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SIPA RESOURCES INTERNATIONAL NL

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    SIPA RESOURCES INTERNATIONAL NL

    BULGA DOWNS GOLD PROJECT

    PARADISE BORE GOLD DEPOSIT

    Precollars for ten diamond drill holes were completed before Easter
    and the diamond core 'tails' are now being drilled. The drilling is
    testing a 320 metre long section of lode at between about 150 metres
    and 250 metres depth, beneath and down plunge of the shallow (less
    than 60 metres deep) Paradise Bore oxide gold deposit.

    There are eighteen contiguous holes within the oxide deposit which
    have high grade intersections averaging 2 metres @ l8g/t Au (at a
    4g/t Au cut off) and the current drilling is designed to test for a
    potentially underground mineable deposit of similar grade.

    KILLALOE NICKEL PROJECT

    Sipa may earn 70% interest in the rights to explore for and mine
    nickel, basemetals and associated Platinum Group Element ore from
    Cullen Resources NL at Killaloe, which is situated about 25
    kilometres northeast of Norseman in the Kambalda-Widgiemooltha Nickel
    Province in the southeastern Goldfields of Western Australia.

    Geological mapping recently commenced, following data compilation and
    flying of aerial photography.

    The exploration strategy at Killaloe is to first geologically map the
    170 square kilometre Project at 1:5,000, concentrating on
    establishing the stratigraphy (or the sequence of rock types) and
    whether there are repetitions of the most prospective parts of that
    sequence. Careful definition of the rock "contacts" that are most
    likely to host the massive nickel sulphide deposits that we are
    exploring for is very important, as is looking for signs of
    mineralisation along those contacts.

    As mapping progresses, an interpretation of the area is being updated
    using a high quality and detailed airborne magnetic survey acquired
    by Cullen. Following completion of the mapping and interpretation,
    RAB drilling will be done before selective ground Electromagnetic
    surveys. RAB drilling should commence mid May with deeper Reverse
    Circulation/Diamond Drilling following.

    Results to date are encouraging. It has been confirmed that the
    Project contains the Kambalda-Widgiemooltha stratigraphy that hosts
    those "world-class nickel camps" to the north and that the
    stratigraphy has probably been structurally repeated at least once,
    to form an Eastern and Western Ultramafic Sequence. The critical
    contact between the footwall Lunnon Basalt and the overlaying
    Kambalda Ultramafics is intact, though very poorly exposed, and the
    detailed magnetics when combined with the mapping show a number of
    prospective "footwall embayments". It is in such footwall embayments
    along this contact that most of the Kambalda-Widgiemooltha nickel
    deposits occur. A poorly outcropping nickel gossan has already been
    found in on the basal contact in the Western Ultramafic Sequence.

    There is about 20 kilometres of the Eastern Ultramafics contact and
    about 10 kilometres of the Western Ultramafic contact within the
    Project.

    SIPA - GAIA EXPLORATION

    Sipa - Gaia Exploration utilises the very large historical Rio Tinto
    Exploration Pty Ltd geochemical and mineralogical database covering
    large areas of Australia through an exclusive Data Licensing
    Agreement. The Agreement is now about 2 years through its 4 year term
    and most tenement applications resulting from the database have been
    made in three provinces - the Kimberley, the Patterson Province and
    North Queensland. Little fieldwork has been done to date in the two
    latter provinces due to land access issues, but exploration in the
    Dixon Range area in the Kimberley has already led to encouraging
    results for gold-copper and lead-zinc mineralisation, as reported in
    Sipa's last ASX Quarterly Report.

    Fieldwork comprising geological mapping and stream sediment sampling
    is due to recommence at Dixon Range early in May on our own tenements
    as well as on a joint venture exploration licence held by
    Independence Gold NL.

    In addition, the nearby Bannerman project is to be stream sediment
    sampled.

    Systematic shallow geochemical drilling is planned for the three
    Patterson Province Basemetals Projects following heritage clearances
    and reconnaissance fieldwork on the recently granted Angore Creek
    Project in North Queensland is to commence this quarter.

    PANORAMA BASE METALS PROJECT

    Outokumpu Zinc Australia Pty Limited have advised us that the Sulphur
    Springs Feasibility Study is expected to be completed and delivered
    to us on time by 7 June 2002.

    OTHER PROJECTS

    Fieldwork has commenced at the Ularring Rock Gold Project near
    Northam east of Perth and will lead to reconnaissance RAB drilling in
    May. Preparations are complete for fieldwork on the recently granted
    Black Knob Project in North Queensland.

    M Doepel (MSc, DIC M AusIMM)
    MANAGING DIRECTOR

    The information in this report is based on information by a person
    who is a Corporate Member of the Australasian Institute of Mining and
    Metallurgy and who has more than five years experience in the field
    of activity being reported on. This report accurately reflects the
    information compiled by that member.

    The information in this report that relates to the Waugh Mineral
    Resource is based on information compiled by Mr Nic Johnson of
    Hellman & Schofield Pty Ltd. Mr Johnson is a member of the Australian
    Institute of Geoscientists. He has sufficient experience, which is
    relevant to the style of mineralisation and type of deposits under
    consideration, and to the activity, which he is undertaking, to
    qualify as a Competent Person as defined in the 1999 release of the
    "Australian Code for Reporting of Mineral Resources and Ore
    Reserves". Mr Johnson consents to the inclusion of the information in
    the report in the form and context in which it appears.


 
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