BSG bolnisi gold nl

upgrades resource at roseberry

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    Roseby Project - Blackard Resource Estimate

    Document date: Mon 10 Feb 2003 Published: Mon 10 Feb 2003 11:02:53
    Document No: 287107 Document part: A
    Market Flag: Y
    Classification: Progress Report

    HOMEX - Sydney

    The Directors are pleased to announce a new resource estimate for the
    Blackard deposit completed by consultants Hellman & Schofield Pty
    Ltd, of Sydney. Blackard is one of seven native copper deposits
    within the feasibility study joint venture area managed by Bolnisi.
    Pasminco established indicated/inferred oxide copper resources within
    these seven deposits of 62.3 million tonnes at 0.75% copper.

    The new resource estimate for Blackard is based on recent drilling
    which has confirmed the previous Pasminco indicated/inferred resource
    estimate and resulted in an upgrade of resource classification to
    dominantly measured and indicated status without any significant
    reduction in total contained metal. Details of the resource estimate
    at a 0.5% Cu cut-off grade are tabulated below:


    Native Copper Measured 13.7 0.78
    Indicated 7.9 0.73
    Inferred 3.4 0.71
    Total 25.0 0.76
    Malachite Inferred 1.8 0.66
    All Total 26.8 0.75

    Resource estimation is based on a total of 282 holes and 25,784
    metres of drilling, of which 130 holes and 13,898 metres were
    completed by Bolnisi during the second half of 2OO2.

    The combined Native Copper resource consists dominantly of native
    copper with a contained metal equivalent of 190,000 tonnes of copper.
    Metallurgical testwork indicates the native copper is easily
    recoverable using simple gravity and flotation processes. An inferred
    malachite resource of 1.8Mt grading 0.66% Cu overlies the native
    copper deposit.

    The project will now be advanced to the next stage of ore reserve
    estimation, open pit mine design and optimised metallurgical

    For further information contact Norman Seckold or Peter Nightingale
    on (61-2) 92475300.

    P J Nightingale

    The information in this report that relates to mineral resources and
    reserves is based on information compiled by Mr Graeme Rabone who is a
    Member of the Australasian Institute of Mining and Metallurgy. Mr
    Rabone is a consultant to Bolnisi Gold NL and has relevant experience
    in relation to the mineralisation being reported onto qualify as a
    Competent Person as defined by the 1999 edition of the Australasian
    Code for Reporting of Mineral Resources and Ore Reserves (JORC Code).
    Part of the information in this report is based on information
    provided by MR PL Hellman of Hellman & Scholfield Pty Ltd (H&S) who
    has provided consent to inclusion of this information in this report
    and is a Competent Person as defined by the JORC Code. H&S takes
    responsibility for the resource estimates. Mr Graeme Rabone is
    responsible for aspects such as listed in the section "Sampling
    Techniques and Data", Table 1 of the JORC Code as well as the
    geological interpretation, density measurements, appropriateness of
    cut-off grade and integrity of database.

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