Agreements
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Ausdrill Ltd
23/5/03
Have reached a Heads of Agreement with Amcom Telecommunications Ltd pursuant to which Ausdrill will have the exclusive right to provide customer installation services for Amcom's expanding broadband network. The Ausdrill installation services will be financed by a secured $8 million working capital facility provided by Ausdrill at commercial rates. The agreement has an initial 3 year term. In addition Ausdrill has agreed to subscribe for 5 million Amcom shares at $0.10 each.
Barra Resources Ltd
22/5/03
Has signed an agreement in principle of terms for a joint venture at the Quinn Hills Project with Paradise Gold (WA) Pty Ltd, a wholly owned subsidiary of Sipa Resources International NL. Paradise may earn up to a 70% interest in the Project by spending $250,000 in exploration on the Project in the first 12 months prior to withdrawal; and then spending $1,200,000 in aggregate expenditure within 36 months to earn a 70% interest in the Project. The Project is situated at the northern end of the Mt Ida greenstone belt about 90km due north of the historical Riverina Gold Mining Centre, 50kms west of Menzies, Western Australia.
Hampton Hill Mining NL
19/5/03
Has entered into a joint venture with Teck Cominco Ltd of Canada for the exploration of two mining leases of 83.4 sq km covering the Griffin's Find gold mining centre, near the township of Lake Grace, 250 km southeast of Perth. The joint venture has secured a 5-year option to purchase the leases involving the annual payment of up to $20,000 and a purchase price of $750,000 less all option payments.
Jetset Travelworld Ltd
21/5/03
Has entered into a strategic alliance with Travelsavers International. Eighty of the group's 750 retail outlets around Australia have already signed on as representative offices for Travelsavers.
Michelago Ltd
22/5/03
Has entered into a Heads of Agreement to earn a 60% interest in the Jinya Gold Mine in Guangxi Province of the People's Republic of China, and adjoining Exploration Leases. The Tenements are owned by Laizhou Jincheng Gold Mines (Laizhou).