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  1. amiggo

    236 Posts.


    HOMEX - Perth

    The Board of Fox is pleased to announce that it has finalised an
    agreement with Titan Resources NL ("Titan") to acquire the Radio Hill
    nickel/copper sulphide process plant, 35km south of Karratha in the
    West Pilbara region of Western Australia. Fox also acquires all
    associated heap leach operations, infrastructure and mining leases.

    Titan has produced approximately 45,000 tonnes of nickel concentrates
    per annum from the Radio Hill operation containing nickel, copper,
    cobalt and palladium metals. The plant contributed $37 million in
    revenue for 2001.

    Titan retains the right to the disseminated nickel sulphicle reserves
    over the currently mined Radio Hill tenement, however, Fox has
    secured an option over these reserves, as well as an option over the
    nickel sulphide resources from Titan's Mt Sholl tenements.

    Fox has also entered into a joint venture agreement with Titan over
    these and other regional tenements.

    These agreements increase Fox's substantial land holding to almost
    1000 square kilometres, including 12 granted mining leases in the
    Karratha area. This provides further opportunity for the discovery of
    extensions of nickel sulphide and precious metal resources for future
    milling and heap leach operations.


    Listed on the Australian Stock Exchange on the 26th April 2002, the
    acquisition of the Radio Hill operations is a major development in
    transforming Fox from explorer to producer.

    Fox will immediately undertake a detailed review with the aim to
    commence heap leach operations of the high grade Whundo copper oxide
    stockpiles at the Radio Hill heap leach facilities. The company's
    objective is to provide cash flow for the growth of the company and
    enable the company to fund its exploration programs. The company's
    goal is to generate early term positive cash flow to provide returns
    to shareholders.

    Fox's due diligence review of the plant indicates that a significant
    increase in mill throughput and flotation capacity can be readily
    achieved and result in a lower cost production profile, enabling the
    economic production of the disseminated nickellcopper sulphide
    reserves and resources, which will substantially increase the mine
    life of the Radio Hill operations.

    The Radio Hill Plant and underground was originally constructed in
    the late 80's by Agip Pty Ltd, 2 wholly owned subsidiary of the
    Italian State Oil Company at a cost of $45 million. The review of the
    plant by the company's independent expert concluded that the plant
    has been well maintained and is in good operational condition.

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