Agreements

Aquila Resources NL

14/5/2003

has executed a further Heads of Agreement with Goldcrest and Ventaur Capital Corporation relating to the sale of the Enterprise/Penny West Projects. Under the terms of the Agreement, Ventaur will acquire the Projects from Aquila, in exchange for $600,000 to be paid over a 19 month period and the issue of Ventaur shares to the value of approximately A$2 million. Ventaur will concurrently undertake an equity raising of CDN$1,563,000 by way of a public offering of Ventaur shares.

Austminex NL

15/5/2003

Joint venture agreement has been reached with Sipa Exploration NL.  Sipa will have the right to earn a 70% interest in nickel-copper-platinum group metals and base metals within the tenements by spending $1.4 million on exploration of the tenements within 3 years, including a minimum of $150,000 within the first 12 months. Sipa will not earn any interest in gold resources located within the tenements. Austminex will continue to carry out gold exploration and, if warranted, mining, within the tenements. 

Oropa Limited

14/5/2003

Has entered into an arrangement with Macquarie Bank Limited to advance the Pungkut gold project in Sumatra, Indonesia. Oropa and MBL have reached agreement for Oropa to issue MBL with 25 million ordinary shares in Oropa at 1.6 cents per share to raise $400,000. This transaction has been finalised and will fund the proposed initial drilling program.

Woodside Petroleum Ltd

16/5/2003

The North West Shelf Venture participants and CNOOC Limited have formalised agreements that provide for CNOOC subsidiary to acquire an interest in NWS Venture titles and to secure rights to use NWS Venture infrastructure to process gas. A new joint venture to supply Guangdong's LNG project is being established within the overall North West Shelf project. CNOOC will hold a 25% share in the China LNG Joint Venture, with each of the existing NWS Venture participants taking 12.5%. CNOOC will pay each of the current NWS Venture participants about US$58 million for approximately a 5.3% interest in the gas in NWS Venture titles.