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Assay Results From Phuoc Son Project

NEWS RELEASE

For Immediate Release


ASSAY RESULTS FROM PHUOC SON PROJECT

Auckland – 12 September 2000 - Zedex Limited today announced further assay results from its ongoing drilling program at the Phuoc Son gold project. The property is located approximately 140 kilometres (90 miles) by road, west of the coastal city of Danang in central Vietnam. Drilling is continuing on both the Bai Dat and Bai Go mineralised zones, which are located on a single fault/shear structure. Bai Go is on strike with Bai Dat, but located about one kilometre to the north.

Drill hole DSDH-45 was recently completed in the Bai Go area. As is normal procedure, the drill core was split and selected samples were sent for fire assay to Genalysis Laboratory Pty Ltd of Perth, Western Australia. In total, 17.0 metres of split core intercept were selected for assay in Australia.

The material selected for assay in Australia appeared to be unusually well mineralised. As a check procedure, 12.15 metres of the most mineralised section of drill core were re-split and sent to the Bondar Clegg laboratory in North Vancouver for check assay. The check assay results are now available. Selected results are shown below in Table I.

Table I

Phuoc Son Selected Drill Results
Bai Go Sector of the Dak Sa Shear Zone

Drillhole # Depth of Intercept Length of Intercept Assays
Au Ag Pb Zn
From (m) To
(m) Metres Feet g/t oz / short ton g/t oz / short ton % %
DSDH – 45 118.00 127.15 9.15 30.02 34.95 1.02 98.96 2.89 7.41 0.22
Including 120.00 126.00 6.00 19.69 52.06 1.52 133.65 3.90 9.28 0.26

118.00 119.00 1.00 3.28 1.71 0.05 32.80 0.96 4.26 0.06
119.00 120.00 1.00 3.28 1.24 0.04 68.70 2.00 7.84 0.34
120.00 121.00 1.00 3.28 28.05 0.82 82.40 2.40 6.28 0.20
121.00 122.00 1.00 3.28 61.13 1.78 197.80 5.77 14.27 0.28
122.00 123.00 1.00 3.28 53.92 1.57 128.20 3.74 9.74 0.03
123.00 124.00 1.00 3.28 18.37 0.45 182.40 5.32 14.83 0.02
124.00 125.00 1.00 3.28 14.43 0.42 24.70 0.72 0.67 0.01
125.00 126.00 1.00 3.28 136.45 3.98 186.40 5.44 9.87 1.03
126.00 127.15 1.15 3.77 3.89 0.11 1.80 0.05 0.06 0.02

The original split core that was sent to Australia is now being assayed. Results will be announced as soon as available.

Drill hole DSDH-45 is located 25 metres south of DSDH-40, which also demonstrates that a very high-grade core exists within the mineralised zone delineated to date at Bai Go.

The Bai Go mineralised zone has now been intersected in four drill holes as shown in Table II.

Table II
Significant Assays from Selected Intervals
Bai Go Area

Drill hole # Depth of Intercept Length of Intercept Assays
Au Ag Pb Zn
From (m)
To
(m) Metres Feet g/t oz/ton g/t oz/ton % %
DSDH 27 83.90 85.00 1.10 3.61 10.68 0.31 126.00 3.67 11.43 0.03
DSDH 28 101.00 104.00 3.00 9.84 13.26 0.39 7.33 0.21 0.84 0.01
DSDH 40 137.00 144.00 7.00 22.97 10.62 0.31 27.58 0.80 3.82 0.64
DSDH 45 118.00 127.15 9.15 30.02 34.95 1.02 98.96 2.89 7.41 0.22

Weighted average lower intercept: 5.06 16.61 22.01 0.64 62.18 1.81 5.41 0.32


From Table II it can be seen that the average mineralised intercept at Bai Go exceeds 5.00 metres (16.61 feet) and that the weighted average grade encountered to date at Bai Go is 22.01 g/t Au (0.64 oz/ton Au), 62.18 g/t Ag (1.81 oz/ton Ag), 5.41% Pb and 0.32% Zn.

The above assay results are regarded by the Company as very encouraging and indicate that the mineralisation at Bai Go is locally of greater thickness and grade than that identified to date at Bai Dat.

Zedex chairman David Seton said, “These results support the previous results in our drilling programme and confirm the considerable potential of the Phuoc Son project. We are committed to a continuing exploration programme aiming to increase the resource inventory to a level at which mining production of gold, silver, lead and zinc on a significant scale may be feasible. Our strategy will be to continue exploration to enhance the mineral resource inventory and to advance the properties towards early mine development and production.”

Drilling will continue both at Bai Dat and Bai Go until the start of the monsoon season in early November.

Assay results from Genalysis Laboratory of Perth, Western Australia and check assay results from Bondar Clegg of North Vancouver will continue to be released as they become available.

About Zedex
Zedex Limited (formerly Iddison Holdings) was incorporated in February 1999 to acquire the Vietnamese assets previously owned by IT Capital Limited. Zedex’s major focus is gold exploration in the Phuoc Son gold, silver and base metal project. The company holds a strategic two-fold interest in the joint-venture company, New Vietnam Mining Corporation (NVM), which owns the Exploration Licences under which mineral tenure is held. Zedex holds a 10.18% direct interest in NVM and Zedex is the largest shareholder, with a 23.66% interest, in Canadian listed company, Olympus Pacific Mineral Inc. Olympus holds a controlling 57.18% interest in NVM and is also the project operator. The other joint venture partner in NVM is Ivanhoe Mines Limited, which adds its 32.64% interest in NVM to its other substantial worldwide mining interests.

ENDS

For further information, please contact:
Paul Seton, Zedex Limited, +64 9 379 8787, paul@zedex.co.nz
Allan Botica, Botica Conroy & Associates, +64 21 400 500, allanb@bca.co.nz

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