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Preliminary Final Report & On-Market Buy-Back

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 10:22:55
Document No:  154638
Document part:  C
Market Flag:  Y
Classification: 

HOMEX - Sydney                                                        

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We hereby advise that the Canadian company, Consolidated Magna
Ventures Ltd, (Magna), has exercised its option to acquire a further
10% of the above project from Xenolith Gold Limited (Xenolith).

<~>th will retain a 5%

equity in the project but will not be required to contribute
exploration and/or development costs until such time as the project
is in production. All such costs will be born by Magna and/or its
assigns.

include additional geophysics and a 2,000 metre diamond drill
programme.

We have no doubt that the above mentioned programme will be put into
effect bearing in mind the following statements in Magna's recent
Directors Report to Members;

"The geophysical signature of Koala indicates potential massive to
semi-massive sulphides in 4 subparallel zones 700 metres wide and
over 2.5 kilometres long extending off the surveyed grid to the
southeast."

"The summer programme on the Koala project may well provide the
greatest upside potential for shareholders in 1998.

G. D. Robinson 
DIRECTOR


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