----

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 20-F /A**

 

**Amendment No. 1**

 

| [  ] |  | **REGISTRATION    STATEMENT PURSUANT TO SECTION 12 (b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-----------|--|--------------------------------------------------------------------------------------------------------|

 

**or**

 

| [X] |  | **ANNUAL    REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-----|--|----------------------------------------------------------------------------------------------|

**For the 12-month period ended June 30,2002**

 

**or**

 

| [  ] |  | **TRANSITION    REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-----------|--|--------------------------------------------------------------------------------------------------|

**For the transition period ended June30, 2002**

 

Commission filenumber                    # 0-20588

 

**NEWMONT YANDAL OPERATIONS LIMITED (A.C.N. 007 066 766)**

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**(Exact Name of Registrant as Specified in its Charter)**

 

----

**(Translation of Registrant’s Name Into English)**

 

**STATE OF VICTORIA, AUSTRALIA**

----

**(Jurisdiction of Incorporation or Organisation)**

 

**100 Hutt Street, Adelaide, South Australia, 5000, Australia**

----

**(Address of Principal Executive Offices)**

 

Securities registered or to be registered pursuant to Section 12(b) of the Act: 

 

| **TITLE OF EACH CLASS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | **NAME OF EACH EXCHANGE-    ON WHICH REGISTERED** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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| **NONE**  
**NONE**  
 

Securities registered or to be registered pursuant to Section12(g) of the Act: 

**None**

Securities for which there is a reporting obligation pursuant toSection 15(d) of the Act: 

**None**

 

Indicate the number of outstanding shares of each of theissuer’s classes of capital or common stock as of the close of the period covered bythe annual report. 

 

Fully Paid Ordinary Shares:  
**at June 30, 2002**  
**308,960,662**
 

Indicate by check mark whether the registrant: (1) has filed allreports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements forthe past 90 days. 

 

**YES**
[  ]
**NO**  
x
 

Indicate by check mark which financial statement item theregistrant has elected to follow. 

 

**Item 17**
x
**Item 18**  
[  ]
 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGSDURING THE PAST FIVE YEARS.) 

 

Indicate by check mark whether the registrant has filed alldocuments and reports required to be filed by Section 12,13 or 15 (d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a plan confirmedby a court. 

 

**YES**
[  ]
**NO**  
[  ]  
**NOT APPLICABLE**
 

**EXPLANATORY NOTE**

          Subsequent to filing, on 10 April 2003, its Annual Report on Form 20-F for the periodending 30 June 2002 (the "Report"), it has come to the attention of NewmontYandal Operations Limited (the "Company") that the Report contains certaincontradictory information in relation to ore reserves and resources.

          The Company hereby amends the Report by replacing Item 4D of the Report with the followingItem 4D.

 

2 

**4D.    Property, plant and equipment**

 

The Group’s main property consists of the plant andinfrastructure at Bronzewing, Jundee-Nimary and Wiluna mines as well as its rights toexplore and mine land in Western Australia as granted under the Mining Act. In addition,NYOL has a number of significant joint venture agreements under which it is able to obtainan interest in the rights to explore or mine land. 

 

NYOL’s exploration activities encompass 3,150 squarekilometres of exploration tenements located in the Yandal region. A map showing thelocation of NYOL’s land holdings is set out on the following page. 

 

3

****

 

4 

 

**Operating Mines**

 

**Bronzewing**

*Background*. NYOL’s Bronzewing Gold Operations are inthe central Yandal greenstone belt and are located approximately 68 kilometres fromLeinster township and 360 kilometres from Kalgoorlie in Western Australia. Access toBronzewing is by air charter flight to its airstrip or by road. The Bronzewing golddeposits were discovered by NYOL in 1993 on tenements, which were subject to a purchaseagreement with Mr. Mark Creasy. In May 1994, NYOL entered into a purchase agreement withMr. Creasy to acquire the balance of his interest in the Bronzewing and Jundee-Nimarytenements for A$122 million and the issuance of 1,000,000 of Newmont YandalOperations’ ordinary shares. The acquisition closed in 1995. 

 

*Mining*. Open pit mining commenced in June 1994 in threepits known as Laterite, Central and Discovery. In February 1995 the development ofunderground mining commenced. Open pit mining operations concluded at the Laterite pit inFebruary 1995 at a planned depth of 20 metres and at the Central pit at a planned depth of130 metres. Open pit mining operations concluded at the Discovery pit in August 1996 at aplanned depth of 235 metres. Since August 1996 all mining operations at Bronzewing havebeen conducted from underground. The adjacent dormant McClure property was acquired inSeptember 1999 and integrated with the Bronzewing operation. 

 

During the year ended June 30, 2002, pre-feasibility work wasundertaken on Lotus Deeps orebody extensions and the Cockburn pit cutback and undergroundplan. 

 

The mining operations are carried out by a combination of NYOLemployees and contract miners. The mining contractor invoices NYOL at rates defined in themining contract under which the contractor provides substantially all mining andassociated equipment to conduct mining, including drilling and blasting where necessary.NYOL’s employees (rather than contract employees) carry out the stope drill and blastwork. A separate contract exists for the haulage of the ore to the ore stockpiled prior totreatment. A full description of the contracts is set out in “Item 4B: BusinessOverview”. 

 

During the year ended June 30, 2002, mine production totalled1,703,434 tonnes of ore at an average grade of 4.70 grams of gold per tonne. The ore wassourced from Bronzewing and McClure (Lotus Deeps). 

 

*Processing*. Bronzewing’s gold processing plant is aconventional carbon-in-pulp/carbon-in-leach gold treatment plant. Due to the course natureof the Bronzewing gold mineralisation, approximately 60% of the gold is extracted throughthe gravity portion of the processing plant thereby reducing costs and increasing recoveryrates. Plant construction was completed in November 1994 for a total cost of A$36 million.

 

The plant was upgraded to a capacity of 2.0 million tonnes perannum during 1997/98 with construction of a new primary and secondary crushing circuit,the installation of new cyclones and the addition of a third Knelson concentrator. Athickener and INCO detoxification unit was also constructed during 1997/98. Theseadditions reduce water consumption by 30-35 percent and eliminate cyanide in the watertailings dam, thereby lowering rehabilitation costs. 

 

For the year ended June 30, 2002, total production was 8.46tonnes of gold from 1,865,282 tonnes of ore at a headfeed grade of 4.69 grams of gold pertonne and plant recovery of 96.7%. For the year ended June 30, 2001, total production was8.10 tonnes of gold from 1,801,126 tonnes of ore at a headfeed grade of 4.63 grams of goldper tonne and plant recovery of 97.22%. 

 

Capital expenditure for the year ended June 30, 2002 was A$16million. Capital expenditure was A$6.3 million for the six months ended December 31, 2002,and is budgeted to be A$1.7 million for the year ended December 31, 2003. 

 

The total cost of Property, Plant and Equipment as at June 30,2002 was A$351.2 million, (June 30, 2001: A$338.2 million) 

 

5 

 

At June 30, 2002 there were 193 persons employed at theBronzewing Gold Operations. 

 

The Bronzewing mine is expected to cease operations in late 2003or early 2004, when NYOL’s reserves at Bronzewing are exhausted. If no additionalreserves are discovered and no agreements for toll treating ore are entered into, thelikelihood of which cannot be reasonably predicted, the Bronzewing processing plant couldbe dismantled and the site reclaimed. 

 

**Jundee-Nimary**

*Background*. NYOL’s Jundee-Nimary Gold Operations arelocated in the northern part of the Yandal region and are the consolidation of twoseparate mines (Jundee-Nimary and Nimary) with contiguous boundaries which Newmont YandalOperations and Eagle mined separately prior to the acquisition of Eagle by Newmont YandalOperations. Jundee-Nimary is located approximately 45 kilometres north-east of Wilunawhich is the nearest township. Access to Jundee-Nimary is by air charter flight to theJundee-Nimary mine airstrip or by road from Wiluna township. 

 

Like the Bronzewing mine, the deposit forming the Jundee-Nimarymine was discovered by NYOL on tenements acquired from Mr. Creasy in May 1994. By aseparate agreement, NYOL paid Mr. Creasy a non-refundable deposit of A$1.0 million toacquire an option to obtain a 100% interest in Plover Bore, a tenement adjacent to theJundee-Nimary mine site. A payment of A$40 million by NYOL on November 1, 2001 wasrequired if NYOL wanted to purchase the tenement. That payment was not made, however, itis anticipated that Mr. Creasy will extend the November 1, 2001 date for payment toNovember 1, 2003, and that further extensions will be granted from year to year. NYOL alsohas an access deed with Mr. Creasy that gives it the right to construct and operate theJundee-Nimary gold processing plant on this tenement. 

 

*Mining*. NYOL and Eagle Mining Corporation commenced openpit mining at Jundee-Nimary and Nimary in late 1995. At that time Nimary and Jundee-Nimarymerged along a common border and shared some common pits. Consolidation and integration ofthe Jundee-Nimary operation is now complete, resulting in an overall reduction in staffinglevels and costs. 

 

Underground mine production was mostly sourced from the BartonDeeps orebody, but there was increased production from Hughes and Nim 3 developments.Level 17S from Barton Deeps was extended to intercept the Westside ore shoots anddevelopment of this new mineralised system has commenced. Open pit production continued todecline until all open pits were exhausted in late 2002. 

 

Contractors carry out all of the mining operations atJundee-Nimary under the management of the Group’s senior operations staff. A fulldescription of the contracts is set out in “Item 4B: Business Overview”. 

 

During the year ended June 30, 2002, mine production totalled3,185,244 tonnes of ore at an average grade of 3.91 grams of gold per tonne. 

 

*Processing*. Ore is treated at one of two conventionalcarbon-in-pulp/carbon-in-leach gold processing plants. A number of improvements have beenmade to the processing operations since start-up in late November 1995 with the aim ofimproving recoveries. These include installation of two additional leach tanks and aregrind ball mill at Nimary, and installation of oxygen generation and Filblast airinjection plants at both mills. Improvements to the Nimary mill during the year ended June30, 2000 increased capacity to 1.2 million tonnes per annum. The plants now have acombined processing capacity of 3.0 million tonnes per annum, depending on the hardness ofthe ore being mined. 

 

During the year ended June 30, 2002, treatment plant throughputdeclined, reflecting an increasing proportion of harder ore from the deepening open pitsand underground. Ore was processed through the Nimary and Jundee plants. 

 

For the year ended June 30, 2002, total production was 11.10tonnes of gold from 2,158,757 tonnes of ore at a headfeed grade of 5.47 grams of gold pertonne and plant recovery of 93.96%. For the year ended June 30, 2001, total production was12.79 tonnes of gold from 2,457,454 tonnes of ore at a headfeed grade of 5.51 grams ofgold per tonne and plant recovery of 94.3%. 

 

6 

 

Capital expenditure for the year ended June 30, 2002 was A$24.2million. Capital expenditure was A$9.5 million for the six months ended December 31, 2002,and is budgeted to be A$33.9 million for the year ended December 31, 2003. 

 

The total cost of Property, Plant and Equipment as at June 30,2002 was A$308.4 million, (June 30, 2001: A$284.2 million) 

 

At June 30, 2002 there were 135 persons employed at theJundee-Nimary Gold Operations. 

 

**Wiluna**

*Background*. The Wiluna mine is located just south of thetownship of Wiluna and is approximately 45 kilometres south-west of the Jundee-Nimaryoperation. Access to the Wiluna mine is by air charter flight to the Wiluna mine airstripor by road from Wiluna township. Mining has been intermittently carried in the Wiluna mineregion for over 100 years. 

 

Asarco Inc. (“Asarco”) commenced exploration activityin the Wiluna region in 1982. Construction of an oxide gold processing plant began in 1986with the first gold production occurring in 1987. Oxide ores were mined from several openpits in the Wiluna and surrounding regions between 1987 and 1994. Commencing in 1993several of the open pits were deepened to provide access to sulphide ores. Generally, theWiluna primary sulphide ore is refractory and requires pre-treatment to release gold boundup in sulphide prior to processing in a traditional carbon-in-pulp or carbon-in-leachcircuit. Asarco sold its interests in its Australian operations to Wiluna Mines Limited(“Wiluna Mines”) in 1994 and in the same year commenced underground sulphidemining operations. The Wiluna Gold Operations were integrated into NYOL’s operationsfrom January 1, 1998, following the takeover of Wiluna Mines. 

 

*Mining*. Mining at Wiluna is mainly underground andrefractory, sulphide ore from the Bulletin, Woodley and Creek Shear deposits. The GoldenAge underground, quartz vein hosted gold mineralisation is non-refractory and the East andWest Lode Open pits also provided mill feed during the year. Stoping of the upper levelsof the Woodley orebody commenced in 2001-2002. Studies to redevelop the East and West Lodeunderground resources advanced from conceptual to feasibility status but a decision on thefuture development of this resource was deferred. 

 

Contractors carry out all of the mining operations at Wilunaunder the management of the Group’s senior operations staff. A full description ofthe contracts is set out in “Item 4B: Business Overview”. 

 

For the year ended June 30, 2002, mine production was 869,709tonnes of ore at an average grade of 5.39 grams of gold per tonne. 

 

*Processing*. With the exception of the Golden Ageunderground quartz vein hosted gold mineralisation, most of the ore produced by the Wilunamine is now refractory sulphide ore. The sulphide ore must be treated prior to cyanideleaching to reduce the sulphide content using bacterial oxidation (otherwise known as theBIOX process). BIOX is a patented process technology owned by Goldfields of South Africa.Micro-organisms are used to oxidise certain gold-bearing sulphide ores in order tofacilitate gold recovery. Following consideration of the available options andenvironmental waste concerns, Wiluna Mines chose the BIOX bacterial oxidation processbecause of the lower operating and capital costs involved. The Wiluna BIOX gold processingplant, completed in 1993, was originally designed to treat sulphide flotation concentrateand had a designed processing capacity of 420,000 tonnes per annum of ore. The initialBIOX gold processing plant consisted of six 450 cubic metre reactors, three primaryreactors in parallel followed by three secondary reactors in series. An expansion in theBIOX gold processing plant was completed during 1996, resulting in an increased designedprocessing capacity of 600,000 tonnes per annum. The BIOX expansion project enabled theplant to treat higher grade sulphide ore produced from the underground mines and includedan upgrade of the BIOX circuit’s cooling water and air reticulation systems.Following the BIOX process, the oxidised product is treated in a standard carbon-in-leachgold processing circuit similar to that used at Bronzewing and Jundee-Nimary mines.Currently the BIOX plant is running in excess of designed processing capacity of 600,000tonnes per annum. 

 

7 

 

The commissioning of the gas fired power plant in 1997/98 and1998/99 and ongoing research into improving metallurgical and throughput recoveries hasled to an overall decrease in mining and processing costs and an increase in recoveriesover recent years. 

 

For the year ended June 30, 2002, total production was 3.68tonnes of gold from 789,720 tonnes of ore at a headfeed grade of 5.66 grams of gold pertonne and plant recovery of 82.22%. For the year ended June 30, 2001, total production was3.6 tonnes of gold from 808,275 tonnes of ore at a headfeed grade of 5.41 grams of goldper tonne and plant recovery of 82.44%. 

 

On September 11, 2002, NYOL entered into an agreement to sell theWiluna mine and surrounding exploration acreage to Agincourt Resources Limited, a companycontrolled by members of the Wiluna mine management group and an independent contractor.Completion of the sales transaction was originally anticipated to occur in October 2002subject to receipt of necessary third party consents and approvals. As of the date of thisreport, the Company had not received all the necessary third party consents and approvalsand, as a result, the agreement has expired without the sale having been completed. As ofthe date of this report, the agreement had not been extended nor had any new agreementbeen concluded. 

 

Based on current mine plans production at the Wiluna operation isexpected to cease by December 2003. 

 

Capital expenditure for the year ended June 30,2002 was A$6.2million. Capital expenditure was A$ 4.1 million for the six months ended December 31, 2002and is budgeted to be A$1.1 million for the year ended June 30, 2003. 

 

The total cost of Property, Plant and Equipment as at June 30,2002 was A$193.2 million, (June 30,2001: A$189.0 million) 

 

At June 30, 2002 there were 96 persons employed at the WilunaGold Operations. 

 

8 

 

**Reserves**

NYOL’s consolidated reserves included the proven andprobable reserves at Bronzewing, Jundee-Nimary and Wiluna totaling 55.28 tonnes of gold,comprising 13.60 million tonnes of ore at an average grade of 4.10 grams of gold pertonne. During the year ended June 30, 2002, the Group produced 23.31 tonnes of golddepleting the reserve by 4.81 million tonnes of ore containing an average grade of 5.20grams of gold per tonne, or 25.02 tonnes of gold (average recovery 93%). 

 

The table below is a summary of the Group’s ore reserves atJune 30, 2002: 

 

9 

 

**Ore reserves as at June 30, 2002**

 
        
**Proven**
    
**Probable**
    
**Total**

**Bronzewing**                
Mine    
Mt    
3.17    
1.10    
4.27    
G/t    
3.5    
4.6    
3.8    
Tonnes Au    
11.16    
5.07    
16.23
Mt McClure    
Mt        
0.14    
0.14    
G/t        
10.2    
10.2    
Tonnes Au        
1.49    
1.49
Stockpiles    
Mt    
0.09        
0.09    
G/t    
2.0        
2.0    
Tonnes Au    
0.19        
0.19
Total Bronzewing    
Mt    
3.26    
1.24    
4.49    
G/t    
3.5    
5.3    
4.0    
Tonnes Au    
11.35    
6.56    
17.91                
**Jundee-Nimary**                
Barton Deeps    
Mt    
1.56    
1.43    
2.99    
G/t    
5.7    
6.01    
5.9    
Tonnes Au    
8.93    
8.61    
17.54
Other Deeps    
Mt        
1.71    
1.71    
G/t        
6.3    
6.3    
Tonnes Au        
10.79    
10.79
Open pits    
Mt    
0.05        
0.05    
G/t    
1.7        
1.7    
Tonnes Au    
0.09        
0.09
Stockpiles    
Mt    
3.44        
3.44    
G/t    
1.1        
1.1    
Tonnes Au    
3.7        
3.7
Total Jundee-Nimary    
Mt    
5.05    
3.14    
8.19    
G/t    
2.5    
6.2    
3.9    
Tonnes Au    
12.75    
19.41    
32.16                
**Wiluna**                
Sulphides    
Mt    
0.18    
.26    
.44    
G/t    
8.42    
7.96    
8.15    
Tonnes Au    
1.52    
2.08    
3.61
Stockpiles    
Mt    
.37    
.09    
.46    
G/t    
2.25    
8.68    
3.56    
Tonnes Au    
0.84    
0.81    
1.65
Total Wiluna    
Mt    
.55    
.36    
.91    
G/t    
4.29    
8.15    
5.8    
Tonnes Au    
2.36    
2.89    
5.26                
**Total**    
Mt    
8.9    
4.7    
13.6    
G/t    
3.0    
6.1    
4.1    
Tonnes Au    
26.43    
28.85    
55.28                
 

Mt = million tonnes, G/t = grams per tonne, t = tonnes containedin gold. 

 

10 

 

It should be noted that contained ounces do not take into accountrecovery factors. 

Figures do not in some instances exactly match tonnage, grade andounce totals due to rounding. 

 

**Notes to accompany ore reserves table above**

Most reserve estimates were made at a gold price of A$545 perounce. 

 

**Bronzewing**

The Bronzewing reserve declined as a result of mining depletion.The removal of the blanket 20% reconciliation factor on the grade in June 2001 wassupported by the reconciliation between the revised reserve and production in theJanuary-June 2002 period. The Bronzewing reserve estimates are based on designed stopesand development planned to economically extract the resource. The reserves are beingcontinually evaluated in response to production information and new drilling data. 

 

**Jundee-Nimary**

 

**Barton Deeps/Other Deeps**

The Barton Deeps Reserve has declined as a result of 
•mining    depletion; •increased    data density (particularly to a depth of 400m from surface), which has refined ore zone    shapes and better defined post mineral lamprophyre dykes, which stope out the ore zone. 
All underground reserves are reported above a block grade of 3.5grams of gold per tonne. 

The Other Deeps reserves include Hughes Deeps and Nim 3 Deeps. 

Underground sill development, has commenced on the 17 South levelinto the Westside Deposit. Drilling on 40X40m centres closing down to 20x20m has startedat Westside and a reserve estimate is expected in early 2003. 

 

**Open Pits**

Surface reserves are reported within a A$545 pit shell above acutoff of 0.5 grams of gold per tonne for oxide material, 0.7 grams of gold per tonne fortransition and 0.8 grams of gold per tonne for sulphide or fresh ore. Mill recoveries of96% for oxide, 92% for transition and 90% for fresh material were used to assess theviability of the mineralised material. 

 

**Wiluna**

 

Reserves totaling 5.26 tonnes were compiled from multiplesources, five of which were underground and an array of stockpiles including for the firsttime the Biox Residue Dam. The underground Woodley deposit has the largest single source.reserve at 39% of total. Ore reserves have declined by 35% (2.79 tonnes) from the June2001 figure to 5.26 tonnes net of depletion from mine production and resource modelreviews. Mine production (excluding 860oz from low-grade stockpiles) totals, 4.61 tonneswith 56% from underground and 44% from the East/West pits. Recovery of the contained goldmined from the June 2001 ore reserve to the crusher is 100%. Recovery from the mainunderground sources Woodley and Golden Age is again significantly positive at 133%. Thepits show negative recovery at 92% of reserves. 

 

**Underground Sulphide**

 

Development of the lenses of the Woodley underground orebodyconfirmed the complex grade distribution and irregular geological controls. Reservereconciliation of 0.87 tonnes depleted from reserves for 1.05 tonnes or 120% in thecrusher. Block modeling methods continue to be refined. A minor 0.096 tonne ore remnantremains to be recovered from the Bulletin orebody. Extensions in Creek Shear on 6 and 7levels delineated during the year add 0.46 tonnes to the reserves. Golden Age reserveshave increased by 0.08 tonnes net of depletion by mine production. Mining has reached 23Level and deeper drilling supports continuity of the vein at a shallowing dip to 37 Levelat 891RL (610m below surface). Reserves are to 30 Level at 926 RL.A review of theunderground orebodies has shown no material difference between reserves estimated at A$500and A$575/oz. 

 

**Open Pit (Sulphide Reserves)**

 

11 

 

East and West pit reserves have been depleted by mining during2001/02. Reserve recovery in the crusher from the open pits has been generally negative at92% of ounces. Problems persisted with erratic grades, mining dilution and operationaldifficulties mining around old open stopes. 

 

**General Summary**
•Reserves    are nominally estimated at A$545/ounce . The style of these mineralised systems mean they    are relatively insensitive to gold price. •Metallurgical    recovery based on test work and plant performance has not been applied to Reserve    estimates although they are used in establishing the viability of the estimates. Reserves    reported are contained gold. •Proved    and probable reserves include dilution. •Reserves    for all mines include stockpiles. •Analytical    results have been verified by quality control and quality assurance procedures including    screen fire assays, duplicates assays and assay of standards at various independent    laboratories. •Specific    gravity is based on test work on core and mine operational experience. 
 

12 

**Reserves as at December 31, 2002**

 

NYOL’s consolidated reserves include the proved and probablereserves at Bronzewing, Jundee – Nimary and Wiluna totalling 65.77 tonnes of gold;compromising 14.52 million tonnes of ore at an average grade of 4.53 grams of gold pertonne. During the six months from June 30, 2002 to December 31, 2002 the group produced10.36 tonnes of gold depleting the reserve by 2.6 million tonnes of ore 

 

The table below is a summary of the Group’s ore reserves atDecember 31, 2002. 

 

All ore reserve estimates have been undertaken at a gold priceA$530 per ounce. 

 

13 

 

**Ore Reserves as at December 31, 2002**

 
        
**Proven**
    
**Probable**
    
**Total**

**Bronzewing**                
**Mine**    
Mt    
0.91    
2.30    
3.21    
g/t    
4.55    
2.70    
3.25    
Tonnes Au    
4.14    
6.20    
10.34
**Mt McClure**    
Mt    
0.04    
—      
0.04    
g/t    
5.20    
—      
5.20    
Tonnes Au    
0.20    
—      
0.20
**Stockpiles**    
Mt    
0.074    
—      
0.074    
g/t    
1.82    
—      
1.82    
Tonnes Au    
0.13    
—      
0.13
Total Bronzewing    
Mt    
1.02    
2.30    
3.32    
g/t    
4.37    
2.70    
3.21    
Tonnes Au    
4.47    
6.20    
10.68                
**Jundee – Nimary**                
Barton Deeps    
Mt    
0.36    
1.33    
1.69    
g/t    
8.10    
6.79    
7.07    
Tonnes Au    
2.87    
8.99    
11.86
Other Deeps    
Mt    
0.11    
3.76    
3.87    
g/t    
7.43    
8.54    
8.30    
Tonnes Au    
0.79    
32.11    
32.91
Open Pits    
Mt    
—      
1.22    
1.22    
g/t    
—      
1.61    
1.61    
Tonnes Au    
—      
1.96    
1.96
Stockpiles    
Mt    
3.38    
—      
3.38    
g/t    
0.94    
—      
0.94    
Tonnes Au    
3.17    
—      
3.17
Total Jundee – Nimary                    
Mt    
3.84    
6.31    
10.15    
g/t    
1.78    
6.83    
4.92    
Tonnes Au    
6.83    
43.09    
49.88                
Wiluna                
Sulphides    
Mt    
0.13    
0.34    
0.47    
g/t    
9.16    
7.39    
7.88    
Tonnes Au    
1.18    
2.52    
3.70
Stockpiles    
Mt    
0.27    
0.30    
0.57    
g/t    
1.91    
3.22    
2.60    
Tonnes Au    
0.51    
0.98    
1.48
Total Wiluna    
Mt    
0.40    
0.65    
1.04    
g/t    
4.27    
5.42    
4.98    
Tonnes Au    
1.70    
3.48    
5.18                
Total    
Mt    
5.27    
9.25    
14.52    
g/t    
2.47    
5.71    
4.53    
Tonnes Au    
13.0    
52.78    
65.77                
 

14 

Mt = million tonnes of ore, g/t = grams of gold per tonnecontained in ore, t = tonnes of contained gold. It should be noted that contained tonnesof gold do not take into account recovery factors. Figures do not in some instancesexactly match tonnage, grade and gold totals due to rounding. 

 

**Notes to accompany Ore Reserves table above**

 

Ore reserve estimates were made at a gold price assumption ofA$530 per ounce. 

 

Bronzewing 

During the period June 30, 2002 to December 31, 2002 totalcontained gold within Ore Reserves at Bronzewing declined from 17.91 tonnes to 10.68tonnes of gold, a net reduction of 7.23 tonnes. Of this decline 4.53 tonnes or 63% isdirectly attributable to production during the six month period. Other changes principallyrelated to; 

 
•Removal    of some resource blocks within the Bronzewing mine (2.22 tonnes) due to improved    geological modelling and refined economic criteria. •Reduction    in underground reserve at Lotus (1.18 tonnes) as a result of more stringent economic    constraints. •Re-evaluation    of the expanded Central Pit (0.73 tonnes), which is not considered economic at US$300 per    ounce gold. 
 

Jundee – Nimary 

 

Significant changes in the gold inventory attributable to OreReserves at Jundee – Nimary occurred during the six month period from June 30, toDecember 31, 2002. Total contained gold in reserves increased by 17.72 tonnes from 32.16tonnes on June 30, to 49.88 tonnes at December 31, 2002. This increase has been achievedafter allowance for production during the period of 4.86 tonnes of gold. Principal changesinclude; 

 
•The    addition to the Open Pits reserve of 1.96 tonnes of gold from new deposits at Gourdis,    Vause and Area 7. •An    addition to reserves from the Westside deposit of 19.06 tonnes. Drilling to define further    additions to this new ore position will be ongoing throughout 2003 – 2004. •A    revised feasibility study into underground mining at the Invicta deposit. 
 

These additions to the Ore Reserves have been partially offset byre-modelling of the lower levels at the Barton Deeps, which highlighted the morediscontinuous nature of this orebody at depth. This has resulted in a reduction inavailable reserves in this area. 

 

Wiluna 

 

Ore reserves at Wiluna have been generally maintained at constantlevels after allowance for production of 1.78 tonnes during the period from June 30, 2002to December 31, 2002. The very modest net reduction of 0.08 tonnes has been achieved afterchanges in reserves principally due to; 

 
•depletion    of the intermediate stockpiles being partially offset by the inclusion of the low grade    stockpiles (0.36 tonnes) into the reserves. 
 
•Underground    depletion due to production during the period has been more than matched by new additions    to reserves based on additional data, in the Woodley Orebodies. 
 

15 

**Exploration**

 

The Eastern Goldfields in Western Australia is one of the majorgold producing regions in the world, currently accounting for approximately 8% ofworldwide production NYOL believes the Yandal and Wiluna greenstone belts, located at thenorthern end of the Eastern Goldfields, to be among the most prospective regions formineral exploration in Western Australia. At June 30, 2002 NYOL had reserves of 55.28tonnes within the Yandal and Wiluna greenstone belts. 

 

NYOL has discovered and developed two major gold deposits in theYandal Belt: Bronzewing and Jundee. Recent research by the University of Western Australiahas shown the Yandal Belt to be the northern extension of the Kalgoorlie Terrain. NYOLoperates two other mines: Wiluna in the Wiluna Belt and McClure in the Yandal Belt. TheGroup has a total of 3,150 square kilometres secured under 387 granted tenements and 1,560square kilometres held under 182 license applications. The total tenement area is reducedfrom previous years as NYOL has reviewed and prioritised targets and relinquishedtenements over un-prospective or completely explored ground. 

 

The Group has a commitment to the discovery of extensions andrepetitions of known deposits. The potential was highlighted by the discovery of the newWestside ore position at Jundee. 

 

District-scale exploration also has the potential to add value toexisting operations because all exploration is conducted within 60km (trucking distance)of an existing NYOL mill. 

 

NYOL has discovered 311 tonnes of gold (current deposits pluspast production) in the Yandal greenstone belt since 1992. The primary goals of thecurrent exploration program are: 

 
•Within    Mine: to explore the extensions of known mineralised systems and to evaluate potential    repetitions of those systems. •Near    Mine: Within the immediate mine environs look for repetitions or extensions either at    depth, along strike or in parallel structures. •District-scale:    to grow production through the discovery of new Reserves that are within trucking distance    of one of the Yandal mills, and discover new Reserves in excess of 100 tonnes of gold that    can be developed as stand-alone mining operations; 
 

NYOL spent A$15.5 million on exploration in the year ended June30, 2002, of which A$7.2 million was on mine sites. For the six months ended December 31,2002 a total of A$6.7 million was budgeted for exploration, which included A$2.4 millionfor mine-site and near mine exploration and A$4.3 million for district-scale exploration.The company also recently moved to a calendar year budget. For the year ending December31, 2003, a total of A$13.1 million has been budgeted for exploration, which includesA$4.1 million for mine-site and near mine exploration and A$9.0 million for district scaleexploration. The Group’s exploration expenditures include all of the costs associatedwith exploration activities such as contract drilling, personnel, geochemical testing andtenement statutory fees. 

 

NYOL’s focus is on gold, but it also holds tenementsprospective for nickel and copper-lead-zinc-silver. Exploration partnerships are beingconsidered with companies interested in pursuing this non-gold potential. NYOL is placinggreater emphasis on exploration in the Yandal Belt as more land becomes accessible throughthe grant of exploration title in important target areas and the development of heritageprotection protocols with a number of indigenous groups permitting on-ground access togranted exploration tenements. Exploration consists of a rigorous process of historicaldata analysis and evaluation, geophysical surveying and interpretation, geological mappingand surface sampling, and drilling. Improved data processing techniques and the refinementof geological models for the Yandal Belt continue to expose untested explorationopportunities. It is estimated that 65% of the Yandal Belt controlled by NYOL remainseither under-explored or unexplored. 

 

Plainting against NYOL by other parties for statutory conditionsnon-compliance is becoming more of an issue, as it is for all exploration and miningcompanies in Western Australia. NYOL has 15 Plaints to defend, none of which impacts oncritical land holdings. It is anticipated that all tenements affected will be successfullyretained by NYOL. 

 

16 

Opportunities to grow the Group’s portfolio of prospectiveand strategic landholdings are rigorously pursued. Land acquisition is pursued throughpegging of vacant tenements over areas of prospective geology through the vigilantmonitoring of tenement situations, and through commercial joint venture agreement withother companies or individuals. 

 

**Bronzewing**

***In Mine Exploration***

With a declining reserve base an aggressive in mine and near mineexploration program was undertaken during 2001-2002 with the objective of extending minelife. 

 

The in mine program involved drill testing immediate extensionsto known mineralization. The Winged Keel, Avacado, Shoot 39 and Carrot targets atBronzewing and Lotus North at McClure fall into this category. 

 

The Bronzewing Deeps and Eastern Zone were conceptual targetswith the potential for repetition of the Discovery or Central orebodies. 

 

The Eastern Zone was a potential repetition of the Bronzewingsystem east of the Discovery Granodiorite and the Bronzewing Deeps target was a potentialdepth repetition of the mineralised systems. 

 

The resource extension programs at Winged Keel (13.2m @14.4g/t Au; 7.8m @ 6.2 g/t Au; 5m @ 6.9g/t Au), Avacodo (10 Level, 30.6m @ 12.3 g/tAu from 72m and 8.2m @ 4.1 from 106.9m ; 8.4m @ 4.7 g/t Au from 26.0m; 3.9m. @ 13.2 g/t Aufrom 49.1m ; 4.2m @ 35.8 g/t Au from 8.2m) and Shoot 39 (9.8m @ 8.8g/t, 6.5m @8.0g/t and 5.7m @ 6.4g/t) were successful, but only resulted in an incremental increase inthe mineralised material. Most successful were extensions to the Winged Keel position,with the known lode now extended to the 17 and potentially 18 levels. 

 

The programs to test the Eastern Zone and DiscoveryDeeps commenced in 2000 and the final holes were completed in July and August 2001. 

 

BWRCD3179 intersected 1m @ 6.6g/t Au from 511m in the EasternZone**,**immediately east of the Discovery Granodiorite 

 

BWRCD3181 drilled to further test the Discovery Deeps targetintersected a 30m wide shear zone with 11m of quartz veining and intense biotite-carbonatealteration. An anomalous zone of 10m @ 0.7g/t Au (inc 2m @ 2.3g/t Au) was outlined. 

 

These two deep diamond holes completed the Eastern Zone andDiscovery Deeps programs. This work showed that although alteration zones and anomalousgold mineralisation extended beyond the Discovery and Central Deposits, no economicallysignificant gold mineralisation was intersected. 

 

McClure

 

At Lotus both surface RC and Diamond drilling was used to explorethe northern extension of the Lotus mineralisation. Only one hole intersected economicallysignificant mineralisation 3m (TW 1.5m) @ 70.0 g/t Au approximately 80m north of currentresource limits. 

 

For the year ended June 30, 2002, A$0.14 million was spent on inmine exploration at Bronzewing. For the six months ended December 31, 2002, A$0.03 millionwas spent on mine exploration at Bronzewing and for the year ending December 31, 2003, nomine exploration has been budgeted. 

 

***Near Mine Exploration***

Sparrow Hawk, Parthfinder, Voyager and Old Sundowner areprospects associated with NNE trending structures from 2–6 kms NE of Bronzewing.Cockburn, Goldwing, Grand Union and Anomaly 45 are associated with the NNW trendingMcClure Trend 

 

17 

**Sparrow Hawk**

Several diamond holes were drilled to test this target and zonesof anomalous gold mineralisation were intersected. eg, 8m @ 2.0 g/t Au from 36m; 3m @ 10.6g/t Au from 109m; 8m @ 0.8gt/t Au from 99m; 4m @ 3.7 g/t Au from 108m; and 12m @ 0.5 g/tAu from 96m. 

 

However, considering the lack of continuity of the mineralisationand the depth of the intersections no further work is planned. 

 

At Pathfinder ((NDYBWRCD3182 4m @ 0.4 g/t Au from 208m)and Voyager (DYBWRCD 3185 12m @ 0.33 g/t au from 236m) diamond drilling intersectedat best anomalous gold mineralisation. 

 

**Old Sundowner**

Near mine drilling at Sundowner North (10m @ 0.9g/t Aufrom 8m; 1m @ 4.4 g/t Au from 38m; 1m @ 4.0 g/t Au from 119m and 4m @ 4.9 g/t Au from168m) and BWRCD3199 1m @ 1.4 g/t, 1.7m @ 2.2 g/t and 2.1m @ 1.6 g/t (all below 176m),produced broadly anomalous zones, but no economically significant mineralisation. 

 

In summary the near mine programs on the NE prospects intersectedthe target structures and alteration, but the extent and quality of the goldmineralisation was not sufficient to warrant further work. 

 

**McClure Trend**

Cockburn

As a prelude to evaluating the Cockburn resource, all old surfaceholes drilled by previous owners were gyroscopically surveyed. A revised geological andmineralisation interpretation was undertaken. Reverse circulation drilling was undertakenat Goldwing and Anomaly 45 without improving the prospectivity of thetargets. At Grand Union follow up to a previous intersection of 4m @ 4.0g/t (MCRC28 from264m) intersected 12m @ 2.8 g/t Au (MCRC44). 

 

For the year ended June 30, 2002, A$2.89 million was spent onnear mine exploration at Bronzewing. For the six months ended December 31, 2002, A$1.0million was budgeted for near mine exploration at Bronzewing and for the year endingDecember 31, 2003, A$1.0 million has been budgeted, subject to favourable drilling resultson near mine leases and/or at McClure. 

 

**Jundee-Nimary**

 

**In Mine Exploration**

In mine exploration focused on the Westside mineralised system,discovered during 2000. Westside began the year as a promising narrow, high grade targetclose to the Barton Deeps underground development and by June 2002 had emerged as aprobable new, future reserve. After initial surface holes it was possible to drill theUpper Panel of Westside (200-460m below surface) from Barton Deeps with a drill spacing ofapproximately 40x40m. This program was well advanced by June 2002 and added reserves atyear ended December 31, 2002. 

 

In addition to the Main and Hangingwall veins defined by surfacedrilling the more closely spaced underground holes showed the continuity of splays andlinking structures between the major veins. 

 

For logistical reasons it was not possible to drill the LowerWestside Panel (460- 700m) from underground. As of the date of this report, approximately80 x80m spaced surface holes have tested the Lower Panel. 

 

In the process of testing Westside the hangingwall Lyons Doleritewith shear hosted gold mineralisation similar to Westside was intersected. The Lyonstarget has emerged as having significant additional exploration potential formineralisation similar to Westside. 

 

19 

**Westside**

Upper Panel 

The table below contains a sample of the economically significantresults from drill testing the Westside Upper Panel. The mineralisation is restricted todiscrete structures with very little leakage into a halo around the structures. 

 

**Westside Upper Panel Surface and Underground Diamond DrillResults**

**Hole No**
    
**From**
    
**To**
    
**Width**
    
**Au**
  
**Comments**
    
**m.**    
**m.**    
**m.**    
**g/t**  
WSXP521    
128.8

228.0    
129.5

229.0    
0.7

1.0    
1,470

49.2  
BDXP0500    
73.0    
74.0    
1.0    
63.2  
Upper Panel Westside
BDXP0501    
101.0    
105.0    
4.0    
16.8  
Upper Panel Westside
HDXPO488    
137.5

249.9    
141.2

251.0    
3.7

1.1    
32.7

110  
HDXPO489    
149.6

219.6

227.8

277.4    
151.0

220.0

229.0

279.0    
1.4

0.4

1.2

1.6    
148

26.2

16.4

17.0  
HDXPO490    
103.0    
104.0    
1.0    
50.9  
BDXPO420    
294.0    
299.0    
5.0    
3,288  
HDX04161    
58.1    
59.2    
1.1    
96.3  
JRCD8859    
361.8

398.0    
362.45

399.0    
0.65

1.0    
96.2

21.1  
Surface Hole
BDXP0502    
71.0

120.0

165.9

183.0

222.4    
75.0

125.6

170.0

184.0

223.4    
4.0

5.6

4.1

1.0

0.9    
8.3

5.3

46.2

59.1    122.4  
Upper Panel Westside

Upper Panel Westside

Upper Panel Westside

Upper Panel Westside

Upper Panel Westside
N.B. all grades are uncut 

 

These holes demonstrate the narrow width of the multiple veinsystem (eg BDXP0502) and the very high gold grades that are possible. The mineralisedsystem has been outlined over a strikelength of approximately 400m. The goldmineralisation is often visible and associated with chlorite and biotite, quartz andcarbonate veining within shear zones sometimes with breccia. 

 

Lower Panel

The bulk of the Lower Panel (460-700m from surface) has beendrilled from surface on approximately 80m centres . The table below contains a selectionof drill results from the 2001-2002 program. 

 

**Westside Lower Panel Surface and Underground Diamond Drillresults**

**Hole No**
    
**From**
    
**To**
    
**Width**
    
**Au**
  
**Comments**
    
**m.**    
**m.**    
**m.**    
**g/t**  
BDXP0497    
168.0

351.0    
170.0

353.9    
2.0

2.9    
5.6

6.1  
Lyons Dolerite

Lower Panel Westside
JRCD9050    
664.0    
664.5    
0.5    
8,970  
JRCD8926    
482.2    
484.2    
2.0    
8.6  
Westside
JRCD8951    
646.1    
647.8    
1.7    
115  
Westside HW
JRCD8952    
366.8    
367.5    
0.7    
18.7  
Lyons Dolerite    
532.0    
535.2    
3.2    
9.1  
Westside
JRCD8953    
166.2    
166.6    
0.4    
122  
Lyons Dolerite    
451.1    
451.8    
0.7 |