HIG 0.00% 10.5¢ highlands pacific limited

Highlands Pacific - great results, page-2

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    HIGHLANDS PACIFIC LIMITED 2002-11-14 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    The Board of Directors of Highlands Pacific Limited (ASX: HIG,
    'Highlands') is pleased to report very encouraging gold assays from
    exploratory underground sampling at Highlands Kainantu project in
    PNG.

    An average grade of 62.3 g/t Au (almost 2 ounces of gold per tonne)
    over an average width of 1.6m has beencalculated for the first 15.3
    m of strike drive. This grade is a volume-weighted average of 69
    continuous channel samples and one 300kg bulk sample.

    The results are summarised below and shown in more detail in Table 1,
    attached.

    Mining Advance Sample width (m) Gold Grade g/t
    0-2m (bulk sample) 1.0 90.1
    4.9m 1.3 8.9
    6.8m 1.5 11.5
    8.7m 1.8 53.5
    9.8m 1.8 60.7
    11m 1.9 103.8
    12m 1.8 126.1
    13.9m 1.5 53.9
    15.3m 1.7 36.5

    The sampling confirms that the vein system is continuously
    mineralised over this interval but with higher gold grades and wider
    intercepts than had been predicted from the drilling.

    Ground conditions and visual continuity in the mineralised veins
    remain excellent with the veins being easily identified and followed.
    No ground support has been required.

    The current sampling is from the Puma vein but the exploratory drive
    is now testing the Mill vein (see attached Plan).

    Highlands Pacific's Ian Holzberger said "these results are very
    encouraging in that they upgrade the potential of the Puma vein which
    had been regarded as of lessor importance than the Mill vein. Also
    the absolute grades and widths reported are both greater than
    anticipated from our drilling."

    FOR FURTHER INFORMATION CONTACT:

    Ian Holzberger, Jeff Forbes,
    MANAGING DIRECTOR GENERAL MANAGER FINANCE
    Phone: (61 7) 3239 7800 Phone: (61 7) 3239 7800
    Mobile: 0418 886 165 Mobile: 0408 756 790
    Email: [email protected] Email: [email protected]
 
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