Forum Archive Index - April 2004

["Lazy Haggis" <lazyhaggis@hotmail.com>]

Latest April 04 Aegis Equities Comments

Norseman continues to produce at a solid rate, expected to be 130Koz in 
FY04. Exploration results have been excellent with initial reserves of 43Koz 
at St Patricks, new discoveries at O'Brien Vein and HV1 East and 
identification of many other targets. Davyhurst production is forecast at 
100Koz this year with the exploration focus at Callion and Golden Eagle.

Great potential exists in the discovery of new high grade reefs and in known 
reefs such as in link structures at Bullen. CRS is a major participant in 
the Australian gold sector both as a producer and explorer. It is the third 
largest Australian controlled producer, with total production running at 
close to 250Kt pa. Current gold resources amount to 2.8Moz providing ample 
opportunity to add to reserves. It is a very active explorer as reflected in 
its significant exploration budget of over $8.0Mpa. Cash flow of $25M pa and 
cash of $21M give CRS the ability to seek meaningful acquisitions.

Lazy Haggis

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