OXR oxiana limited

oxr - agm hightlights

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    Here are the highlights of the meeting this morning. OXR still on track with great results .

    Highlights from AGM

    Document date: Thu 29 May 2003 Published: Thu 29 May 2003 11:00:23
    Document No: 204788 Document part: A
    Market Flag: N
    Classification: Notice of Meeting - Other

    HOMEX - Melbourne

    At today's 2003 AGM, Oxiana's Chairman, Barry Cusack said "I am able
    to report to you that Oxiana is in very good shape going forward with
    the developments we want to undertake in fact we are probably today
    in better shape than we have ever been and in better shape than many
    of our competitors."

    The key points from the address by Barry Cusack and the presentation
    by Oxiana's Managing Director, Owen Hegarty, are:


    The successful institutional placement has added $60m to the
    treasury. In addition, all shareholders have the right to participate
    in the Share Purchase Plan which could add further funds and which
    places Oxiana in an excellent position going forward with its gold
    and copper developments.


    Oxiana completed the Sepon Gold Project on time and under budget and
    operating performance to date is better than Plan. The first
    quarter's results of 42,000oz at US$124/oz cash cost were excellent.


    Gold development and prospect drilling in the Sepon field continues
    to bring in positive results. A new reserves and resources statement
    is expected by August this year. This, combined with the operating
    performance data to that time, will enable the Company to examine a
    gold production expansion.

    The Company has initiated further generative exploration programmes
    for multi-million ounce gold orebodies both within Laos and


    The Khanong Copper Project remains on track for completion early
    2005. Design and engineering commenced this year and major on site
    construction is due to commence in the final quarter. Long lead items
    have been ordered and some large contracts have been let.

    The debt financing package is progressing with ANZ Bank having been
    appointed as coordinator. The package will consist of a group of
    commercial banks, export credit agencies plus development funds.
    First drawdown is scheduled for the fourth quarter to coincide with
    major site construction start.


    The focus of Sepon exploration has been gold in recent months. In the
    next few months a copper program will commence at Khanong to further
    test the Western high grade zone which, at this stage, does not form
    part of the mine plan. Towards the end of 2003 it is planned to
    commence further copper drill testing at the Thengkham prospect.

    (OXIANA 60%)

    A drill programme testing a prioritised suite of volcanogenic massive
    sulphide (VMS) copper targets commenced in recent weeks. The first
    hole at the first target Kallikadhes intersected massive sulphide and
    stockwork mineralisation. Chalcopyrite (copper), Chalcocite (copper)
    and Sphalerite (zinc) minerals are evident in the drill chips :
    assays are awaited.


    Two directors, Paul Espie and John Barr retired from the Board at the
    close of the meeting. Paul Espie was Chairman of Oxiana from 1995 to
    2002; John Barr was a Director from 1995 to today and has chaired the
    Audit Committee of the Board. Mr Cusack thanked both Directors for
    their excellent contributions to the Board and to the growth of the
    Company and shareholder value.

    O L Hegarty
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