MEDIA RELEASE
5 August 2003

PASMINCO BANKING FACILITIES EXTENDED

Pasminco today announced that its financiers had renewed the Summit Facility, its current banking facilities. The facility amount, terms and conditions remain essentially unchanged.

Commenting on the renewal, Chief Executive Officer Greig Gailey said, "This renewal is a demonstration of the financiers` support for the company. We are continuing to develop a number of alternatives to restructure the company, although the equity and float plan remains the preferred option. The recent rise in the zinc price gives us some cause for optimism that market balance is returning."

"As a result of the strengthening Australian dollar, we have reviewed all aspects of our business and implemented a number of initiatives that complement our improved operating performance. The financiers support these initiatives and the progress we have made in restructuring the company and have therefore endorsed this further renewal," he said.

Mr Gailey said," I remain confident that we will emerge from administration a stronger and more vibrant organisation with a positive future that will see Pasminco once again a major player in the global zinc industry."


For further information contact:

Trevor Shard
General Manager Investor and Community Relations
++ 61 (3) 9288 9186
0419 584 515

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