the Rapu Rapu exploration project in the Philippines. Detailed feasibility studies of the Rapu Rapu mineral resource support a mine plan where annual production of approximately 10,000 tonnes of copper in concentrates, 14,000 tonnes of zinc in concentrates, 50,000 ounces of gold and 600,000 ounces of silver. Production is expected to commence in the final quarter of 2004. Lafayette has secured all Government and environment approvals necessary for the project and also secured access to approximately 230 hectares on the Island, being all land required for the project and its infrastructure. Lafayette has also entered into a guaranteed maximum price construction contract with Leighton Contractors (Asia) Limited covering the plant, tailings storage facility and camp, while Leighton will also conduct mining activity at the mine. Construction time to first metal production for the gold plant is scheduled for 9 months with concentrate production to commence 5 months later. Lafayette has also secured the support of LG International Corporation and KORES, the Korean government strategic resources investment arm, both of whom jointly will hold 26% of the project. Significant exploration potential exists on Rapu Rapu Island, with a comprehensive exploration program planned to commence during the construction period.
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