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Gold/Mining/Energy : Laverton Gold VSE:LAV

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To: Imane Elguindi who wrote (35)	8/3/1997 1:29:00 PM
From: burner	of 45

ÿ Website: transcontinental.com.au EXTRACT FROM THE QUARTERLY REPORT FOR THE PERIOD ENDING... 31 March 1997 ------------------------------------------------------------------------ RAWAS, INDONESIA (100%) OPERATIONS The company's gold mine at Rawas, Sumatra war commissioned on 5 January 1997. An initial gold pour occurred on 25 January. The commissioning of Laverton's state of the art plant has been completely without incident. The only stoppages have been for programmed maintenance. For the first quarter the plant has comfortably exceeded budgeted throughput. Tonnage milled has exceeded budget by 16%. Gold produced has exceeded budget in each month of operation. Cumulative production of gold for the period was 10.698oz being 1,023oz ahead of budget. Cash cost per ounce is now 2% below budget. As anticipated, initial grade was lower than annual budget due to depletion in the upper portion of the Central Zone. Head grade for the period was 2.45 g/t for Au, this has progressively adjusted and is now comparing closely with budget of 2.78 g/t Au. Head grade for Ag was 9.45 g/t. It is now clear that the operation is on track to achieve life of mine gold equivalent grade of 3.5 g/t Au. Recovery for the period was essentially on budget at 93.7%. Annualised budgeted rate of production for the plant is 700,000tpa. It is pleasing to report that the seven day moving average of production for the end of March and early April exceeded 800,000tpa. In line with management's working plan, a low grade ore stockpile has now been established with a view to the potential establishment of a heap leach gold recovery operation. EXPLORATION Laverton Gold NL now holds Contracts of Work (COW1) covering 117 square kilometres and COW2 for 1,620 square kilometres was given presidential approval in late March and signed in April. An application for 410 square kilometres (COW3) for mineral exploration and mining in South Sumatra has been approved in principle. During the last quarter exploration has been active in enhancing mineral resources at the Rawas mine and exploring elsewhere within C0W1 for new deposits. There have been some significant drill intersections whilst stream sediment rock chip sampling and mapping have located new areas of anomalism both within the immediate vicinity of Rawas and within a regional context. Please Contact Laverton Gold For A Full Copy... ------------------------------------------------------------------------ Main Pageÿÿ Latest Updateÿ ------------------------------------------------------------------------ Copyright c 1996ÿDarkroom Illusions

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