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progress report - bronzewing south

  1. The Directors wish to advise that exploration of the 10 sq km area
    immediately south and adjoining the Bronzewing Mine is progressing
    ahead of schedule.

    Newmont which has the right to earn an 31% interest from AuDAX in
    this area has advised that 261 of the proposed 600 aircore holes
    designed to identify targets have been completed and that the
    drilling programme is continuing with two drill rigs in operation.

    A limited number of assays have been received and it is anticipated
    that the bulk will commence to flow through over the coming weeks.

    Deep RC drilling of structural targets and anomalies delineated by
    the aircore is proposed.

    Soil sampling of this area has been completed and processing and
    interpretation of the aeromagnetic survey flow over the entire
    licence area is continuing.

    AuDAX proposes to base its exploration on the data received in
    relation to the above work in progress and will commence work as soon
    as the data is to hand.

    Results and further progress reports will be announced when available.

    G J Roper

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