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EMP`s ann. ANZ Provides US$14.7M to Fund Vatukoula Expansion

Document date:  Thu 19 Dec 2002
Published:  Thu 19 Dec 2002 14:33:46
Document No:  283978
Document part:  A
Market Flag:  N
Classification:  Other

EMPEROR MINES LIMITED                         2002-12-19  ASX-SIGNAL-G

HOMEX - Sydney                                                        

Emperor Mines Limited (ASX Code EMP) has recently begun its Phase 2
Expansion Plan at its Vatukoula gold mine in Fiji.

The Company is pleased to confirm that it has entered into a US$14.7
million credit facility with ANZ Bank which, together with cash
reserves and forecast cash flow, may be drawn upon to fund the
expansion plan.

Implementation of the Phase 2 Long Term Operating Strategy at
Vatukoula is currently underway. The strategy involves the expansion
of activities to fully utilize the production capability of the mine
and thereby maximize efficiencies through economies of scale. The
Phase 2 Strategy aims to increase mine output by 40% over the next 3
years to 800,000 tonnes (mill capacity) and gold production by some
35% to approximately 180,000 ounces.

Over 6.4 million ounces of gold have been mined at Vatukoula since
1933. As at 30 June 2002 Emperor had 1.0 million ounces in reserves
and 4.2 million ounces of resources. On-going exploration is expected
to further extend to life of the mine.

A J Cooke