An Goldhotline: Grange - 500 Beiträge pro Seite

[Prosalis]

Habe gerüchteweise gehört, Martin Siegel wäre aus Grange ausgestiegen. Ist meine Information richtig und wenn ja, warum ist ein Ausstieg erfolgt ?

[babbage]

Ausstieg ist sicher deswegen passiert,um in My Casino einzusteigen.

[Goldhotline]

Diese Information ist richtig. Der Ausstieg wurde am 12.04.00 im "Der Goldmarkt" empfohlen: "Bei Grange sollten die Anleger Gewinne realisieren, die glauben, daß der Markt für IT-Werte gekippt ist."..."Wir verkaufen Grange besten, da wir davon ausgehen, daß der Aktienkurs der Gesellschaft unabhängig von der Unternehmensentwicklung vom zusammenbrechenden Markt für IT-Beteiligungswerte in Australien betroffen sein wir. Vom freiwerdenden Geld kaufen wir weitere 74.000 New Hampton mit dem Limit 0,24 A$ und stocken Delta Gold um 6.000 Aktien mit Limit 1,70 A$ auf. Zusätzlich erweitern wir das Depot um unsere südafrikanische Top-Kaufempfehlung Harmony, von denen wir in Frankfurt 1.000 Stück mit dem Limit von 6,00 Euro kaufen."

Grange war kein Kerninvestment im Goldbereich, daher haben wir die Aktie auch nicht bei den Topempfehlungen im Tagesbericht geführt. Der Einstieg erfolgte am 05.01.1996 mit der Aussicht auf Goldfunde der Plutonic (heute Homestake) im Freshwater Projekt, an dem Grange eine Umsatzbeteiligung hält. Später wurde die Aktie wegen der hochprofitablen Kupferproduktion weitergehalten.

Neben dem negativen Marktausblick für australische IT-Beteiligungswerte waren auch die niedrigen Kurse der Goldaktien für den Ausstieg aus Grange verantwortlich.

Wir sehen uns als Analysten im Goldbereich und haben Grange nach dem Umstieg in den IT-Bereich verkauft. Parallelen dazu sind auch die Verkäufe der AMX und der Spinifex, die wir als Goldwerte empfohlen haben und als IT-Beteiligungswerte mit Gewinnen von 300 bzw. 247 % verkaufen konnten.

Die Goldhotline

[GigiAnderson]

Es gibt ein paar neue Announcements von Grange, die ich jetzt eine nach der anderen hier einstellen werde.

Die interessantes Neuigkeit ist dabei sicherlich die geplante Namensänderung von Grange Resources in SURFBOARD....


GRANGE RESOURCES LIMITED
Issue of securities pursuant to Placement
Document date: Fri 28 Apr 2000 Released time: Mon 01 May 2000 14:30:10
Document No: 178421 Document part: A
Market Flag: N
Classification: Placement, Issued Capital - Other

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Grange advises that 200,000 shares and 100,000 options were issued
and allotted on 28 April 2000 pursuant to the placement of 8 million
shares with a 1:2 free attaching option to European institutional
investors announced to ASX on 4 April 2000.

As a result of this allotment, Grange has the following securities on
issue:

* 63,799,040 ordinary fully paid shares;

* 31,886,191 listed options exercisable at 80 cents each on or before
31 December 2001; and

* 5,250,000 unlisted option exercisable at 84 cents each on or before
30 June 2OO2.

This concludes tranche one of the placement to European institutional
investors.

J McCormack
COMPANY SECRETARY

[GigiAnderson]

GRANGE RESOURCES LIMITED
Third Quarter Activities Report
Document date: Fri 28 Apr 2000 Released time: Mon 01 May 2000 07:51:08
Document No: 178481 Document part: A
Market Flag: Y
Classification: Third Quarter Activities Report

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
CORPORATE ACTIVITIES

ACQUISITION OF SURFBOARD SECURITIES LIMITED

Shareholder approval of the proposed acquisition of Surfboard
Securities Limited will be sought at a general meeting of Grange to
be held on 5 May 2000. Shareholder approval will also be asked at
this meeting to elect 4 persons nominated by Surfboard to the board
of Grange and to change the name of the Company from Grange Resources
Limited to Surfboard Limited.

An Information Memorandum dated 31 March 2000 and Supplementary
Information Memorandum dated 20 April 2000 in connection with the
business to be conducted at this meeting have been despatched to
shareholders and lodged with the ASX.

Surfboard has designed, specified and is currently building, for its
own use and as a provider to third parties, a financial services
delivery platform which its customers will access via the Internet.

The consideration for the acquisition comprises:

(i) 21,176,471 Grange ordinary shares;

(ii) 10,633,297 Grange 80 cent options (exercisable at 80 cents each
on or before 31 December 2001);

(iii) 1,894,615 Grange 84 cent options (exercisable at 84 cents each
on or before 30 June 2002); and

(iv) 100,000,000 Grange preference shares. (The preference shares are
convertible into Grange ordinary shares on a one-for-one basis upon
the payment of 20 cents per preference share and otherwise in
accordance with the terms of their issue. The conversion terms of the
preference shares allow for their conversion into ordinary shares
provided the Grange ordinary share price reaches various trigger
prices between $1.00 and $1.50 (calculated as the weighted average
price of Grange ordinary shares over 20 consecutive ASX trading days)
within specified time frames over a 3 year period).

Should Grange shareholders approve the acquisition of Surfboard
Securities Limited and assuming all offers for the Surfboard
Securities are accepted by Surfboard shareholders, completion of the
transaction is scheduled to occur on or about 10 May 2000.

PLACEMENT TO EUROPEAN INSTITUTIONAL INVESTORS

On 4 April 2000 Grange announced to ASX that it had arranged a
placement of 8 million ordinary shares at $1.50 per share with one
free option (exercisable at 80 cents each on or before 31 December
2001) for every 2 ordinary shares, to European institutional
investors to raise $12 million before expenses of the issue. The
placement will take place in two tranches as follows:

(i) Tranche 1, which involved the issue of 5 million shares and 2.5
million free attaching Grange 80 cent options, has been completed.

(ii) Tranche 2 involves the issue of 3 million ordinary shares and
1.5 million free attaching Grange 80 cent options, subject to Grange
shareholder approval.

The funds raised by this placement will be available for use in the
implementation and development of the Surfboard business, the
acquisition of which is to be considered by shareholders at a general
meeting to be held on 5 May 2000. If the acquisition is not approved
by shareholders at that meeting, the funds will be available for
other investment opportunities identified by Grange as well as
ongoing working capital requirements.

OTHER SHARE ISSUES

61,630 ordinary shares were issued during the quarter pursuant to the
exercise of Grange 80 cent options.

In April 2000 a further 17,166 ordinary shares were issued pursuant
to the exercise of Grange 80 cent options and 40,000 ordinary shares
were issued in payment of an establishment fee for a finance
facility.

The issued capital of Grange as at 30 April 2000 is as follows:

Ordinary fully paid shares 63,599,040

Options exercisable at 80 cents 31,786,791
on or before 3 December 2001 (listed)

Options exercisable at 84 cents 5,250,000
on or before 30 June 2002 (unlisted)

SHARE BUY-BACK

As announced to ASX on 10 November 1999, the Grange board resolved to
approve an on-market share buy-back of up to 10% of the Company`s
issued capital. This decision was based on the board`s belief that
the relative weakness in the Company`s share price at that time, when
the shares were trading around the 55 to 60 cent level, did not
reflect the underlying value of the Company.

500,000 shares were bought back in December 1999. No shares have been
bought since 20 December 1999.

The date of completion of the share buy-back is 31 May 2000. However,
the agreement with Surfboard prohibits the buy-back of further shares
until completion of the Surfboard transaction or termination of the
agreement.

EQUITY INVESTMENTS

Grange has equity investments in the following companies as at the
date of this report:

(1) ECAT DEVELOPMENT CAPITAL LIMITED (23% shareholding)

Grange has 37,591,340 shares and 36,121,527 options in ECAT. The
current market value of this investment, based on the 26 April 2000
closing prices of 15.5 cents per share and 5 cents per option, is
$7.63 million.

ECAT is a registered pooled development fund listed on ASX (ASX Code:
ECL and ECLOA). Its current stated investment focus is emerging
businesses in the technology industry. Its investment portfolio
includes investments in ASX listed companies - Aussie Online Limited,
Sustainable Technologies Australia Limited, PieNetworks Limited and
Max Multimedia Limited. Investments in private companies include
MatchNet Australia Pty Ltd and PBA Professional Pty Ltd.

(2) ISP LIMITED (12.5% shareholding)

Grange holds 4,436,000 shares in ISP. The current market value of
this investment, based on the 26 April 2000 closing price of 20 cents
per share, is $887,200.

This acquisition cost of the investment is $1,086,000 being an
average of 24.5 cents per shares.

ISP Limited is an Australian based Internet service provider listed
on ASX.

(3) RESOURCES TRADING SYSTEMS PTY LTD (35% shareholding)

Grange acquired a 40% shareholding in RTS for $850,000 in March 1999,
on the basis of a $2.125 million valuation of RTS.

RTS is developing and marketing an industry electronic trading system
for use in the industrial supplies and resources industries that
enables buyers and sellers to buy and sell products by computer over
the Internet.

Grange`s shareholding in RTS was diluted to 35% on 23 February 2000
as a result of an agreement between RTS, the shareholders of RTS and
Geographe Resources Limited under which Geographe subscribed for new
shares in RTS equivalent to 13% of the expanded issued capital of RTS
for a cash consideration of $1.125 million. The subscription for
shares in RTS by Geographe represents Stage 1 of the proposed
acquisition of 100% of RTS by Geographe for a combination of cash and
scrip. Stages 2 and 3 of the acquisition are subject to certain
conditions being fulfilled such as the appointment of a Chief
Executive Officer to RTS, the achievement by RTS of a specified
milestone in the live operation of the RTS system resulting in the
generation of revenue for RTS and the resolution of various other
issues identified by Geographe in the course of its due diligence.

Stage 1 of the Geographe transaction is based on an $8.65 million
valuation of RTS which values Grange`s 35% shareholding at $3.03
million.

(4) AGRICULTURAL TRADING SYSTEMS PTY LTD (18% shareholding).

Grange acquired a 20% shareholding in ATS for $600,000 in March 1999
on the basis of a $3 million valuation of ATS.

ATS is developing and marketing an industry electronic trading system
for use in the agricultural industry that enables buyers and sellers
to deal by computer over the Internet.

Grange`s shareholding was diluted to 18% in March 2000 as a result of
the acquisition by Masmindo Mining Corporation NL of a 8.33%
shareholding in ATS for $500,000 on the basis of a $6 million
valuation of ATS. This values Grange`s 18% shareholding at$ 1.08
million.

The agreement with Masmindo also gives Masmindo a 3 month option to
increase its shareholding in ATS to 26.6% for the payment of a
further $2 million.


MORE TO FOLLOW

[GigiAnderson]

GRANGE RESOURCES LIMITED
Third Quarter Activities Report
Document date: Fri 28 Apr 2000 Released time: Tue 02 May 2000 19:12:24
Document No: 178481 Document part: B
Market Flag: Y
Classification: Third Quarter Activities Report

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
MINING & EXPLORATION ACTIVITIES

MT WINDSOR JOINT VENTURE

Highway Project
(Grange Resources Group ("Grange") 30%
Thalanga Copper Mines Pty Ltd ("TCM") 70%)

During the March quarter 144,321 tonnes of ore grading 4.24% copper
and 1.2g/t gold were processed through the Thalanga plant for the
production of 20,100 tonnes of concentrate containing 25.7% copper
and 1.1 g/t gold.

Modifications to the plant circuit have resulted in a significant
improvement in copper recovery and by the end of the quarter recovery
was in line with the budget for the grade of ore being processed.

Testwork has shown that copper recovery increases with higher grade
and as copper grade increases with depth, recovery of copper is
expected to further increase as mining progresses and adjustments to
the circuit are made.

Since the commencement of processing Highway ore feed rate to the
plant has been progressively increased from 75 tonnes per hour to
approximately 88 tonnes per hour at the end of March.

A summary of production statistics for the Highway Project for the
March quarter and project to date is presented in Table 1.

At the end of March the base of the Highway pit was generally at
1175m RL and approximately 13 million bcm of overburden had been
excavated.

Work on the remediation of the western wall of the pit is progressing
well and on schedule. The above ramp portion of the wall was
completed early in February and the below ramp work is scheduled for
completion by the end of May.

As the pit deepens the rate of mining is reducing significantly and
equipment surplus to requirements is being progressively demobilized.
The current earth moving contract is due for completion when the pit
reaches 1170m RL and consequently tenders for mining below this level
have been called and are being evaluated.

Proceeds to Grange during the quarter from the sale of copper
concentrate and a small parcel of zinc concentrate amounted to
approximately $1.5 million.

TABLE 1
MT WINDSOR JOINT VENTURE
HIGHWAY PROJECT - PRODUCTION STATISTICS FOR COPPER

Dec 99 Mar 00 Project to
Quarter Quarter 31 Mar 00
COPPER ORE
Ore Mined (tonnes) 103,014 151,223 305,242

Ore Milled (tonnes) 83,113 144,321 271,810

Head grade - Copper % 3.95 4.24 3.99
- Gold (g/t) 1.15 1.24 1.15
- Silver (g/t) 9 12 10.93

Metal Recovery - Copper % 82.1 84.4 84.8
- Gold % 10.1 12.4 18.4
- Silver % 24.6 21.8 29.0

Concentrates Produced (tonnes) 10,501 20,100 35,209

Concentrate Grade - Copper % 25.66 25.7 26.1
- Gold (g/t) 0.9 1.1 1.2
- Silver (g/t) 17.5 18.6 20.6

MORE TO FOLLOW

[GigiAnderson]

GRANGE RESOURCES LIMITED
Third Quarter Activities Report
Document date: Fri 28 Apr 2000 Released time: Tue 02 May 2000 20:06:27
Document No: 178481 Document part: C
Market Flag: Y
Classification: Third Quarter Activities Report

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
REWARD PROJECT
(Grange 31.15%, TCM 68.85%)

During the quarter 27,552 tonnes of ore grading 4.83% copper and 0.88
g/t gold were processed through the Thalanga plant for the production
of 3,960 tonnes of copper concentrate containing 26.6% copper and 2.9
g/t gold.

Copper recovery at 79.6% was below budget primarily due to the age of
the ore some of which had been held in stockpile for over 2 months.

A summary of production statistics for the Reward Project for the
March quarter and project to date is presented in Table 2.

TABLE 2
MT WINDSOR JOINT VENTURE
REWARD PROJECT - PRODUCTION STATISTICS FOR COPPER

Dec 99 Mar Project to
QUARTER 2000 31 Mar 00
QUARTER
COPPER ORE
Ore Mined (tonnes) 43,101 - 581,329

Ore Milled (tonnes) - 27,522 571,049

Head grade - Copper (%) - 4.83 9.33
- Gold (g/t) - 0.88 1.37
- Silver (g/t) - 15 22

Metal Recovery
- Copper (%) - 79.6 90.0
- Gold (%) - 47.0 62.1
- Silver (%) - 59.2 72.4

Concentrated Produced (tonnes) - 3,960 164,800

Concentrate Grade - Copper (%) - 26.6 29.12
- Gold (g/t) - 2.9 3.2
- Silver (g/t) - 61 58

MORE TO FOLLOW

[GigiAnderson]

GRANGE RESOURCES LIMITED
Third Quarter Activities Report
Document date: Fri 28 Apr 2000 Released time: Tue 02 May 2000 20:24:39
Document No: 178481 Document part: D
Market Flag: Y
Classification: Third Quarter Activities Report

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
EXPLORATION
(Grange 30%, TCM 70%)

During the quarter further exploration drilling was undertaken on the
Reward Deeps and Conviction massive sulphide deposits and one
exploration hole was drilled into the Robbery Project.

At Reward Deeps a further eight RC holes and one diamond hole were
drilled during February and March from the base of the Highway Pit to
test the massive sulphide body. Results continue to be encouraging
and indicate that the mineralised system has excellent potential for
significant tonnage at good grade.

A summary of drill results is presented in Table 3. Better
intersections include 23m @ 8.9% Cu from 248m REWD 927; 15m @ 5.4% Cu
from 230m in REW 928; 13m @ 8.7% Cu from 147m in REW 929 and 6m @
8.9% Cu from 252m in REW 932.

Holes REW 928 and REW 931 were abandoned prior to completion due to
high water flow. REW 928 was abandoned in mineralisation and REW 931
abandoned prior to reaching target.

A further three RC holes are scheduled in the current programme. Four
diamond drill holes designed primarily to acquire geotechnical data
on the mineralisation are planned to be completed during the June
quarter.

All drilling is being carried out from the Highway pit and
consequently can only be undertaken when a suitable opportunity
occurs in the production schedule.

One RC hole was completed at Conviction during March to test the
continuity of high, grade copper mineralisation. The hole, REW 930,
returned a best intersection of 36 metres @ 9.45% Cu from 174 metres
downhole, confirming the high grade of this deposit. Details of this
hole are provided in Table 3.

One drill hole REW 921 was drilled to test below a zone of anomalous
gold mineralisation at the Robbery Project. The hole intersected
alteration but no significant assays were recorded.

TABLE 3
MOUNT WINDSOR JOINT VENTURE
REWARD DEEPS - SIGNIFICANT DRILL INTERSECTIONS

HOLE CO-ORDINATES RL DIP Az INTERSECTION m GRADE
N E From Length Cu% Au g/t

REWARD DEEPS
REW922 10039 20862 1190 62 135 240 2 2.1 0.81
254 2 2.8 0.65
261 5 2.9 0.36
268 3 3.9 0.31
305 1 2.1 0.4
308 8 4.8 0.74

REW924 100085 20880 1190 63.5 138 150 1 2.5 0.9
154 1 2.1 2.38
157 1 2.3 1.6
163 1 2.2 1.36
166 3 2.8 1.43
173 8 3.1 0.88
183 1 2.5 0.76

REW925 10111 20882 1190 73 136 251 1 2.1 0.6
259 5 2.34 0.61

REWD927 10151 20881 1190 43 138 248 23 8.9 0.7

REW928 10110 20880 1190 70 136 230 15 5.4 0.68

REW929 10160 20885 1190 60 90 83 2 3.49 1.46
87 4 2.57 1.26
147 13 8.69 1.48

REW931 10097 20870 1183 69 90 234 8 3.24 0.27

REW932 10070 20863 1181 69 90 252 6 8.92 0.44

CONVICTION
REW930 10010 20762 1180 67 90 163 1 4.45 0.53
174 36 9.45 0.80
218 1 2.13 0.04
220 1 2.23 0.04
223 3 5.36 0.17

MORE TO FOLLOW

[GigiAnderson]

GRANGE RESOURCES LIMITED
Third Quarter Activities Report
Document date: Fri 28 Apr 2000 Released time: Tue 02 May 2000 20:36:42
Document No: 178481 Document part: E
Market Flag: Y
Classification: Third Quarter Activities Report

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
FRESHWATER
(Homestake Mining Company ("Homestake") 100%, Grange Production
Royalty)

Homestake has provided the following information on activities
relating to the Freshwater project during the March quarter.

OPERATIONS

During January mining was completed at the Trout pit and the
remaining stockpiled ore and ore mined during January were milled.

At Area 4 some mining took place on that part of the pit covered by
the Freshwater leases. The ore won from the Area 4 pit has yet to be
reconciled with respect to the Royalty Agreement.

Mining commenced at the Redfin deposit during March. The footprints
for the waste dump and open pit were cleared and some drilling and
blasting took place.

Construction of the Perch in pit tailings storage facility took place
during the quarter. Commissioning is scheduled for April.

Planning continued at the Bream deposit which straddles the
Freshwater lease boundary.

Production statistics for the quarter are summarised in Table 4


TABLE 4
OPERATING STATISTICS - FRESHWATER TENEMENTS

DECEMBER 1999 QUARTER MARCH 2000 QUARTER

MINING
Ore Mined (bcm) 57,666 13,540
Total Material (bcm) 613,681 36,753

Ore mined (tonnes) 143,928 23,103

TREATMENT
Ore Milled (tonnes) 266,726 63,816
Head Grade (g/t) 2.26 3.43
Gold Produced (oz) 18,782 6,787
Royalty payable to Grange($) 324,367 80,180
Cash Operating Cost ($/oz) 423.2 232.3

DEVELOPMENT DRILLING

Development drilling was undertaken on the Bream and Redfin project
areas during the March quarter.

23 RC holes aggregating 2433 metres were completed at Bream with
significant intersections (> 1m @ 1 g/t Au) being recorded from 12 of
these holes (Table 5)

4 RC holes aggregating 320 metres were completed at Redfin. No
significant intersections were recorded.

TABLE 5
FRESHWATER AREA - BREAM PROJECT
SIGNIFICANT DRML INTERSECTIONS

HOLE CO-ORDINATES FROM TO LENGTH (m) g/t Au
N E >1M @ 1g/t

Bream
FRC 8800 9180 11480 52 53 1.00 6.02
59 61 2.00 1.40
97 98 1.00 5.31
200 201 1.00 2.94

FRC 8802 9170 11520 57 58 1.00 1.06
FRC 8803 9170 11540 48 51 3.00 1.15
61 66 5.00 1.20
69 70 1.00 1.07
FRC 8804 9170 11560 39 40 1.00 1.09
43 44 1.00 1.34
FRC 8807 9095 11480 23 26 3.00 1.74
34 35 1.00 1.95
FRC 8808 9090 11460 14 15 1.00 2.50
24 30 6.00 2.73
FRC 8809 9110 11460 30 39 9.00 2.36
45 49 4.00 2.89
77 78 1.00 3.12
FRC 8810 9080 11580 8 9 1.00 1.06
18 19 1.00 1.79
21 33 12.00 2.57
134 135 1.00 2.48
FRC 8812 9130 11520 41 42 1.00 2.42
FRC 8814 9150 11440 66 68 2.00 1.13
FRC 8815 9130 11460 33 34 1.00 0.97
46 49 3.00 2.38
53 54 1.00 1.13
55 56 1.00 0.79
118 119 1.00 1.54
FRC 8817 9130 11620 24 25 1.00 2.39
28 29 1.00 1.37

MORE TO FOLLOW

[GigiAnderson]

GRANGE RESOURCES LIMITED
Third Quarter Activities Report
Document date: Fri 28 Apr 2000 Released time: Tue 02 May 2000 20:42:45
Document No: 178481 Document part: F
Market Flag: Y
Classification: Third Quarter Activities Report

--------------------------------------------------------------------------------
GRANGE RESOURCES LIMITED 2000-04-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
EXPLORATION

As part of a gravity survey over the Plutonic Mine area 407 stations
were measured on the Freshwater leases. The area west of Perch and
south of Salmon was covered on a 500m x 100m spacing.

Three RC holes (two with diamond tails) were drilled to test gravity
highs below the westerly dipping granite greenstone contact at South
Perch. Below the overthrust granite a greenstone sequence containing
a carbonated and pyrite - arsenopyrite altered mafic was intersected.
Although significant arsenic results were recorded only minor gold
mineralisation was intersected. Best intersections were
1m @ 5.18 g/t Au from 345m in FRC 1643 and 0.4m @ 4.16 g/t Au from
326m in FRCD 1640.

RESERVES AND RESOURCES

During the quarter Homestake provided Statements of Ore Reserves and
Mineral Resources within the Freshwater tenements as at
31 December 1999. These are summarized in Tables 6 and 7
respectively.

It should be noted that the Area 4, Bream and Plutonic East deposits
straddle the boundary of the Freshwater leases. The reserves quoted
in Table 6 for theses deposits are for the portion contained within
the Freshwater leases only. However, the resources quoted in Table 7
for these deposits are the total deposit resources. Homestake has
advised that approximately 35% of the total Bream deposit resources
and 60% of the Plutonic East deposit resources lie within the
Freshwater leases.

TABLE 6
FRESHWATER PROJECT ORE RESERVES AS AT 31 DECEMBER 1999

LOCATION CATEGORY TONNES GRADE CONTAINED
g/t Au OUNCES Au

Trout Pit Proved 10,000 2.7 900
Area 4 Pit Proved 57,000 2.9 5,500
Bream Pit Proved 84,000 2.4 6,500
Redfin Pit Proved 73,000 2.9 6,800

TOTAL Proved 224,000 2.7 19,700

Trout Stockpile 41,000 2.3 3,000
Perch Low Grade Stockpile 596,000 0.9 17,200
Salmon Low Grade Stockpile 508,000 0.9 14,700

Total Stockpiles 1,268,000 0.9 38,500

Total Open Pit Reserves 1,492,000 1.2 58,200

Plutonic East Underground Probable 394,000 6.5 82,300

TOTAL FRESHWATER RESERVES 1,886,000 2.3 140,500


TABLE 7
FRESHWATER PROJECT MINERAL RESOURCES AS AT 31 DECEMBER 1999

LOCATION CATEGORY TONNES GRADE CONTAINED
g/t Au OUNCES Au

Bream Deposit Measured 113,000 1.6 5,700
Indicated 8,000 1.6 400
TOTAL BREAM DEPOSIT 121,000 1.6 6,100

Redfin Deposit Measured 49,000 2.7 4,200

Perch Deposit Indicated 518,000 2.2 36,600
Inferred 46,000 2.2 3,300
TOTAL PERCH DEPOSIT 564,000 2.2 39,900


TOTAL FRESHWATER OPEN PIT RESOURCES 734,000 2.1 50,200

Plutonic East Underground Indicated 559,000 5.6 101,000
Inferred 80,000 6.0 15,400

TOTAL PLUTONIC EAST UNDERGROUND 639,000 5.7 116,400


TOTAL FRESHWATER RESOURCES 1,373,000 3.8 166,600



NOTES

* Measured and Indicated Resources are exclusive of those Mineral
Resources modified to produce the Ore Reserves.

* Mineral Resource estimates were completed using a sectional/level
plan method for Trout and inverse distance/block modelling for Bream,
Perch, Redfin & Plutonic East.

* Reverse circulation drilling and diamond drilling samples only were
used to the resource estimates.

* Open pit Resources and Reserves are reported at a lower cut-off
grade of 1.0g/t Au.

* Underground Resources and Reserves are reported at a lower cut-off
grade of 3.0g/t Au.

* High assay cuts applied to resource estimates are based on
statistical analyses of assay data.

* Open pit Resources and Reserves are inclusive of dilution.
Appropriate dilution and mining recoveries are included in the
underground Reserves.

* Density values used for resource estimates were determined from
measurements on HQ3 drillcore and rock samples representing ore
types.

* Metallurgical recoveries for ore types were determined from
testwork on drillhole samples and/or actual plant performance.

* All gold assays were completed using the fire assay method at
commercial laboratories. Extensive sampling checks were completed.
Assay checks included the use of site and commercial standards.
Interlab assay checks were carried out.

* Open pit Ore Reserves are contained within mineable open pit
designs based on pit outlines generated using Whittle 4D software.

* Gold price used for reserves estimated in 1999 was A$475.

* Underground Reserve estimates are supported by appropriate mine
design studies and economic analyses.

* Stockpile tonnages are based on surveyed volume measurements and
appropriate bulk density estimates.
Assigned grades are based on grade control estimates.

* Because of rounding, tonnage and grade figures may not multiply to
give exact contained ounces figures.

This reserve and resource statement has been prepared by Maurice
Rowley, a corporate member of the Australasian Institute of Mining
and Metallurgy with more than five years experience relevant to the
type of mineralisation concerned. Mr Rowley is a full time employee
of Homestake Gold of Australia Limited. Homestake Gold of Australia
has consented in writing to the information being included in the
form and context in which it appears.


OTHER PROJECTS

No field activities were undertaken on the Company`s other
exploration projects during the quarter.


Unless otherwise stated, technical information in this announcement
is based on, and accurately reflects, information compiled by Mr Alex
Nutter, Technical Director, a full time employee of Grange Resources
Limited who is a member of The Australasian Institute of Mining and
Metallurgy and the Australian Institute of Geoscientists with more
than 5 years experience in the field of activity in which he is
reporting.



A Nutter
TECHNICAL DIRECTOR

[T4Two]

Bei Surfboard (Grange) ist am 30.11. Hauptversammlung

Wenn ich mal kurz zusammenfassen darf: Grange (Explorer), ein gesundes und erfolgreiches Unternehmen kauft Surfboard und ändert seinen Namen in Surfboard. Surfboard betreibt eine Finanzplattform, die nur Geld kostet und nichts einbringt. Surfboard muß meines Erachtens im letzen Jahr so um die 10 Mio.A$ für Personal und laufende Kosten vernichtet haben. Bis vor kurzem hatten sie mal 91 Angestellte, aber 20 kosten ja auch nicht gerade wenig. Die zu erwartende Gewinne aus dem Minengeschäft, ich schätze sie auf 15-20 Mio werden dann zum größten Teil auch wieder für die Surfboard-Leute drauf gehen. Oder anders ausgedrückt: So stopft man mit Gewinnen die Verlustlöcher. Auch eine Möglichkeit eine Aktie in den Keller zu treiben. Oder was?

Was passiert bei der HV? 2 Direktoren sollen wiedergewählt werden und ein neuer soll hinzukommen. Wenn ich die ASX-Announcements richtig gelesen habe, dann hat ein Großaktionär die Aufnahme des neuen Direktors beantragt. Hat der auch die Schnauze voll? Will er das Stimmverhältnis im Bord verändern? Im Moment haben die Surfboard-Leute ja eine Stimme mehr im board (oder wie seht Ihr das?), und können damit ständig verhindern, daß ihrer dusseligen Geschäftsidee endlich ein Ende bereitet wird. Cash ist wohl auch noch da. Damit kann man ja wohl was besseres anfangen als arbeitslose Angestellte zu finanzieren. Ich habe meine Stimme auf den Weg gebracht. Hoffentlich nützt es was und ich kombiniere richtig. Wenn die es schaffen, sich von diesem Surfboard-Quatsch zu trennen, dann hat diese Aktie wieder eine Chance.

Naja, ist eben meine Meinung
T4Two

[gholzbauer]

Oh, Grange, eine der wenigen brauchbaren Empfehlungen des ...

Wenn ich damit nicht die Dominions, Heralds, ... wettgemacht hätte, könnte ich mächtig sauer sein, aber zum Glück liegt all das hinter uns...