MMN macmin silver ltd

macmin silver q2 results

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    Page 1 of 9
    MACMIN SILVER LTD
    (A.B.N. 53 056 776 160)
    P.O. Box 7996 Telephone: (07) 5592 2274
    Gold Coast Mail Centre Facsimile: (07) 5592 2275
    Queensland 9726 Email: [email protected]
    AUSTRALIA Internet: www.macmin.com.au
    24th July 2003
    COMPANY ANNOUNCEMENTS OFFICE
    TECHNICAL REPORT – QUARTER ENDED 30th JUNE 2003
    1. SUMMARY & COMMENTS
    Macmin Silver Ltd (Macmin) is a silver focused company whose primary project is the Texas Silver Project, S.E.
    Queensland, Australia. Macmin has exposure to gold by way of a 65% equity in New Guinea Gold Corporation
    (NGG) and a 1% NSR royalty on production by NGG. Macmin’s equity will decrease as new financing is
    arranged for NGG. In addition, Macmin maintains equity investments in junior Australian explorers, Malachite
    Resources NL and TasGold Ltd.
    Macmin’s business strategy is to enhance shareholder value by way of:
    i. Continuing to expand silver resources/reserves at its Texas Silver Project.
    ii. Develop a silver mine at this project when the silver price shows sustained strength above AUD$9 per
    oz of silver.
    iii. Gold production from NGG’s Papua New Guinea projects.
    iv. Obtain maximum benefit from likely major increases in silver and gold prices. Macmin is presently
    completely unhedged and the Directors’ preference is to remain unhedged.
    The Texas Silver Project has in-ground resources of 44.5Moz of silver equivalent, with a very substantial district
    potential, based on drill hole, geochemical and geophysical results, yet to be evaluated.
    1.1 Highlights from the Quarter
    1.1.1 Texas Silver Project
    Macmin maintained an aggressive exploration programme during the quarter at the Texas Silver Project.
    Drilling, ground geophysics and geochemical surveys continued to confirm and expand the prospectivity of the
    project area.
    i. Drilling at Mt Gunyan intersected the best interval of near surface gold-silver to date with 12m at 108g/t
    silver and 1.8g/t gold (234g/t silver equivalent) between 8 and 20m down-hole in MGP 59. Drilling will
    continue in the next quarter.
    ii. A new gold prospect was located and named the “Mt Gunyan North Gold Zone” where a previously
    untested gold-in-soil anomaly encountered 0.36g/t gold over 44m (entire drill-hole) from surface.
    iii. A ground geophysical survey (IP) located a major “chargeability” anomaly extending 3 kms in
    length north from the Silver Spur Mine and named the “Goanna Zone”. This zone opens up
    additional target possibilities, such as high-grade polymetallic (massive) sulphides in addition to
    Twin Hills style silver/gold mineralisation and thus has significant positive implications for ongoing
    exploration and development.
    Page 2 of 9
    iv. Soil geochemistry and limited percussion drilling at the Back Creek Magnetite Prospect have
    revealed elevated values of gold, silver, copper, lead and zinc. Deeper drill testing will be
    undertaken in the coming quarter.
    v. A technical review of the Silver Spur Mine was undertaken during the quarter. Drilling will test for
    extensions to the Silver Spur mineralisation in the coming quarter. In 1998 Rimfire Pacific reported
    a combined indicated and inferred resource at Silver Spur of 808,000 tonnes at 5.93% zinc
    equivalent (2.25oz/t silver, 3.56% zinc, 1.25% lead, 0.17% copper and 0.09g/t gold) at a 2% zinc
    equivalent cut-off.
    1.1.2 New Guinea Gold Corporation
    i. New Guinea Gold Corporation, a TSX Venture Exchange listed company in which Macmin holds a
    65% interest, is well advanced with the planning of a CDN$1million financing. This funding,
    although not yet guaranteed, will be used to revise a feasibility study for the Sinivit Gold Project
    and commence feasibility studies for the Imwauna and Weioko Gold Projects. These projects are all
    in Papua New Guinea and subject to successful feasibility studies, will collectively produce
    40,000ozs of gold/year for a minimum of four to five years. Excellent potential remains to be
    explored, which could extend/expand mine lives.
    ii. Bob McNeil, presently Executive Chairman of Macmin Silver Ltd, has also been appointed
    Chairman and President of New Guinea Gold.
    1.2 Comment
    The preferred silver price prior to development of the Twin Hills Silver Mine was previously quoted as US $5
    per ounce of silver. With the recent appreciation in the $AUD it is now considered more appropriate to quote the
    preferred price in Australian dollars rather than US dollars.
    The initial feasibility study on the higher-grade parts of the Twin Hills orebody indicated the cash cost of
    production was approximately AUD$5.50 per ounce of silver. However, with the increase in reserves and
    resources, high grading (i.e: the original Phase 1 pit envisaged mining only the higher grade parts of the orebody)
    of the silver mineralisation at Texas is considered undesirable. Higher silver prices would “unlock” further
    reserves for development and substantially extend the life of mining in the district. Higher silver prices would
    also enable the initial project capital to be raised on more favourable terms to the company.
    The company continues to believe that much higher silver prices are likely in the near future, and thus
    shareholder value of the silver resources at Texas will be enhanced if mine development is delayed until
    the expected upward movement in silver prices has commenced.
    The company’s share price has weakened over the past quarter as the $AUD silver price has substantially
    weakened. Exploration successes have partially modified this price weakness, but for the forseeable future the
    Macmin Silver share price is likely to be mainly influenced by rises or falls (or expected rises and falls by
    investors) in the silver price.
    Page 3 of 9
    2. TEXAS SILVER MINES PTY LTD
    The Texas Project EPM’s 8854, 11455, and 12858; ML 5932 and ML 50161 are located 100km west of
    Stanthorpe. Texas Silver Mines Pty Ltd is a wholly owned subsidiary of Macmin Silver Ltd.
    2.1 Exploration Summary
    2.1.1 Mt Gunyan
    A major programme of percussion drilling was undertaken during the quarter on the Mt Gunyan mineralised
    system. A total of 4,502m of percussion drilling comprising 84 holes [MGP 24 to MGP 107] were completed.
    An interim update report to ASX was made on 25 June 2003.
    The Mt Gunyan mineralised system is defined by a large silver-in-soil geochemical anomaly covering 2 square
    kilometres within a broader lead/zinc anomalous zone of over 3 square kilometres.
    Previous drill intersections encountered prior to the current drill include results such as those quoted below:
    Drill Hole Assay Interval Intercept Ag g/t Au g/t AgE* g/t
    MGD 1 152-153m 1m 300 43.2 3,324
    MGD 2 18-20m
    66-70m
    2m
    4m
    104
    225
    --
    104
    225
    MGD 3 12-14m
    26-36m
    2m
    10m
    190
    119
    3.4
    0.24
    428
    136
    MGP 1 130-134m
    156-160m
    4m
    4m
    34
    55
    11.6
    7.4
    846
    552
    MGP 10 14-18m
    26-30m
    54-56m
    94-100m
    4m
    4m
    2m
    6m
    108
    190
    180
    298
    4.3
    0.46
    0.04
    0.01
    409
    222
    183
    299
    MGP 11 78-86m
    94-96m
    8m
    2m
    344
    50
    0.59
    2.4
    385
    218
    * gold converted at 1 gram gold equals 70 grams silver
    The current programme has focussed on a more detailed drill evaluation of near surface mineralisation (i.e.
    between surface and 60m depth) than that largely undertaken by a previous joint venture partner in 1997. To this
    end, extensive track construction (3 kms) was required on Mt Gunyan to provide access to areas not previously
    tested or assessed.
    The drilling programme has now demonstrated that silver/gold mineralisation is more extensively distributed
    than previously known. The vast majority of holes encountered silver mineralisation, including the best nearsurface
    intercepts to date, although many holes contained low-grade silver between 30 and 60g/t. Following is a
    table of drill intercepts above 30g/t silver equivalent.
    Some of the better near surface intersections (previously reported to ASX on 25 June 2003) included:
    • Hole MGP 59 which intersected 12 metres at 108g/t silver and 1.8g/t gold (234g/t silver equivalent)
    between 8 and 20 metres down-hole and hole MGP 38 which intersected 165g/t silver and 0.4g/t gold
    (193g/t silver equivalent) also between 8 and 20m down-hole. Other holes, such as hole MGP 65 have
    encountered difficult drilling conditions and have terminated prematurely in high grades. The last sample in
    hole MGP 65 between 8 and 9 metres intersected 217g/t silver and 1.29g/t gold (307g/t silver equivalent).
    • As part of the drilling programme, 9 holes were sited on a previously untested gold-in-soil geochemical
    anomaly now named “Mt Gunyan North Gold Zone”. Anomalous gold values (>0.1g/t gold) were
    encountered in all holes. Hole MGP 96 averaged 0.36g/t gold over the entire hole between 0 and 44m, and
    Hole MGP 94 intersected 4m at 2.45g/t gold between 40 and 44m down-hole.
    Drilling continues to locate extensive bedrock mineralisation under the large soil anomaly at Mt Gunyan. Newly
    identified zones of silver-gold and gold mineralisation require further drilling, including diamond core drilling in
    deeper zones and in areas of difficult drill conditions before resource estimates can be revised.
    Page 4 of 9
    Drillhole Interval Intercept m Au g/t Ag g/t AgE Drillhole Interval Intercept m Au g/t Ag g/t AgE
    MGP025 20 - 22 2 0.58 19 60 MGP069 4 - 32m 28 0.34 2.13 26
    28 - 30m 2 0.01 37 38 (16 - 22m) 6 0.88 2.57 64
    MGP028 18 - 42m 24 - 40 40 (16 - 18m) 2 1.98 4 143
    (36 - 40m) 4 0.03 103 105 (26 - 28m) 2 0.86 2.4 63
    54 - 60m 4 - 31 31 MGP071 2 - 22m 20 0.08 42 48
    MGP029 14 - 16m 2 - 36 36 (12 - 14m ) 2 0.04 110 113
    42 - 46m 4 - 34 34 28 - 42m 14 0.09 32 38
    54 - 58m 4 - 30 30 MGP075 18 - 30m 12 0.14 67 77
    MGP030 0 - 20m 20 - 43 43 ( 24 - 26m) 2 0.34 123 147
    (14 - 18m) 4 0.02 91 92 MGP076 12 - 14m 2 - 49 49
    MGP031 16 -18m 2 - 30 30 MGP077 4 - 6m 2 - 31 31
    26 - 28m 2 - 51 51 8 - 10m 2 - 41 41
    38 - 40m 2 - 39 39 12 - 16m 2 - 48 48
    58 - 60m 2 - 44 44 MGP078 4 - 8m 4 - 32 32
    MGP032 6 - 8m 2 - 43 43 32 - 46m 14 0.02 34 35
    MGP033 0 - 16m 16 0.01 30 31 MGP079 0 - 26m 26 - 34 34
    (4 - 6m ) 2 0.05 110 114 MGP080 16 - 20m 4 0.08 37 43
    MGP034 12 - 14m 2 0.03 35 37 48 - 50m 2 0.08 38 44
    MGP036 26 - 44m 18 - 31 31 MGP082 2 - 4m 2 0.01 30 31
    MGP037 12 - 14m 2 - 42 42 22 - 24m 2 0.04 34 37
    MGP038 4 - 38m 34 0.10 74 81 34 - 44m 10 - 32 32
    (12 - 20m) 8 0.40 166 194 MGP083 4 - 8m 4 - 55 55
    MGP040 14 - 16m 2 0.30 28 49 MGP084 22 - 26m 4 - 33 33
    26 - 28m 2 0.69 9.6 58 36 - 38m 2 - 30 30
    MGP041 38 - 40m 2 - 52 52 MGP085 58 - 60m 2 - 31 31
    MGP042 2 - 4m 2 0.03 32 34 MGP086 8 - 28m 20 - 61 61
    12 - 14m 2 0.01 30 31 (10 - 12m) 2 0.04 228 231
    MGP043 12 - 32m 20 - 42 42 42 - 44m 2 - 32 32
    36 - 38m 2 - 31 31 50 - 60m 10 0.10 33 40
    MGP044 4 - 20m 16 - 37 37 MGP087 8 - 10m 2 0.03 41 43
    44 - 46m 2 - 30 30 20 -22m 2 - 34 34
    MGP045 10 - 20m 10 - 35 35 36 - 38m 2 - 33 33
    32 - 58m 26 - 33 33 MGP090 10 - 16m 6 0.08 36 42
    MGP046 16 - 18m 2 - 36 36 MGP091 4 - 22m 18 0.16 37 48
    MGP047 54 - 56m 2 0.08 39 45 (6 - 10m) 4 0.67 86 133
    MGP048 26 - 32m 6 0.72 47 98 MGP092 20 - 48m 28 0.01 36 37
    52 - 54m 2 - 48 48 MGP093 0 - 16m 16 0.02 65 66
    MGP050 24 - 26m 2 - 31 31 20 - 28m 8 0.02 44 45
    28 - 32m 4 - 53 53 MGP094 36 - 48m 12 0.91 3.53 67
    54 - 56m 2 0.72 6 56 (40 - 44m) 4 2.45 4.55 176
    MGP055 14 -16m 2 0.05 30 34 MGP095 40 - 44m 4 0.22 8.3 24
    MGP056 26 - 28m 2 - 30 30 MGP096 0 - 44(*EOH) 44 0.36 2.59 28
    50 - 56m 6 - 32 32 (2- 6m) 4 1.60 4.2 116
    MGP057 40 - 58m 18 0.02 43 44 MGP099 0 - 12m 12 - 31 31
    MGP058 24 - 30m 6 0.03 41 43 MGP100 10 -12m 2 - 35 35
    50 - 52m 2 - 38 38 34 - 36m 2 - 37 37
    MGP059 0 - 42m 42 0.66 52 98 MGP101 8 - 12m 4 0.27 92 111
    (8 - 20m) 12 1.80 109 235 12 - 26m 14 - 29 29
    (8-10m) 2 1.14 361 441 MGP103 12 - 14m 2 0.03 32 34
    48 - 50m 2 0.01 30 31 MGP104 2 - 4m 2 0.03 35 37
    MGP062 2 - 28m 26 0.08 42 48 6 - 12m 6 0.12 35 44
    (8 - 10m) 2 0.12 121 129 54 - 58m 4 - 39 39
    MGP063 12 - 20m 8 0.01 34 35 MGP105 54 - 56m 2 0.06 33 37
    26 - 30m 4 0.26 30 48 MGP106 0 - 10m 10 0.03 43 45
    34 - 36m 2 0.14 57 67 MGP107 16 - 18m 2 0.01 34 35
    MGP064 10 - 18m 8 0.19 38 51 20 - 22m 2 - 32 32
    34 - 36m 2 0.04 77 80 32 - 34m 2 0.02 31 32
    MGP065 6 - 8m 2 0.34 65 89
    8 - 9m(*EOH) 1 1.29 217 307
    TABLE OF MT GUNYAN DRILL RESULTS (**AgE > 30g/t)
    * EOH - End of Hole
    ** AgE - gold converted at 1 gram gold equals 70 grams silver
    Page 5 of 9
    2.1.2 Goanna Zone
    A ground geophysical survey (IP) located a major chargeability anomaly extending 3 kms in length north from
    the Silver Spur Mine. This zone opens up additional target possibilities such as high-grade polymetallic
    (massive) sulphides in addition to Twin Hills style silver/gold mineralisation and thus has significant positive
    implications for ongoing exploration and development. Details on the “Goanna Zone” are presented in the
    following ASX release of 25 June 2003.
    Recent drilling of 5 holes has encountered significant concentrations (5%) of disseminated pyrite within the rock
    units. Two drill holes intersected zones of intense quartz-carbonate veining, brecciation and minor silica-sericite
    alteration. Limited assaying within this structural zone has located weakly elevated values of antimony,
    molybdenum and arsenic.
    The Goanna Zone is a very large area and ongoing evaluation will continue in order to further understand its
    significance and to locate further high priority target areas to be drill tested.
    Macmin believes the Goanna Zone represents a highly prospective new area situated between Silver Spur, Twin
    Hills and Mt Gunyan. A number of north-west structures intersect north trending structures in this area
    providing potential host sites for orebody development. The Goanna Zone is still open-ended to the north and is
    situated within a structural corridor defined previously from airborne geophysical surveys.
    2.1.3 Back Creek Magnetite Prospect
    An aeromagnetic anomaly located 7 kms north of Twin Hills was investigated during the quarter. Boulders of
    massive magnetite were located in outcrops in association with limestone. Six shallow percussion holes
    (maximum 29m depth) tested the largely soil covered area. Elevated values of gold, silver, copper, lead, zinc
    and bismuth were encountered in all drill holes.
    Diamond drilling will test the depth extent of the near surface multi-element anomalism in the next phase of
    drilling.
    2.1.4 Silver Spur Mine
    A technical review of the Silver Spur Mine was undertaken to evaluate the potential for further extensions to the
    historic mine workings and to understand its geological relationship to the Twin Hills disseminated silver
    deposit. Production from the historic Silver Spur Mine was of very high grades – 100,000t at 800g/t silver,
    1.7g/t gold, 16.8% zinc, 5.0% lead and 1.3% copper.
    In 1998 Rimfire Pacific (holder of the Silver Spur Mining Lease at that time) reported a combined indicated and
    inferred resource at Silver Spur of 808,000t at 5.93% zinc equivalent (70g/t silver, 3.56% zinc, 1.25% lead,
    0.17% copper and 0.09g/t gold) at a 2% zinc equivalent cut-off.
    Recent mapping on the mining lease has indicated that extensions to the mineralisation may tend west-northwest.
    A limited programme of diamond drilling will be undertaken during the quarter to test for such extensions.
    2.1.5 Twin Hills Mine Development – Current Status
    There was no major change in status re Twin Hills mine development during the quarter. Metallurgical testing of
    small heaps of dump leach type low grade ore is in progress to upgrade our reserves of silver from low grade ore
    and to obtain silver product for marketing purposes. Macmin Silver has its own metallurgical laboratory at the
    Twin Hills Mine Site.
    Page 6 of 9
    2.1.6 The following release was made to the ASX on 25th June 2003:
    • “MAJOR NEW TARGET - GOANNA ZONE - DEFINED AT THE TEXAS SILVER PROJECT,
    S.E. QUEENSLAND
    • MT GUNYAN DRILLING UPDATE
    • DRILLING PLANNED AT SILVER SPUR MINE
    GOANNA ZONE
    A major, new, silver and base metal target zone, known as the “Goanna Zone” has been defined at the
    Texas Silver Project, less than one kilometre east of the Twin Hills silver system.
    The “Goanna Zone”, which coincides with a previously identified northerly trending structural corridor,
    extends three kilometres northwards from the historic Silver Spur Mine. It was defined by a recently
    concluded Induced Polarisation (IP) survey and is an exciting new development for the Texas Project. The
    Goanna Zone opens up new target possibilities, such as high grade polymetallic sulphides, in addition to
    Twin Hills style silver/gold mineralisation, and thus has significant implications for ongoing exploration and
    development.
    Macmin’s technical director, Denis O’Neill, believes that the mineralising solutions that have given rise to
    the Twin Hills and Mt Gunyan silver systems and the Silver Spur silver plus polymetallic massive sulphide
    system, were sourced by mineralising solutions ascending along this structural corridor before being
    deposited in specific structural and lithological sites.
    In the Texas district, ninety five (95%) percent of all identified precious and base metal mineral occurrences,
    old mines and prospects are within 1.5 kms of this structural corridor. If the above interpretation is correct,
    the structural corridor itself should be a highly prospective zone likely to host further silver and/or silverbase
    metal deposits.
    The IP survey was originally intended to explore for bedrock drill targets south of, and along strike, from the
    Twin Hills silver system. No anomalies were located although the known Twin Hills system is readily
    identifiable with a pronounced anomaly. The IP survey was then extended to cover the eastern part of the
    Twin Hills mining lease and the area north of the historic Silver Spur Mine. This extended survey located
    the “Goanna Zone”, which extends northwards from the Silver Spur Mine and through the eastern part of
    the Twin Hills mining lease. It averages 500m in width.
    IP surveys most commonly define zones of disseminated pyrite. In the Texas district, Macmin has noted that
    a build up in pyrite content can be used as an indicator of proximity to precious and base metal occurrences.
    The location of the “Goanna Zone”, its significance and geographic relationship to Twin Hills, Mt Gunyan
    and Silver Spur, is shown on the accompanying figure.
    The main points which support Macmin’s conclusion that the “Goanna Zone” is a particularly exciting
    target at Texas can be summarised as follows:
    • the large size of the anomaly suggests it has the potential to host larger bodies of mineralisation than
    have previously been located.
    • the Twin Hills silver system is defined by a similar intensity, but much smaller, IP anomaly (see figure).
    • the historic Silver Spur mine occurs at the southern end of the IP anomaly. Silver Spur’s historical
    production was of very high grades – 100,000t at 800g/t silver, 1.7g/t gold, 16.8% zinc, 5.0% lead and
    1.3% copper.
    • the anomaly is still open ended to the north.
    • the anomaly is within a major structural corridor defined previously from airborne geophysical surveys.
    Page 7 of 9
    Preliminary testing of the Goanna Zone has commenced and four diamond core holes are planned. These
    holes are intended to assess the cause of the IP anomaly and hopefully locate specific mineralised zones
    which can be followed up by later, more intensive drill programs. The initial hole located 5 to 8%
    disseminated pyrite with quartz calcite veinlets.
    MT. GUNYAN DRILLING UPDATE
    The Mt Gunyan silver/gold prospect has been the focus of recent drilling activity in the Texas Silver Project.
    Previous drill intersections at Mt Gunyan include results such as those quoted below:
    Drill Hole Assay Interval Intercept Ag g/t Au g/t AgE* g/t
    MGD 1 152-153m 1m 300 43.2 3,324
    MGD 2 18-20m
    66-70m
    2m
    4m
    104
    225
    -
    -
    104
    225
    MGD 3 12-14m
    26-36m
    2m
    10m
    190
    119
    3.4
    0.24
    428
    136
    MGP 1 130-134m
    156-160m
    4m
    4m
    34
    55
    11.6
    7.4
    846
    552
    MGP 10 14-18m
    26-30m
    54-56m
    94-100m
    4m
    4m
    2m
    6m
    108
    190
    180
    298
    4.3
    0.46
    0.04
    0.01
    409
    222
    183
    299
    MGP 11 78-86m
    94-96m
    8m
    2m
    344
    50
    0.59
    2.4
    385
    218
    * gold converted at 1 gram gold equals 70 grams silver
    The Mt Gunyan mineralised system is defined by a large silver in soil geochemical anomaly covering
    approximately 2 square kilometres within a broader lead/zinc anomalous zone of over 3 square kilometres.
    Maximum silver and gold values in soil are 68g/t and 0.22g/t respectively.
    The present program has focussed on a more detailed (than previous drilling) evaluation of near surface
    mineralisation – i.e. between surface and 60 metres depth. Of the 83 holes completed, results have been
    obtained for 56 holes. Although drilling has encountered the best near surface intercepts to date, results
    have been somewhat variable with many holes encountering low-grade silver between 30 and 60g/t. Some of
    the better near surface intersections included: Hole MGP59 which intersected 12 metres at 108g/t silver and
    1.8g/t gold (234g/t silver equivalent) between 8 and 20 metres down-hole and hole MGP38 which
    intersected 165g/t silver and 0.4g/t gold (193g/t silver equivalent) also between 8 and 20m down-hole.
    Other holes, such as hole MGP65 have encountered difficult drilling conditions and have terminated
    prematurely in high grades. The last sample in hole MPG65 between 8 and 9 metres intersected 217g/t silver
    and 1.29g/t gold (307g/t silver equivalent).
    Much of the soil anomaly at Mt Gunyan still remains to be tested. It has also proved more difficult than expected
    to confirm continuity of higher-grade zones in drilled areas. Further drilling, including diamond core drilling in
    deeper zones and areas of difficult drilling conditions, will be required before resource estimates can be revised.
    Page 8 of 9
    DRILLING COMMENCES AT SILVER SPUR MINE
    The recently completed geophysical survey highlighted an IP chargeability anomaly extending north-west
    from the historic Silver Spur Mine (see earlier in release for Silver Spur historic production). This feature
    has prompted a re-assessment of the host sequence to the high-grade massive sulphides, historically mined
    at the turn of the century. A two hole diamond drilling program was carried out by the Department of
    Mines in 1973 to test for extensions to the historic orebodies. The drill logs showed that there was a
    significant build up in pyrite.
    Geological mapping on a recently cleared area on the adjacent road reserve, has identified a zone of shale,
    quartz veining, and sericite alteration trending west-north-west from the historic workings and coinciding
    with the trend of the IP chargeability anomaly. Drilling has commenced to test this zone for precious metal
    and polymetallics content.
    Page 9 of 9
    3. NEW GUINEA GOLD CORPORATION
    Macmin holds a 65% equity in New Guinea Gold Corporation and retains a 1% NSR royalty on all income from
    NGG’s current PNG projects.
    3.1 New Guinea Gold made the following Press Release on April 22nd 2003:
    “New Guinea Gold Appoints New President, CEO
    Vancouver – April 22, 2003 The Company wishes to announce Robert D. McNeil, BSc (Hons), MSc., F
    AustIMM, has been appointed President and CEO effective immediately. Mr McNeil is also Chairman of
    the Company. The former President and CEO, Peter A. McNeil, will remain a Director and continued
    supporter of the Company. He will supply exploration program planning and supervision as well as a role
    in public and shareholder relations at mining conventions and conferences. This re-structuring serves to
    provide the Company with additional corporate flexibility from a non-executive role.
    Peter McNeil served as President of the Company from May 1996 and was appointed CEO in May 1998.
    The Company wishes to express its thanks for the contribution Peter has, and will continue to make towards
    our common goals; an appreciation of share price to better reflect the underlying value of the Company’s
    considerable mineral assets and economic mining operations.”
    4. TASGOLD LTD
    Former Macmin subsidiary, TasGold Ltd (TasGold) successfully completed an I.P.O. on 26th March 2003
    with the raising of $2.35M. TasGold listed on ASX on 9th April 2003. Macmin now holds 760,657 shares
    and 500,000 options in TasGold.
    TasGold ASX releases during the quarter, and quarterly report can be found at www.tasgold.com.au
    5. MALACHITE RESOURCES LTD
    Macmin holds 1,500,000 shares and 750,000 options in Malachite Resources Ltd. Malachite is a silver and
    gold explorer mainly in northern New South Wales. Malachite releases and quarterly report can be seen at
    www.malachite.com.au
    6. ECOBOND PTY LTD
    Macmin holds 41% of Ecobond. There was no significant activity during the quarter.
    7. CORPORATE
    There were no developments of a corporate nature during the quarter.
    At the end of the quarter Macmin had approximately $1.3 million available for exploration and other
    expenses.
    R.D. McNeil
    EXECUTIVE CHAIRMAN
    This report is based on & accurately reflects
    information compiled by a competent person
    as defined in Appendix 5A of the ASX Listing Rules c/r/quarterly/June 2003
 
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