newcrest drilling update

AUSTPAC RESOURCES NL 2002-11-28 ASX-SIGNAL-G

HOMEX - Melbourne

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NEWCREST COMMENCES DRILLING ON EL 4521 IN THE MURRAY BASIN

Austpac is pleased to announce that following receipt of all
necessary approvals, drilling commenced on 28 November 2002 in the
western portion of Exploration Licence 4521 at Horsham, Victoria. The
drilling program may continue into January 2003, and initial results
are expected in February 2003.

Newcrest Mining is managing the program, which will include
approximately 100 holes designed to drill through a veneer of sands
and penetrate and sample the basement lithologies. The exploration
target comprises gold and copper mineralisation within intrusive and
extrusive volcanic rocks, whose distribution is indicated by regional
and detailed aeromagnetic surveys. Altered volcanics were encountered
in several holes drilled earlier this year in the search for coarse
grained heavy minerals. These volcanics have the potential to host
large porphyry-style gold-copper deposits similar to those being
mined by Newcrest at Cadia-Ridgeway in NSW.

This exploration program is the first stage commitment by Newcrest
under the Horsham Joint Venture which, if successful, requires
Newcrest to sole fund all operations through to a decision to mine.
Austpac will then hold a 10% contributing interest in any resulting
mine, or may elect to revert to a 2% Net Smelter Return royalty on
production.

For further information please contact:

M J Turbott
MANAGING DIRECTOR
Austpac Resources NL