Excellent Quarterly Results

Stunning Results for Kingsgate were released yesterday for 3 months to June 30th.

Expect that a maiden dividend will be declared shortly and a marketing campaign will comeence shortly to analysts and fund managers

Kingsgate Three Months to 30 June, 2002
Consolidated NL
ACN 000 837 472

Chatree Gold Mine Thailand, 100% Kingsgate:

Produced: 41,326 ounces gold
153,528 ounces silver
Total cash cost: USD65 per ounce



Production at the company’s Chatree Gold Mine for the quarter was at an annualised rate of 1.17 million tonnes, or 17% above nameplate capacity. The Board approved the first plant upgrade consisting of 3 additional CIL tanks to improve gold recovery at the higher throughput. There were no lost time accidents or environmental incidents.


PRODUCTION

Gold production: 41,326 ozs.
Silver production: 153,528 ozs.
Total Cash Cost per ounce: USD65 per oz.
Average gold price received: USD312 per oz.

FINANCE

Revenue for the period was USD14.2 million.
Cash on hand at the 30th June was USD14.2 million
Hedge book reduced by 1,196 ounces through gold deliveries.