AUSTRALIAN MINING INVESTMENTS LIMITED ACN 000 317 251 QUARTERLY REPORT FOR THE PERIOD ENDED 31 DECEMBER 2003 Mt Norma Two new leach vats were completed on time and on budget to compliment the already completed two existing leach vats. The new vats were increased in size during construction to contain a total of 47,000 tonnes of copper oxide ore, an increase of 27,000 tonnes from the original 20,000 tonnes. The total of ore being leached at any one time will be 67,000 tonnes. The Company purchased the entire conventional SX plant from the Young Australian Copper Mine and is currently completing the installation at the Mt Norma Copper Sulphate Project. The new plant was purchased to demonstrate the AUM SX Column Plant as a secondary plant to recover low grade copper from solution on major copper producers. Electrical installation will be completed as soon as the rain ceases. The new plant will run simultaneously with the AUM SX Column Plant and will add significant production for 2004. A centrifuge was integrated into the treatment circuit to replace the vacuum drum filters to increase recovery of the crystals. The new Mine Plan for the mining of Mt Norma orebody was completed by Tennant Isokangas Engineers and has been lodged with the Queensland Department of Mines and Energy with mining due to commence in early February to supply feedstock for the new leach vats. A total of 22” of rain was recorded at Mt Norma during January, which has prevented any further works during January. Corporate The Company issued 10,825,000 shares in October at an issue price of 4 cents per share to raise $433,000. The Company issued 22,922,179 shares, together with 22,922,179 attaching options, in December at an issue price of 4 cents per share to raise $916,887 pursuant to a one for three non-renounceable rights issue to shareholders. For further information in respect of the Company and its projects, please contact Wayne McCrae on 07 5503 1955. Yours faithfully Wayne McCrae Director
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