opinion, the majority of any potential for further upside.

PROJECT SUMMARY

* Gold and silver mineralisation has been mined in the Ocampo
district intermittently since 1804. Gold to silver ratio of the
mineralisation is of the order of 1:35.

* Three hundred diamond core and reverse circulation drill holes
totalling 38,982 metres have been completed on the Ocampo Project, of
which 197 holes totalling 28,517 metres have been drilled in the area
of interest covered by the Company's agreement.

* Metallurgical test work has been undertaken by Kappes, Cassiday &
Associates ('KCA') of Reno, Nevada, USA since 1998. Bottle roll tests
have demonstrated the amenability of gold and silver to cyanide
extraction. Metallurgical test work to date has indicated high silver
and gold recoveries may be achieved using standard cyanide milling
techniques. Column tests are in progress and are yielding promising
results for excellent heap leach recoveries.

* Unoptimised cone pits on the Plaza de Gallos-Refugio and Picacho
deposits, which are included in the area of interest covered by
Bolnisi's agreement, indicate an ore to waste strip ratio
approximately of 1:5.

* Ocampo is a classic Tertiary volcanic epithermal gold silver
district with a known productive ore horizon exceeding 700 metres in
thickness located near the centre of a 40 kilometre wide caldera
along a series of WNW trending structures.

* The potential exists to substantially increase the current
resource. Drilling to date has only penetrated the upper 100 to 150
metres of the system in most areas tested and numerous targets
remain.

* The Ocampo Project is located 25 kilometres by improved dirt road
from Federal Highway 16, a Major transportation route across northern
Mexico, with excellent infrastructure in a mining district. Mexico is
a pro-mining country with laws and regulations which, while
protecting the environment, encourage and promote mine development.

METALLURY

Initial work to test the viability of heap leach extraction is being
undertaken. Six flooded column tests have been completed and others
are in progress. The recovery rates from these column tests have been
encouraging. With ore crushed to 100% passing -9.5 mm, recoveries to
date of 88% gold and 63% silver have been achieved.

Bottle roll tests were completed by KCA. Average recoveries for the
21 tests (-200 mesh grind size) are 97.1% for gold and 83.4% for
silver, Reagent consumption averaged 0.4 k/t cyanide and 1.9 k/t
lime.

Based on the above tests, both heap leach and conventional milling
techniques result in excellent recovery of both gold and silver. An
expanded metallurgical test program is planned as part of the
feasibility study.

GEOTECHNICAL AND SITE SELECTION WORK

KCA has conducted an onsite study to determine the location of leach
pad and/or tailings facilities and a processing plant site and a
suitable area has been located northwest of the Plaza de Gallos and
Refugio deposits.

A preliminary pit slope stability study has been undertaken. The
results of this work indicate high rock mass strength is present with
potential for pit slopes of up to 60 deg. Geotechnical core drilling
will be completed prior to completion of a feasibility study in order
to finalise open pit design parameters.

THE EARN IN AGREEMENT

The Earn In Agreement has the following principal terms:

* Both parties had a 60 day period, from 24 January 2002, to carry
out due diligence.

* The Company will pay Gammon Lake CDN$30,000 per month commencing
the month following the completion by the Company of its due
diligence and the decision to proceed with the joint venture until
the Company has earned its interest or withdrawn from the venture.

* The Company will manage the Ocampo Project feasibility and
development and subsequent operation and will earn a 60% interest by
putting the project into production at a rate of not less than 1.25
million tonnes per annum at the Company's expense.

* If the project is not in production within 18 months following
completion of due diligence, and the decision by the Company to
proceed with the joint venture, the Company will pay Gammon Lake
CDN$100,000 per month until the Company has earned its interest or
withdrawn from the venture.

* If the project is not in production within 24 months following
completion of due diligence Gammon Lake will retain 100% of the
Ocampo Project.

* The Company will pay US$60,000 to the underlying land owners at the
Ocampo Project not later than 23 May 2002 provided that the Company
has not withdrawn from the venture.

* The Company and Gammon Lake will be responsible for their
respective shares of seven annual payments of US$1,000,000 to the
underlying land owners at the Ocampo Project beginning on the first
anniversary of the commencement of production at the Ocampo Project.

* The Company will be granted a first right of refusal to match any
third party offer to Gammon Lake to develop any of the Ocampo Project
area resources outside the area of interest covered by the Company's
agreement.

* If the Company wishes to obtain debt financing prior to the Company
earning its interest in the Ocampo Project, Gammon Lake will give
security to the debt provider over its 100% interest in the Ocampo
Tenements on terms which are commercially reasonable and customary in
the industry. The amount and terms of any debt financing will have
regard to the Company and Gammon Lake's obligations to fund, from
sources other than the debt financing, working capital costs of the
Project.

During the quarter ended 31 March 2002, the Company completed its due
diligence of the Ocampo Project and, on the basis of its positive
findings, the Company gave notice to Gammon Lake that the Company
will proceed to investigate the feasibility of developing the Ocampo
Project in accordance with the terms of the Earn In Agreement.
Preparations are underway for this work to commence early in the next
quarter.

5. OTHER

In accordance with the Australian Stock Exchange Limited Listing
Rules 5.10, 5.12 and 5.13, technical information contained in this
report unless otherwise indicated is based on information compiled by
competent persons who are corporate members of the Australasian
Institute of Mining and Metallurgy and who have consented in writing
to the inclusion of such technical information in the form in which
it appears in this report. The competent persons are Trevor Leahey of
Computer Aided Geoscience Pty Ltd and Kenneth M Phillips, a Director
of Bolnisi Gold NL.


P J Nightingale
COMPANY SECRETARY