- signs of interest

The market depth has changed today with buyers wanting in at recent low prices. Here is part of announcement made this morning:

AUSTPAC RESOURCES NL 2002-07-31 ASX-SIGNAL-G

HOMEX - Melbourne

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QUARTERLY REPORT TO 30 JUNE 2002

HIGHLIGHTS

* Ginkgo testwork continued at the ERMS facility Newcastle funded by
BeMaX.

* Austpac Resources N.L. and Ticor Limited advanced with negotiations
on a new agreement to replace the current world-wide agreement for
the use of the ERMS/EARS synthetic rutile processannounced in July
2000.

* Austpac and Ticor are also renegotiating the AusRutile agreement
with Indian Rare Earths Limited (IRE) to cover the feasibility study
and possible development of a 100,000 tpa ERMS/EARS facility at
Chatrapur. The original agreement, signed in October 2000, envisaged
building a 10,000 tpa ERMS/EARS synthetic rutile plant adjacent to
IRE'S heavy minerals processing facilities near Chatrapur in the
state of Orissa, India.

* Austpac is currently involved in negotiations with a North American
corporation with a view to forming a fully financed joint venture
involving the establishment of an ERMS/EARS synthetic rutile plant in
conjunction with an international mineral sands development.

* Austpac is also involved in negotiations with a major Australian
company for an exploration joint venture in the Murray Basin.

* Testwork for a European group to reduce chrome levels in an
ilmenite concentrate from a large heavy mineral sand deposit is being
planned for the next quarter.

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Cheers,