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More High-Grade Mineralisation At Phuoc Son

Media release

For immediate release

More High-Grade Mineralisation At Phuoc Son Gold Project

Auckland –19 April 2001 – Zedex Limited today announced that drilling has intersected very significant high-grade mineralisation in another of its drill holes at the Phuoc Son gold project in Central Vietnam. The drill hole, DSDH-67 is located within the Bai Go sector of Phuoc Son and is one of seven holes that have been drilled since January, to test the limits of a shoot of high-grade Au-Ag-Pb-Zn mineralisation within the sector.

DSDH-67 intersected appreciable mineralisation in three separate vein sections. These results confirm that the Bai Go high-grade shoot extends further to the west (i.e. down-dip) beyond the present limit of drilling. The Bai Go shoot also remains open along strike to the north. Further drilling (DSDH-68 -70) is therefore now in progress to investigate the grade and extent of the Bai Go shoot projections in these directions. It is reported that to date, DSDH-70 has intersected over 50 metres of quartz veining within the target zone.

As shown in the table, DSDH-62 intersected comparatively thin high-grade mineralisation, while holes DSDH-63–66 intersected subeconomic gold values. These holes therefore partially define the apparent south-easterly and south-westerly limits of the Bai Go shoot.

At Bai Gio (700m NE of Bai Go), 3 additional holes (DSDH-71–73) were drilled to investigate the down-dip projection of a high-grade shoot that was previously channel sampled from underground artisan workings. These holes each intersected several zones of silicification and sheeted quartz veining. Assays are presently awaited.

At Nui Vang (600m SE of Bai Gio), a prominent gold-copper soil anomaly is coincident with extensive quartz float and strong detrital gold dispersion within lateritic soils, residual upon a large ultramafic intrusive. A program of soil geochemistry, geological mapping and trenching is progress to delineate targets for drilling.

At Bo (3km NE of Bai Go), a drill access road is being constructed in preparation of the planned second quarter drilling of a steeply dipping, northerly striking zone of gold and base-metal mineralisation, hosted within greenschist metavolcanic rocks.

At Bai Dat (1km south of Bai Go), further targets are being considered to extend the Bai Dat high-grade shoot, which has to date been intersected in 24 drillholes.

Elsewhere within the project area, drill target definition programs (including detailed geological mapping and rock chip geochemistry) are now in progress to investigate a further ten prospective zones of outcropping mineralisation. These sites are being assessed for possible drilling investigation during the 2nd half of 2001.

Further exploration results will be released as they become available.

Selected preliminary drill assay results (> 1 g/t Au) are presented below.


PHUOC SON GOLD PROJECT (BAI GO SECTOR)

1ST QUARTER 2001 DRILL RESULTS
Drill hole # 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-61 95.40 96.00 0.60 1.97 4.52 0.13 1.00 0.02 0.01 0.01
115.00 137.00 22.00 72.18 5.76 0.17 7.55 0.22 0.73 0.29
Including: 125.00 137.00 12.00 39.37 9.71 0.28 9.50 0.28 0.91 0.00
125.00 133.00 8.00 26.25 13.42 0.39 14.13 0.41 1.35 0.00
128.00 131.00 3.00 9.84 21.32 0.62 25.00 0.73 2.39 0.00
DSDH-62 88.60 89.20 0.60 1.97 2.78 0.08 8.00 0.23 0.30 0.00
99.35 100.05 0.70 2.30 2.47 0.07 1.00 0.03 0.05 0.00
100.05 100.75 0.70 2.30 24.77 0.72 28.00 0.81 3.57 0.01
105.00 106.00 1.00 3.28 1.19 0.03 0.00 0.00 0.00 0.01
DSDH-63 103.40 104.80 1.40 4.59 1.02 0.03 0.00 0.00 0.00 0.00
DSDH-65 116.20 116.50 0.30 0.98 2.14 0.06 1.00 0.03 0.05 0.02
DSDH-67 * 128.00 143.30 8.60 28.22 23.33 0.68 Assays not yet available **
Including: 128.00 128.60 0.60 1.97 9.12 0.27
128.60 129.00 0.40 1.31 235.03 6.86
129.00 129.80 0.80 2.62 22.80 0.67
133.00 134.00 1.00 3.28 5.79 0.17
138.70 139.40 0.70 2.30 3.15 0.09
139.40 140.30 0.90 2.95 3.54 0.10
140.30 141.50 1.20 3.94 37.24 1.09
142.00 143.30 1.30 4.27 19.60 0.57


* In 3 separate sections

** Complete assay analyses, including silver, lead and zinc assays, should be available next week.

ENDS

About Zedex
Zedex Limited’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 24.71% 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.


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