SKR unknown

This Company could be on to something

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    Classification: Third Quarter Activities Report , Third Quarter Cashflow Report

    HOMEX - Perth

    A summary of the company's activities and results for the quarter
    ended 31 March 2002 is presented below.


    * Completion of a $1.0 million placement to institutional and
    selected private investors.

    * Issue of a Prospectus for a pro-rata non renounceable entitlement
    issue to raise approximately $2.5 million.


    * Negotiations concluded with De Beers Australia Exploration Limited
    (De Beers) regarding gold and diamond rights to certain tenements in
    the north Kimberley.

    * CSIRO research scientists reported that analysis of gold particles
    collected from stream samples indicated a close proximity to a source
    of mineralisation. Several grains also revealed an association with
    quartz, calcite and alumina silicates which is considered likely
    primary vein material.

    * Analysis of a coarser fraction from reconnaissance orientation soil
    samples has generated two spectacular and separate gold soil
    anomalies assaying 16.7g/t and 10.5g/t.

    * Reconnaissance rock chip samples taken from epithermal veins and
    quartz reef systems report gold up to 491 ppb.

    * Results to date suggest that a new Proterozoic-aged gold province
    may have been identified in the north Kimberley.

    * A second program of infill and reconnaissance soil samples is
    currently underway, with first results expected within four weeks.

    * Application has been made for a further 7,357 sq km in the
    Kimberley over areas believed to have potential for gold
    mineralisation. Striker interests in the Kimberley now cover over
    17,500 sq km.


    * The 2002 field program commenced during the quarter.

    * Plans are at an advanced stage for the bulk testing of the Seppelt
    1 pipe.

    * Ground magnetic surveys are underway to define on the ground a
    dipolar magnetic anomaly located in close proximity to a 30 tonne
    bulk stream sample, which reported 7.34 carats of diamonds.

    * A 50 tonne reconnaissance bulk strewn sample taken from a stream
    30km from the Seppelt project area produced a 1.72 carat near perfect
    gem diamond valued at US$720/carat.

    * De Beers reports 26 high priority indicator-mineral samples
    together with several priority targets identified from their airborne
    multi-spectral scanner survey.

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Currently unlisted public company.

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