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  1. AUSTRALIAN STOCK EXCHANGE AND MEDIA RELEASE
    SEPON GOLD - 80% OXIANA, 20% RIO TINT0
    Drilling to test the first o f three large gold1 soil anomalies at the Vang Ngang Prospect,
    1.5h south-east of the Sepon gold mine, intersected near surface high grade gold
    mineralisation with potential to expand the oxide gold resource base.
    Mineralisation remains open and further drilling is required to fully delineate th~: strike and
    depth extent prior to calculating a resource.
    Gold Exploration Program
    Oxiana has an intensive exploration program in progress at the Sepon project to increase
    the gold resource and reserve base. Drilling 'to extend existing deposits, upgrade: resource
    confidence, and delineate new near mine resources will be ongoing throughout :1003.
    Vang Ngang Prospect
    Vang Ngang prospect covers an area of 2km1 x l k m approximately l Skm south-east of the
    Sepon gold mine (Figure 1). Prospect geology comprises a series of linear gold in soil
    anomalies associated with sub-vertical structures that cross cut north dipping sedimentary
    rocks. Scout drilling by Rio Tinto in the 1990's intersected several narrow high grade gold
    mineralised structures beneath these anomalies. Oxiana drilling is assessing the potential
    for near surface oxide resources and delineating the strike continuity of mineralised
    structures.
    Drilling Results
    Results received to date cover the first holes drilled to test soil anomaly 1 (Figure 2). A
    central core of higher grade gold rnimralisation was delineated over 250 metre!; of strike
    surrounded by a halo of lower grade supergene mineralisation. Better results from the
    central core mineralisation include:
    Bole No. Easting Northing AzilInc Depth from Mineralised Au Grade
    Interval"
    VNGOIl 607550 1873375 1801-60 15m
    VNG014 607700 l873425 1801-60 Surface
    llm
    5m
    3.1
    3.8
    and E m l l m 3.1
    VNG015 607700 1873450 180/-60 Surface 16m 5.0
    including 3m 2m 13.5
    29m gm 3.8
    (dt)**
    VNGOM 607700 1873475 1sa1/-60
    VNGOl7 607650 1873425 ]SO/-60 28m 4m 2.2
    VNG020 607600 1873425 1W-60 6m 7m 22.9
    VNG026 607750 1873450 180/-60 Surface 9m 3.4
    180/-60 12m * lnrerpreted to approximate true lhickness. ** Fire ;assay: wcighled averagcs OCeppraximalc I meU:e sample
    intervals; 0.5glr lower cut, nu Wp cut; max 2m internal waats
    Floor. 31 Queen Street, IMelbourne. ViC, 3M)O Australia
    ASX Code: OXR
    Phone: +61 3 8623 2200 Fax: +61 3 8623 2222
    Websile: w.oxiana.com.au Email: [email protected]
    ARN 40 005 482 824
    21/01 ' 0 3 TZIE 09:Ol FAX 61 3 86232222 OXIANA RESOZ-RCES NL +++ ASX CAP-SYDNEY m 0 0 3
    -2-
    Continuity of strong gold anomalisrn in soil to the east and west of current drilling indicates
    that extensions to mineralisation are likely. PI parallel linear gold anomaly of similar tenor
    also lies immediately to the south and east. These and other high potential areas at Vang
    Ngang will be drilled as part of the ongoing exploration program.
    Drilling is currently testing the other anomalies.
    Owen L. Hegwty
    Managing Director
    N0te:Within this statement refcrences to resources m.d exploration results have been approved jbr release by
    Tony Manini BSc mons), F.Aus.IMM who has more than five years experience in the field of activity
    concerned and is a Competent Person as defiled by the JOKC Code.

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