Exploration over the Benagerie Ridge Joint Venture (Pasminco 70%, Werrie Gold 30%) from February to July 1998 focused on North Portia and nine other targets. Drilling in the period comprised 293 aircore holes for 29,471m, 15 diamond drill holes for 6,207m and six reverse circulation (RC) drill holes for 936m.

Diamond drilling at North Portia intersected significant copper and gold grades but complex faulting disrupted the continuity of mineralisation.

Assay data from the aircore program confirms previous indications that Benagerie Ridge has potential to contain a major Cu-Au deposit. The data tabulated have not been subjected to an upper cut, and the minimum cut-off applied is 0.5 g/t gold.

Results from regional RC and diamond drilling on the prospects other than the central portion of North Portia are awaited.

The drilling program in the next six months will focus on Portia, North Portia, Shylock, Lorenzo and other prospects in the region. At Portia, additional drilling will be undertaken to delineate a resource as the basis for a feasibility study. Expenditure of $3m is planned.

Shylock Prospect

Reconnaissance aircore drill testing during 1997 identified the Shylock Prospect located approximately 3km NW of North Portia. An aircore drilling program of 9,532m has further tested the Shylock Prospect for a strike length of approximately 3km on sixteen 200m spaced traverses. Holes along the traverses are mostly located on 100m centres. Significant gold (>0.5 g/t) and copper (>0.2%) mineralisation has been identified in 36 of the 125 holes.

The most significant result was an intercept of 23m averaging 79.4 g/t gold from 90m to 113m (including 779g/t gold from 94m to 95m) in vertical aircore drill hole AC98BEN677 at the south western margin of the prospect (figure 3). Other significant results are attached (Table 1).

Four diamond drill holes in three locations for 1,393m have been completed. Assay results are pending. Based on information currently available, the mineralising system at Shylock is hosted in steeply dipping zones.

North Portia Prospect

Nine angled diamond drill holes for 4,203m (BEN597-BEN605) have been completed at North Portia, following up supergene and primary mineralisation drilled in 1997. Drilling has identified a number of faults which disrupt the continuity of mineralisation. Further work is required to delineate the mineralised sequence and target extensions.

Three RC holes for 428m were also drilled at North Portia. Results are awaited.

Best results from the diamond drilling program are shown in table 2 and figure 4.

South Nerissa Prospect

During the period, 20 aircore holes for 2,412m and two diamond drill holes for 610m were completed. Several significant intersections obtained during this program followed up the single intersection recorded in AC97BEN576 during the May-June 1997 program. Best results are shown in table 3. Two diamond holes were also drilled beneath the best gold intersections drilled in the previous aircore program. Assays are awaited for both holes.

Lorenzo Prospect

To test the Lorenzo Prospect, 16 aircore holes for 1,861m were drilled following up anomalous gold encountered by previous drilling. Significant gold (>0.5 g/t) and copper (>0.2%) mineralisation has been identified in 7 of the 16 holes completed to date. Best results are shown in table 4.

Morocco

Nine aircore holes for 1,094m were drilled to test this target. A significant intersection was achieved in BEN916 from 134m to 148m, in which a secondary lead-rich vein with pyromorphite was identified. The best result is shown in table 5.

Antonio, Arragon, Solanio Prospects

One hundred and twenty five aircore holes for 12,668m were drilled to test the Antonio, Arragon and Solanio Prospects. Best results are shown in table 6.

Jessica Prospect

This target area covers the south western corner of the northern area where 27 aircore holes for 2,148m were drilled during the period. The significant result is shown in table 7.

Bassanio

This target area covers the magnetic and gravity highs in the centre of the region. Five aircore holes for 482m and five RC holes for 508m were completed in this area. No significant anomalous results were returned in the aircore drilling and results are awaited for the RC drilling.

For further information, please contact:
Trevor Shard +61 3 9288 9186

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