MMN macmin silver ltd

new guniea

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    HOMEX - Brisbane

    Macmin Silver's' subsidiary, New Guinea Gold Corporation, made the
    following release to the TSE Venture Exchange on 12th November 2002.

    "Feasibility studies continued on the Imwauna Project, Normanby
    Island, Papua New Guinea, with the collection of fourteen (14) bulk
    samples totaling 787.5 kilograms (average 56kg each), from excavator
    trenches 3 to 6m deep and other quality exposures, for metallurgical

    Assays up to nearly 14 ounces per tonne (424 g/t) gold were returned
    from the initial grab sampling (500gm) and analysis of these bulk
    samples by ALS - Chemex in Brisbane Australia, confirming the high
    grade gold potential of the Imwauna Vein System (see results
    previously announced at This is the highest
    gold assay returned to date by NGG / Macmin exploration at Imwauna.

    The arithmetic average of all the bulk samples, over a strike length
    of approximately 400m meters, is 51.4 g/t gold and if the high result
    of 424g/t gold is omitted the average is 22.75 g/t gold. The low
    results from Trenches 36 and 38 can reasonably be omitted for
    technical reasons, resulting in even higher averages.
    Complete results are listed below:


    Creek 38.5 37.8
    Road Cut 82 424.0
    Slot Central 80 42.8
    Slot North 37.5 21.4
    Slot South 52 8.6
    Trench 28 51 19.1
    Trench 33 58 40.6
    Trench 35 45.5 26.8
    Trench 36 33.5 0.09
    Trench 37 57.5 1.21
    Trench 38 66.5 0.25
    Trench 39 63.5 70.1
    Trench 40 55 7.25
    Trench 42 67 19.7

    It is intended over the next few months to carry out column leach
    tests on various crush sizes from these bulk samples, to determine
    optimum crush size for vat leach extraction of the gold.

    Elsewhere in Papua New Guinea, exploration is scheduled to recommence
    on the Feni Project in January 2003, geochemically evaluating new
    structural targets and under-explored known gold anomalous areas."

    R D McNeil

    This report is based on & accurately reflects information compiled by
    a competent person as defined in Appendix 5A of the ASX Listing Rules
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