GRD Macraes Limited ù Over a Decade of Sustainable Development in New Zealand

GRD Macraes Limited, owners and operators of the Macraes and Reefton Gold Project in New Zealand, have taken up the challenge of sustainably producing in excess of 300 000 ounces per annum within five years.GRD Macraes is well on target to achieve the forecast of 170 000 oz at a cash cost of A$310/oz for the 2002 financial year, with our Reefton operation set to add about 70 000 û 80 000 ounces per annum from late 2003.At the end of 2001 GRD Macraes Limited had resources of 5.5 million oz with reserves at 2.8 million oz.