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  1. VICTORIA

    KINGSTON (RANGE RIVER 100%)

    Compilation of previous exploration data in the vicinity of the
    historical Kingston gold workings was completed in preparation for a
    reversecirculation (RC) drilling program planned to commence in
    February 2003.

    The review found that previous exploration by Western Mining Limited
    included several drilling campaigns that identified significant gold
    mineralisation below the old workings and north east of the Kingston
    mineshaft. The drilling, which was primarily designed to test the
    oxide potential at shallow depth intersected a number of high-grade
    zones including 14m @ 26.6 g/t Au and 12m @ 15.9 g/t Au. Subsequent
    geological mapping has shown that a series of parallel quartz reefs
    can be followed for a distance of 600 metres to the northeast of the
    old Kingston shaft. A Work Plan setting out the RC drilling program
    has been submitted to the Department of Primary Industries for
    approval. The program is designed to confirm the previous WMC
    drilling results and begin exploration in the vicinity of the
    historical underground workings.

    The company was notified during December that its application for an
    additional Exploration Licence abutting the Kingston tenements was
    successful. The Licence covers the northern extension of an
    aeromagnetic feature considered to be closely related to the Kingston
    mineralisation.

    ARARAT (RANGE RIVER 100%)

    Approval for a RAB drilling program in an area to the NNW of Ararat
    within the southern extension of the Stawell gold province was
    received in time for drilling to commence in mid January 2003. The
    program will consists of approximately 200 holes drilled to an
    average depth of 40 metres per hole. The program has been designed to
    test a number of structural targets in an area containing a number of
    extensively worked historical gold producing alluvial deep leads.

    Following a review of previous exploration it was proposed that the
    major upper-crustal thrust faults mapped by the Geological Survey of
    Victoria including the Coongee, Cathcart and John Bull Faults are
    mineralised and were the source of alluvial gold that was mined from
    the surrounding Canton and Upper Wet Lead. The drilling is designed
    to test if there is an association between the alluvial workings,
    major structures and favourable geology in an area where it is
    considered the best targets are under alluvial cover and have not
    been previously tested by effective drilling.

    FOSTER (RANGE RIVER 100%)

    The Company continued the program of reconnaissance geological
    mapping and sampling at its Foster tenements during the quarter. Work
    included combined rock chip and stream BLEG geochemical sampling
    along the Waratah Fault Zone, the Waratah North magnetic anomaly and
    the Fish Creek East magnetic trend.

    Results of the stream -80 mesh, BLEG and rock chip sampling from
    along the Waratah Fault Zone and the Dollar South dyke intrusion were
    received late in December. Historically the creeks draining the
    Waratah Fault Zone have been worked for gold and a section of Golden
    Creek draining the Waratah Fault returned 13 ppb Au and an adjacent
    creek returned 1.3 ppb Au against a background of less than 1 ppb.
    Additional sampling is proposed for this area and then only limited
    follow up sampling in the Fish Creek area remains to complete
    verification of the previous Range River regional stream survey.

    NEW SOUTH WALES

    During the quarter the Company lodged an Exploration Licence
    Application number 2001 over 100 graticular sections (256 km2) at
    Bokhara Plains inthe Lachlan Fold Belt in New South Wales including
    the present area of El 5032 which it will replace.

    There was no field work on the Company's Marsden (100% owned)
    property.

    CORPORATE

    At quarter end, the Company had $4.15m in cash on hand and on deposit
    to carry out its active gold exploration program.

    M Beer
    MANAGING DIRECTOR

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