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RGL News: November 26, 2003

FNQ Focussed Republic Gold To Explore Historic Palmer River Goldfield

Republic Gold Limited (Republic) will begin an exploration programme in the historic Palmer River Goldfield at the completion of its Initial Public Offering (IPO) to raise $ 5.6 million, Republic Managing Director, John Kelly said in Cairns. Republicís IPO opens to investors tomorrow and Mr Kelly is in Cairns today visiting stockbrokers.

Mr Kelly said that Republic believed that the Palmer River Goldfield, in which 35,000 miners, many of whom were Chinese, produced over 1,300,000 ounces of gold from 1873 until the early 1890s, is highly prospective with outstanding potential for the discovery of new mineralisation and the expansion of mineralisation already discovered.

Mr Kelly said that Republic has assembled a portfolio of tenements and joint ventures in the Hodgkinson Basin, that includes the Palmer River Goldfield, that total 3,246 square kilometres.

He said that Republic could be producing moderate amounts of gold within 18 months in FNQ and was aiming to be a substantial gold producer in the region within 3 to 5 years.

Republic Gold Limited is a newly incorporated public company. Its directors are Mr. Tom Linardos as Non-Executive Chairman, Mr. John Kelly as Managing Director and Mr. Chris Roberts and Mr. Greg Barns as Non-Executive Directors.

Republicís IPO is open to investors until December 15, with the company expecting to list on the ASX on December 24.

Mr Kelly said that Republic was keen to ensure that investors who live in FNQ have an opportunity to invest in a company that is operating in the area. Republic intends to establish an office in Mareeba next year.

Mr Kelly said investors can now download Republicís Prospectus at republicgold.com.au.

Republic will apply the highly successful geological model developed at the Fosterville Gold Mine, near Bendigo, to its tenements in the Hodgkinson Basin. This geological model now sees the Fosterville Gold Mine with a total gold endowment of more than 2,500,000 ounces of gold. The technical directors of Republic have more than twenty years of combined experience with Fosterville style mineralisation.

For more information, please contact: Greg Barns ([email protected]) on 0419 691 846 or John Kelly ([email protected]) on 0418 577579.

This news item can be viewed on the Web at http://www.republicgold.com.au/news/2003-11-26.php.