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Fourth Quarter Activities Report

Document date:  Thu 20 Jul 2000
Published:  Thu 20 Jul 2000 13:32:21
Document No:  181584
Document part:  C
Market Flag:  Y
Classification:  Fourth Quarter Activities Report

SONS OF GWALIA LIMITED                        2000-07-20  ASX-SIGNAL-G

HOMEX - Perth                                                         

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GOLD OVERVIEW

PRODUCTION

Gold production for the June quarter totalled 117,271 fine ounces.
This gold was produced at an average cash cost of $337 per ounce and
sold at $642 per ounce, returning a cash margin of $305 per ounce.

Gold production for the 1999/2000 year totalled 413,184 fine ounces.
This gold was produced at an average cash cost of $346 per ounce and
sold at $648 per ounce, returning a cash margin of $302 per ounce.
Both cash costs and cash margins were the best result for the Company
for some years.

June 2000 Qtr   SGW        Tonnes    Head       Cash   Total   Gold
                Interest   Milled    Grade      Cost   Cost/   Prod-
                                   (g/t gold)      $   ounce   uction
                                                             (ounces)
Sons of Gwalia Operations
Underground     100%       24,220     2.73                      1,942
Red October     100%      127,740     6.14                     24,150
Harlech         100%       35,935     2.39                      2,423
Anchor          100%        9,245    31.33                      9,313
Stockpile       100%      264,514     1.05                      8,229
Total / Average           461,654     3.26     308.46  426.73  46,057
 
Marvel Loch Operations
Marvel Loch 
Mine            100%      343,041     2.03                     20,042
Golden Pig      100%       69,273     6.02                     12,328
Achilles        100%       37,058     1.80                      1,981
Ruapehu / Other 100%       20,606     9.26                      4,147
Marvel Loch 
South Pit       100%       40,737     1.75                      2,070
Total / Average           510,715     2.83     371.47  477.47  40,946 

Bullfinch Operations
Corinthia       100%       12,311     1.62                        670
Transvaal       100%       19,749     1.49                        714
Copperhead 
(open cut)      100%      243,252     1.35                      9,235
Ruapehu         100%        7,997     8.58                      1,665
Total / Average           283,309     1.57     318.22  348.01  12,284 

Yilgarn Star Mine
Yilgarn Star 
Undergrourd      70%      115,112     4.75                     16,029
Yilgarn Star 
Low Grade        70%        5,353     1.91                        302
Southern Star 
Open Pit         75%       21,647     2.59                      1,653
Total /Average            142,112     4.31     343.43  477.74  17,984 

TOTAL AVERAGE           1,397,790     2.87     336.85  444.02 117,271

NOTE:

(a) Production figures are based on Sons of Gwalia's equity share for
each operation.

(b) "Cash operating costs" are defined to include all expenditures
directly incurred on mining, crushing and processing operations plus
site overheads and ongoing rehabilitation, net of movements in
deferred mining expenditures and stockpiles.

(c) "Average cash costs" are weighted by production. Average cash
operating costs for the quarter were $337 an ounce for all
attributable production from the Company's mines.

Total costs per ounce include all site related depreciation and
amortisation expenses. Average total costs per ounce are weighted by
production.

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