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high quality nickel portfolio/anglo american

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    Goldstream secures nickel portfolio from Anglo

    Monday, April 19, 2004
    GOLDSTREAM Mining is about to start a major nickel search after acquiring a large portfolio of exploration properties in Australia and India from Anglo American.

    The Perth-based junior said the advanced portfolio includes multiple nickel sulphide targets identified by Anglo over the past three years.

    The total tenement portfolio, comprising both grants and applications, covers 28, and includes two projects in the Northern Territory, one in Victoria and two in the Indian states of Andhra Pradesh and Jharkand.

    Goldstream said they range from greenfields concept based regional plays to advanced, ready to drill targets along strike from established nickel mineralisation.

    The portfolio includes:

    the Bynoe nickel-copper project, 60km southwest of Darwin in the Northern Territory

    the Arunta nickel-copper project in the NT, where massive nickel sulphides have been intersected regionally associated with mafic intrusive bodies

    the Stavely nickel-copper project in Victoria, where a prominent 250km long gravity and magnetic feature has been identified beneath shallow Murray Basin cover

    the AP3 nickel-copper project in Andhra Pradesh, India

    the JK1 nickel-copper project in Jharkand, India.

    Goldstream will initially focus on Bynoe, a project area covering where Anglo has identified multiple nickel sulphide targets along 8km of strike of ultramafic/basal contact.

    Goldstream said four strongly conductive anomalies are interpreted as having a nickel sulphide source and permits are in place to test the targets once the wet season has ended.

    The scrip-based acquisition, which will see Anglo increase its existing stake in Goldstream from 6.59% to 8%, also includes claw-back provisions if a world-class orebody is delineated.

    In consideration for the properties, Goldstream will issue Anglo American Investments with sufficient shares to take its stake to 8%, while the London-based major will have a once-only right to take a 70% interest in any prospect or prospects once an indicated mineral resource has been delineated by Goldstream.

    Golstream has undertaken to spend at least $1.5 million on the tenements as long as they remain in existence.

    Goldstream managing director George Kenway said the acquisition provides the company with opportunities that would otherwise be difficult and expensing to assemble at the current stage in the recovery cycle for commodities.

    "This is a high-quality portfolio and an outstanding opportunity for Goldstream to become established in a commodity with excellent long-term market fundamentals," Kenway said.

    Goldstream shares closed unchanged at 49c after hitting an intra-day high of 53c.

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