SRI 4.29% 7.3¢ sipa resources limited

Third Quarter Activities & Cashflow Reports

  1. 1,644 Posts.
    SIPA RESOURCES INTERNATIONAL NL 2002-04-30 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    HIGHLIGHTS

    Following a most satisfying Quarter of exploration, primarily at
    Sipa's 100% owned Paraburdoo Gold Project in the Ashburton, the
    company has now embarked on its most active season of exploration
    ever, backed by strong cash flow from our Paraburdoo Gold Mine,
    reserves of $12.9 million in cash and gold and an exploration budget
    of $4.5 million for calendar 2002.

    PARABURDOO GOLD PROJECT:

    * A first Resource Estimate for the Waugh Gold Deposit was estimated
    at:

    704,000 tonnes @ 5.9 g/t containing 134,000 ounces of gold

    * The Mine Budget for the Quarter was again achieved with 15,402
    ounces of gold produced at a cash cost of $290/ounce.

    * This was particularly pleasing as the Quarter included a 14 day
    trial of the Low Grade Stockpile which showed a head grade of 1.21g/t
    and which is expected to contain 31,000 ounces of gold (the treatment
    of this stockpile resulted in a fall in production for the Quarter of
    approximately 2,000 ounces which will be recovered in the June
    quarter).

    * These successes now indicate we have more than two and a half years
    milling ahead at Paraburdoo, consisting of the following Resources
    and Reserves at 31 March 2002:

    * ROM Pad Stocks (Reserve)
    91,000 tonnes @ 3.6 g/t for 10,500 ounces
    * Medium Grade Stockpile (Reserve)
    325,000 tonnes @ 1.98 g/t for 21,000 ounces
    * Low Grade Stockpile (Reserve)
    785,000 tonnes @ 1.21 g/t for 31,000 ounces
    * Waugh (Resource)
    704,000 tonnes @ 5.91 g/t for 134,000 ounces

    * Mine planning for the development of Waugh is proceeding to
    schedule for the second half of this calendar year.

    * Four Prospects have been recently identified for drilling:

    * Diligence Dome South, Dinosaur, Dragonfly & Marcus are within the
    Paraburdoo Gold Project

    * In addition, within the Limerick Hill Joint Venture with Newcrest,
    there are four other prospects similar in appearance and geochemistry
    to the Waugh outcrops within the Diligence Dome Alteration Zone

    * Waugh has established that relatively small, though geochemically
    anomalous, outcrops of ironstone may host very high grade shoots of
    gold mineralisation. Close spaced drilling may be required to find
    such shoots

    * Drilling will recommence at Waugh early May and then proceed to the
    four prospects in the Paraburdoo Gold Project.

    SIPA AND NEWCREST FARM-INS TO OTHER ASHBURTON PROJECTS

    * We have committed to $260,000 exploration expenditure to 30 June,
    being our 30% contribution to five Projects under Newcrest
    management. Most of the Budget, which totals $607,000, will go into
    drilling

    DIAMOND DRILLING HAS COMMENCED AT THE BULGA DOWNS GOLD PROJECT IN THE
    EASTERN GOLDFIELDS, WHERE:

    * Our aim is to outline a high grade underground mineable gold
    deposit beneath the Paradise Bore oxide deposit

    * 10 holes are planned to an average depth of 200 metres

    FIELDWORK HAS COMMENCED AT THE KILLALOE NICKEL PROJECT IN THE
    KAMBALDA-WIDGIEMOOLTHA NICKEL PROVINCE, WHERE:

    * Early geological mapping has confirmed the presence of the
    "Kambalda-Widgiemooltha Stratigraphy"

    * One nickel gossan has already been found and preliminary
    interpretation of detailed aeromagnetics integrated with the
    (incomplete) geological mapping has identified several "footwall
    embayments"

    * Once geological mapping is complete, RAB drilling will start mid
    May prior to Electromagnetic geophysical surveys which will lead to
    deeper Reverse Circulation and Diamond Drilling scheduled for later
    in the year

    FIELDWORK PREPARATIONS ARE COMPLETE FOR EXPLORATION BY:

    * Sipa-Gaia in the Kimberley Region at Dixon Range and Bannerman, in
    the Patterson Province and at Angore Creek in North Queensland

    * Sipa at Ularring Rock near Perth and at Black Knob in North
    Queensland

    MORE TO FOLLOW


 
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