CWG 0.00% 31.0¢ central west gold limited

Central West Gold $$$ project

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    The Rothsay project is owned by CWG Central West Gold

    It will be interesting to see what happens now!!!!!!!!!!!!!!
    30 May 2002
    Part 1/1
    HOMEX - Perth
    Signs Agreements on Rothsay & Water Tank Gold Projects
    The Directors of Thundelarra Exploration Ltd are pleased to announce
    the signing of two important agreements concerning the Rothsay and
    Water Tank gold projects. The Rothsay Agreement allows for the
    immediate commencement of the scoping study into the mining of the
    highgrade underground ore and subsequent processing at the Gullewa
    gold plant located approximately 90 kilometres north west of Rothsay.
    The Water Tank Agreement gives Thundelarra the opportunity to acquire
    a 100% interest in a gold project with well defined drill targets in
    the Norseman goldfield adjacent to Croesus Mining NL's Daisy and
    Daisy South prospects. This goldfield has produced over 5.5 million
    ounces since its discovery in 1894 and continues to produce new
    significant highgrade gold discoveries.
    The long awaited renewed interest in the gold market has given
    Thundelarra the opportunity to re-assess the gold potential of its
    100% owned projects and to look at new prospects particularly near
    existing gold mining operations. The Rothsay joint venture and the
    existing Warriedar and Davyhurst gold ventures are also very
    important as they are capable of generating a cash flow for the
    company in the short to medium term with limited funding required
    from Thundelarra.
    Under the terms of the Rothsay Agreement, Menzies Gold Ltd (Menzies)
    and Thundelarra will jointly fund exploration and metallurgical test
    work to allow the completion of a scoping study to mine, truck and
    process the highgrade underground ore (estimated cost $150,000) at
    the Menzies owned and operated Gullewa gold plant. At the successful
    completion of this study and when Thundelarra has earnt its 70%
    equity in the project from Central West Gold NL, Menzies will then
    have the right to earn 50% of Thundelarra's equity in the project by
    completing a Final Feasibility Study by May 2003 and to commence
    production by November 2003. Thundelarra's remaining 35% equity will
    be free carried during the feasibility study and carried to
    commencement of production. The carried expenditure will be refunded
    from 70% of Thundelarra's cash inflow from the project.
    The Rothsay project has an Indicated/Inferred Resource of 69,000
    ounces of gold at an estimated grade of 11 g/t using a 7 g/t cut off
    and a 1.2m minimum mining width. There is good potential to increase
    this resource by further drilling both down dip and along strike (see
    Rothsay Long Section).
    Information in this report, insofar as it relates to resource
    estimation and exploration activities, is based on information
    compiled by Mr Brian Richardson who is a Corporate Members of the
    Australasian Institute of Mining and Metallurgy and who have more
    than ten years experience in the field of the activity being reported
    on. This report accurately reflects the information compiled by these
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