Acquisitions

Australian Mines Ltd

23/5/03

Has acquired the Golden Ridge nickel-gold project from St. Ives Gold Mining Company Pty Ltd, a wholly owned subsidiary of Gold Fields of Australia.  The 95 square kilometre project is located 30 km north of Kambalda in the heart of Western Australia's premier nickel sulphide province.  Consideration for the acquisition is the issue to St. Ives Gold Mining Company Pty Ltd of 5 million fully paid ordinary shares in the Company plus 2.5 million options to acquire ordinary shares in the Company exercisable at 20 cents each prior to February 2006.

Exco Resources NL

21/5/03

Has agreed terms to acquire a 60% interest in the Drew Hill gold project from private mining company Polymetals Mining Services Pty Ltd. Exco will purchase a 40% interest in the Drew Hill tenements from Polymetals for $250,000. The parties will then enter a joint venture where Exco will fund $275,000 in resource and development studies to earn a further 20%, to a total of 60%.

Hitec Energy Ltd

20/5/03

Has signed a terms sheet for the acquisition of solvent extraction and electrowinning assets located adjacent to the OMG Cawse Nickel Operations facility 50 kilometres northwest of Kalgoorlie. Hitec will pay ABN Amrol $3.5 million for the assets.

Key2 Ltd

23/5/03

Have completed the acquisition of the Cairns Pty Ltd rent roll for a maximum consideration of $283,000. This asset has been integrated into the existing business structure of Key 2

Om Holdings Ltd

20/5/03

Has agreed to acquire the remaining 39.83% shareholding in Bootu Creek Resources Pty Ltd.  BCR's exploration assets include the Bootu Creek manganese project located 130 km north of Tennant Creek and is near to the Alice Springs to Darwin railway line which is currently under construction.  OMH proposes to issue a total of 13,679,716 ordinary shares in OMH to the BCR minority shareholders as consideration for acquiring their BCR shares.