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Spinifex Gold NL
2/16/00 - Response To ASX Query - Share Price
HOMEX - Perth
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Response to ASX Query - Share Price

RESPONSE TO ASX QUERY
We refer to your inquiry in relation to an increase in the Company`s
share price from 18.5 cents on Wednesday, 9 February 2000 to 24 cents
today, Thursday 17 February 2000.

1. There are no matters of importance concerning the Company about to
be announced to the market or security holders.

2. The Company is not aware of any information concerning it, which
may reasonably be regarded as an explanation for recent trading in
the Company`s securities.

3. It should be noted that on 31 January 2000, the Company announced
that it had entered into an agreement for the exercise of options
exercisable at 20 cents expiring on 31 January 2000. The Company also
announced that the directors had resolved to investigate and make
appropriate investments (subject to shareholder approval of a change
in the Company`s status) in the non mining sector. At present, the
Company has made no specific plans in this regard nor have any
specific investment opportunities been identified.

The Company is currently drilling on its high grade Nyakafuru gold
resource in Tanzania. As previously announced to ASX, an RC and RAB
drilling program for 5000m and 2000m respectively started in late
January to increase the Nyakafuru resource base to 0.5m oz and to
explore possible extensions and targets identified by geophysics. The
Company is not in a position to announce any results at this stage.

4. The Company confirms that it is in compliance with ASX Listing
Rules and, in particular, Listing Rule 3.1 (immediate notification of
material information).

R Gajewski
MANAGING DIRECTOR

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ASX QUERY

We have noted a change in the price of Spinifex Gold NL`s (the
"Company") securities from 18.5 cents on 9 February 2000 to a high of
24 cents today. We have also noted an increase in the volume of
trading in the securities over this period.

In light of the price change and increase in volume, please respond
to each of the following questions.

1. Is the Company aware of any information concerning it that has not
been announced which, if known, could be an explanation for recent
trading in the securities of the Company?

2. If the answer to question 1 is yes, can an announcement be made
immediately? If not, why not and when is it expected that an
announcement will be made?

Please note, if the answer to question 1 is yes and an announcement
cannot be made immediately, you need to contact us to discuss this
and you need to consider a trading halt (see below).

3. Is there any other explanation that the Company may have for the
price change and increase in volume in the securities of the Company?

4. Please confirm that the Company is in compliance, with the listing
rules and, in particular, listing rule 3.1.

Your response should be sent to me on facsimile number (08) 9221
2020. It should not be sent to the Company Announcements Office.

Unless the information is required immediately under listing rule
3.1, a response is requested as soon as possible and, in any event,
not later than 5pm WST on Thursday 17 February 2000.

The response must be in a form suitable, for release to the market.
If you have any concern about release of a response, please contact
me immediately.

LISTING RULE 3.1

Listing rule 3.1 requires an entity to give ASX immediately any
information concerning it that a reasonable person would expect to
have a material effect on the price or value of the entity`s
securities. The exceptions to this requirement are set out in the
rule.

In responding to this letter you should consult listing rule 3.1 and
the guidance note titled "Continuous disclosure: listing rule 3.1".

If the information requested by this letter is information required
to be given to ASX under listing rule 3.1 your obligation is to
disclose the information immediately.

Your responsibility under listing rule 3.1 is not confined to, or
necessarily satisfied by, answering the questions set out in this
letter.

TRADING HALT

If you are unable to respond by the time requested, or if the answer
to question 1 is yes and an announcement cannot be made immediately,
you should consider a request for a trading halt in the Company`s
securities. As set out in listing rule 17.1 and the guidance note
titled "Trading halts" we may grant a trading halt at your request.
We may require the request to be in writing. We are not required to
act on your request. You must tell us each of the following.

* The reasons for the trading halt.
* How long you want the trading halt to last.
* The event you expect to happen that will end the trading halt.
* That you are not aware of any reason why the trading halt should
not be granted.
* Any other information necessary to inform the market about the
trading halt, or that we ask for.

The trading halt cannot extend past the commencement of normal
trading on the second day after the day on which it is granted. If a
trading halt is requested and granted and you are still unable to
reply to this letter before the commencement of trading, suspension
from quotation would normally be imposed by us from the commencement
of trading if not previously requested by you. The same applies if
you have requested a trading halt because you are unable to release
information to the market, and are still unable to do so before the
commencement of trading.

If you have any queries regarding any of the above, please let me
know.

A Walsh
ASSISTANT MANAGER LISTINGS