BUILDING A PROFITABLE
MID-TIER GOLD MINING BUSINESS

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QUARTERLY REPORT January – March 2008

QUARTERLY REPORT January – March 2008 Key Points Underground development intersects Gill reef as planned Several reefs upgraded by drilling Trial gold production on track for September quarter New phase of regional exploration to commence Summary Rod Hanson, Managing Director & CEO comment: “The initial access into Gill reef, the first new reef on the Garden Gully line, was successfully

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Quarterly Report October – December 2007

Quarterly Report October – December 2007 Key Points Gill reef infill drilling confirms continuity Gill reef extended by 150 metres to the south Access development commenced to Gordon reef New regional targets assessed and programs developed Summary Rod Hanson, Managing Director & CEO comment: “The first phase of infill drilling into the Gill reef has confirmed the predicted location and

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QUARTERLY REPORT July – September 2007

QUARTERLY REPORT July – September 2007 Key Points Discovery of high grade Gordon reef on Garden Gully Cross-cut to Gill reef commenced High grade drill intercept at southern end of New Chum Summary Rod Hanson, Managing Director & CEO comment: “Drill testing of known productive rock units at the southern end of the mine has produced very encouraging results. We

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QUARTERLY REPORT April – June 2007

QUARTERLY REPORT April – June 2007 Key Points Two new reefs discovered Four important targets being tested Change in ASX guidance on Inferred Resource Cash position increased Summary Rod Hanson, Managing Director & CEO comment: “Exploration is progressing very well in many of the more prospective areas of the Garden Gully and New Chum lines. The good news is that

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QUARTERLY REPORT January – March 2007

QUARTERLY REPORT January – March 2007 Key Points Encouraging drill results from the Garden Gully line. Testing of an exploration ‘hot spot’ to commence. Production of 12,822 oz at an improved grade of 6.8 g/t. Business restructure completed. Summary Rod Hanson, Managing Director and CEO Comment: “This quarter was a turning point for the Company. I am pleased to report

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Quarterly Report October – December 2006

QUARTERLY REPORT July – September 2006 Key Points Company to change strategy: production to be deferred, immediate focus on building reserves through exploration. A 2 million ounce exploration target available for drill testing over the next 18 months. Project expansion will be postponed during this period. The new strategy will be funded from the Company’s current cash in bank. Senior

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QUARTERLY REPORT July – September 2006

QUARTERLY REPORT July – September 2006 Key Points Plant commissioned Gold recovery exceeding plan Mine development rates up 40% Summary Outlook Production of 50,000 oz planned for 2006/07. Gold grade is budgeted to average 7 g/t gold, but will vary on a monthly basis. The immediate focus is on growing the Kangaroo Flat Mine, as such, the development of the

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QUARTERLY REPORT April – June 2006

QUARTERLY REPORT April – June 2006 Key Points First gold pour completed Plant commissioning continuing New reef discovered Summary Outlook First gold pour completed from the commissioning phase of the Kangaroo Flat Mine. Production of 70,000 to 90,000 oz gold planned for 2006/07. Development Commissioning of ‘front-end’ of circuit complete. Crushing and high-pressure grinding rolls operated to design rates. Plant

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QUARTERLY REPORT January – March 2006

QUARTERLY REPORT January – March 2006 Key Points Plant construction on schedule First gold pour remains June Included in S&P/ASX200 index Summary Outlook Forecast operating margin is expected to increase despite rising costs due to record gold prices and a lack of gold hedging. Early production grade and cash cost volatility anticipated as part of the normal mine commissioning. Development

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QUARTERLY REPORT October – December 2005

QUARTERLY REPORT October – December 2005 Key Points Plant Construction on schedule Stockpiling of ore commenced Transition to owner-mining underway Summary Development Plant construction is 57% complete and on schedule. Major capital items are meeting budget. Increased labour costs and minor scope changes are likely to cause a small increase in the initial $53 million capital estimate of around $2-4