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drilling for copper and gold

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    1800 Mtr RC Drill.Prog.Targeting Copper-Gold Mineralisation
    25/6/03 10:39:00 AM


    HOMEX - Perth

    Apex Minerals NL has commenced an 1,800 metre reverse circulation
    drilling programme that will test a series of new gravity and
    coincident soil anomalies for copper-gold mineralisation at its 1,470
    square kilometre Jillawarra project, 150 kilometres north-west of

    Six 300 metre holes will be drilled into the Manganese Range and the
    Woodlands areas where Apex is focusing its efforts to find a
    multi-million tonne ore deposit similar to the massive Olympic Dam
    and Ernest Henry orebodies.

    Apex's preference towards drilling gravity rather than prominent
    magnetic anomalies is due to the targeted mineralisation not
    necessarily having a strong magnetic signature.

    A greater emphasis is also being directed towards those gravity
    anomalies that sit close to major faults that could have served as
    feeder structures and where recent soil sampling has delineated
    coincident, multi-element geochemical anomalies.

    Drilling results are expected to be available in about five weeks.

    The project is undoubtedly at the exciting high risk / high reward
    end of the exploration risk spectrum. Other than subtle geochemical
    anomalies obtained from soil sampling there are very few other clues
    at surface as to where mineralisation may occur at depth.

    In addition to its new gravity and geochemical data, Apex has
    acquired and reprocessed several other geological datasets and used
    the latest 3D imaging techniques to screen and finesse targets. The
    company has also drawn on the expertise of several leading

    Jillawarra's mineralisation pedigree was considerably enhanced in
    1982 when systematic drilling of magnetic anomalies resulted in the
    discovery of the 200 million tonne but relatively deep and
    sub-economic Abra deposit, 9kilometres east of the Jillawarra
    project. Mineralisation was intersected at several other localities
    but no other major accumulations were discovered.

    Apex has marked out and had cleared by the traditional aboriginal
    owners sites for several additional drill holes to enable a rapid
    follow-up of any encouraging results it obtains in this programme. It
    is also working-up targets at a number of other localities in the
    Jillawarra region.

    The Company has already earned an 80% interest in the Jillawarra
    project which comprises one granted exploration licence and six
    applications for exploration licenses. The remaining 20% interest is
    held by a syndicate comprising prospectors Mark Creasy, Bruce
    Legendre and Frans Voermans who are free-carried to the completion of
    a bankable feasibility study.


    The Jillawarra drilling is the third in an almost continuous series
    of drilling programmes by Apex since March this year. Two other
    drilling programmes are planned at the Windimurra and Narndee
    projects over the next few months.

    At Windimurra, Apex is planning in August to follow-up encouraging
    first round geochemical and drilling results it obtained from a 1,542
    metre, 23 hole RC programme in May at the Muleryon Hill and Corner
    Well prospects where it is targeting platinum and nickel
    mineralisation (refer release to ASX dated 13th June 2003).

    At the Narndee platinum-nickel project, immediately to the south of
    Windimurra, joint venture partners Falconbridge Limited and Impala
    Platinum Holdings are expected to drill test in late July recently
    defined geochemical anomalies.


    Apex has 38,875,421 fully paid shares on issue and will hold cash
    reserves of approximately $2.0 million after completion of the
    Jillawarra drilling programme.

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