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Heritage Gold NZ Ltd Distributes E-Analyst Shares

Heritage Gold NZ Limited

Press Release

The directors of Heritage Gold NZ Ltd have resolved to distribute in specie some of the 55 million shares in its wholly owned subsidiary E-analyst Ltd to shareholders of Heritage in the ratio of one E-analyst share for every three Heritage shares. Fractions will be rounded up to the nearest whole number.

E-analyst is a recently incorporated company that has no assets. For company law purposes the distribution will be treated as a dividend of nil value and no imputation credits will be attached to the dividend.

Heritage will retain a residual equity interest in E-analyst following the distribution.

Only shareholders will be eligible to participate in the distribution and entitlements will be determined at 5.00pm on Friday, 11 February 2000 (_Record Date_).

Option holders will not be eligible to participate unless they have exercised their options (by completing and returning the Exercise of Options and Application for Shares form along with payment of NZ25 cents for each option exercised) and been issued shares prior to 5.00pm on the Record Date.

The total number of E-analyst shares to be distributed to Heritage shareholders will depend on the number of options exercised and converted to ordinary Heritage shares prior to the Record Date.

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