July 17th, 2003

WESTERN AUSTRALIA - Giants Reef Mining Limited has purchased the 301st Knelson Concentrator manufactured by Knelson's Australian representative and manufacturing licensee ConSep Pty Limited. The ConSep manufactured Knelson Concentrator will be installed in Giant Reef's Chariot Gold project near Tennant Creek, Western Australia, which is scheduled to commence production in October 2003.

"Chariot is a high-grade gold deposit with high levels of gravity recoverable gold in the ore. The gravity circuit alone is expected to recover an average of 40% of Chariot's total gold production. As a result, the choice of the right gravity gold recovery device and after sales service is critical to project success," stated Mr. Joe Ariti, Giants Reef Chief Executive Officer.

ConSep's Managing Director, Mr. Grant Steward added, "the combination of the proven metallurgical and mechanical performance of the Knelson Concentrator, together with local backup from ConSep's very experienced team of gravity concentration specialists are the major deciding factors for all of our customers, and Giants Reef was no exception."

"People know and trust ConSep's Knelson Concentrators and therefore they represent a no-risk proposition for gold plants," continued Mr. Steward.

With over 15 years of association with Knelson, the Giants Reef sale completes one of ConSep's best years for Knelson Concentrator sales, with a total of 20 new concentrators supplied in the 2002/2003 financial year. These include twelve 300tph XD48 Knelson Concentrators for the world's largest gravity gold recovery circuit at PT Freeport in Indonesia. Adding to the success, ConSep has also witnessed a growing demand for the Knelson Concentrators full rebuild services.

ConSep Pty Limited is a fully Australian owned & operated company and has been the authorized Knelson sales representative and manufacturing licensee in Australia and SE Asia since 1988. ConSep is also the supplier of the ConSep ACACIA Reactor, which is represented globally through a strategic manufacturing and marketing alliance with Knelson Gravity Solutions.

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