ANNOUNCEMENTS

2002 Announcements

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• Pre-feasibility study (PFS) indicates that additional resources and reduction in capital and operating costs are required for the Project to meet the Company's economic hurdles.
• To improve PFS outcomes, exploration is focusing on defining additional resources in extensions to known deposits and in defining new deposits.
• Drill-testing for extensions of Cikoneng and Cibitung deposits started in early October.
• Regional exploration encouragement with high grade channel sample, 3.3m @ 11.4 g/t Au and 51 g/t Ag, from trenching at Rorah Kadal prospect.

Mt Alexander Goldfields - Victoria, Australia

• Land position expanded to include the Sebastian and Raywood tenements located northwest of Bendigo.
• The Company now controls a significant package of highly prospective exploration ground both north and south of the historic Bendigo goldfield.
• Compilation of all historical and previous exploration data, covering the Mt Alexander Tenements and the Sebastian and Raywood Tenements, commenced.

Expenditure

• Exploration expenditure during the quarter was A$308,207

For details, click here.

Austindo Resources Corporation NL (“ARX”), has today expanded its ground position in the prospective historic goldfields around the Castlemaine region of Victoria, Australia.

As foreshadowed in the 2001 Annual Report, Austindo has been actively seeking opportunities to broaden its portfolio and to provide an appropriate spread of geographic risk. As part of this program Austindo announced, on 4 June 2002, the acquisition of Mt Alexander Goldfields NL (MAG). MAG holds 213km2 of exploration licences, 225ha of mining licences in the Castlemaine district of Victoria, Australia. MAG also owns an 80,000tpa CIP plant at Wattle Gully, which is currently under care and maintenance.

The Company has strengthened in its land position in this historic goldfield with the signing of agreements with both Horizon Energy and Resources Pty Ltd (“Horizon” - a 100% subsidiary of Enoch's Point Pty. Ltd.) and with Greater Bendigo Goldmines NL (“GBG”).

GBG is the holder of EL 3105 (Sebastian), some 8 km_, located 20 kilometres northwest of Bendigo (refer attached plan). MAG has a 12 month option period in which it may elect to enter into a joint venture with GBG and thereafter may earn up to 75% of EL 3105 by spending $200,000 on exploration within a 2 year period.

Horizon is the holder of EL 4536 (“Raywood”), some 73 km_ surrounding the Sebastian property (EL 3105). MAG has a 12 month option period in which it may elect to enter into a joint venture with Horizon and thereafter may earn up to 80% of Raywood by spending $1,000,000 on exploration within a 4 year period. If MAG earns a 75% interest in Sebastian pursuant to its agreement with GBG, then this interest will be treated as a joint venture asset in which MAG will hold 80% and Horizon will hold 20%.

In signing these agreements ARX has built a geologically and geographically focused land position in the historic gold producing areas north and south of Bendigo. The MAG acquisition, together with these newly signed agreements, will allow Austindo to bring to bear its proven expertise in exploring for high grade narrow vein and reef type deposits to this extensive and extremely prospective region.

ARX considers that there are excellent opportunities to revitalise mining and exploration in and around the Castlemaine area, where Bendigo style mineralisation is known to exist. Recent work at Bendigo is demonstrating how this style of mineralisation repeats both at depth and along adjoining anticlinal structures.

Austindo Resources Corporation NL (ASX Code: ARX), an Australian based exploration company, has today announced the outcome of the Preliminary Feasibility Study (PFS) on its 72.3% owned Cibaliung Gold Project in Banten Province, Indonesia.

The PFS, which commenced in April 2002 was based on a gold price of US$ 300 and aimed to develop capital and operating costs to within a level of accuracy of +/- 20% for the underground mining of the Cikoneng and Cibitung high grade epithermal deposits.

The major findings of the PFS are as follows:

• Definition of a diluted mineable resource of 835,000t at 10.5 g/t Au and 71 g/t Ag (306,800 Ozs AuEq.) at a cutoff grade of 7 g/t Au;
• A mine life of about 6 years with production ramping up to 150,000 tonnes per annum with recovery of gold and silver by a conventional gravity-CIL processing plant;
• An initial capital estimate of some US$ 23 million; and
• Average life of mine cash operating costs of US$ 200/Oz.

At present the project does not meet the company’s economic hurdles. The PFS has identified a number of areas where further work could provide improvements in project revenues. These include increasing the size of the resource, improving metallurgical recovery and reducing the capital and operating costs.

Reflecting the potential of the Cibaliung Project, the Board has allocated US$ 720,000 to be spent over the next 12 months at Cibaliung. This program will include drilling to define extensions to the Cikoneng and Cibitung deposits, surface exploration to locate and drill additional targets in the adjacent areas and a review of project parameters and costings.

Yours sincerely



Andrew J Cooke
Company Secretary

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Cibaliung Project - Banten, Indonesia

• A Preliminary Feasibility Study commenced in mid-April and results are expected in August;
• Detailed mapping of MMI anomalies adjacent to the Cikoneng-Cibitung trend has provided encouraging results;
• At three prospects, Cikamancing, Rorah Kadal & Cikeni further work with the objective of defining drill targets is planned.

Corporate

• Mt. Alexander Goldfields, which holds prospective tenements in Victoria was acquired on 4 June 2002 for A$300,000.
• The Company held its Annual General Meeting on 28 May 2002 in North Sydney.

Expenditure

• Total exploration expenditure for the quarter was A$ 236,250.

For details, click here.

Austindo Resources Corporation N.L., an Australian based company currently exploring for precious metals in Indonesia, is pleased to announce the acquisition of Mt Alexander Goldfields N.L. (MAG). Austindo will acquire 100 percent of MAG for a cash consideration of A$300,000.

MAG is an Australian company with an extensive exploration and mining tenement position which encompasses the whole of the Mt Alexander goldfield in the Castlemaine district of Victoria, Australia. MAG was responsible for the consolidation of all of the Mt Alexander goldfield tenements, which historically produced more than 5.6 million ounces of gold. The Mt Alexander goldfield is the southern extension of the Bendigo goldfield and is considered highly prospective for Bendigo style high grade reef mineralisation.

In addition to holding 213 square kilometers of exploration licenses, MAG holds 345 hectares of mining licenses and owns an 80,000 tonne per annum CIP plant which is currently under care and maintenance.

As foreshadowed in the 2001 Annual Report, Austindo has been actively seeking opportunities elsewhere in the Australasian region, in order to broaden its portfolio and to provide a spread of geographic risk. The MAG tenements contain a number of prospective, high grade, exploration targets which will now be followed up. This acquisition will allow Austindo to bring to bear its proven expertise in exploring for high grade narrow vein and reef type deposits to this extensive and extremely prospective goldfield. Austindo considers that there are excellent opportunities to revitalise mining and exploration in and around the Castlemaine area, where Bendigo style of mineralisation is known to exist.

As previously announced, the Company is also conducting a preliminary feasibility study into a potential 50,000 ounce per annum gold mine at its Cibaliung Project in Indonesia. The results of this study will be available in July, when a decision will be made whether to proceed to a full scale feasibility study.

For further details contact:

Andrew J. Cooke,
Company Secretary
Austindo Resources Corporation NL

The Company’s Annual General Meeting was held today in accordance with the Notice of Meeting issued to all shareholders.

The resolution to re-elect Mr. George S. Tahija as a director of the Company was passed by a show of hands.

Proxy details in respect of this resolution were as follows :

(i) there were 92,185,546 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were no proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 100,000 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 172,784,044 proxy votes in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

Yours sincerely


Andrew J Cooke
Company Secretary

The following addresses are to be presented to the Company's Annual General Meeting to be held today and are announced in accordance with Listing Rule 3.13.3:

The Chairman's Address will be presented by Mr. George S. Tahija:

I would like to make a few comments on recent developments in Indonesia that I hope will provide a useful background for our meeting today.

The process of change is never easy. It is always accompanied by a certain amount of stress - it hardly ever goes smoothly or as planned. Indonesia is attempting to reform its economy, political system, bureaucracy and perhaps most important its legal system. These reforms are well underway, they are irreversible and they are changes for the good. However, transitions of these proportions are multi-year in nature in which there will be periods of progress but also regression. While no single President will complete the task, President Megawati has made some progress despite the many obstacles faced by the administration.

Allow me to share a few of the successes and challenges:

• In January of this year the government moved ahead with the unpopular, but important, decision to increase the prices of fuel, electricity and phone tariffs. Further increases have been planned in order to reduce the heavy subsidies that were inherited from the past.
• During the April Paris Club meeting with the nation's creditors an agreement was reached to reschedule principal and interest. This will give Indonesia some breathing room as it gets its house in order.
• Bank BCA that was taken over by the government during the financial crisis was sold to Farallon, an American investor, for USD 540M. This was an important transaction because it provided a boost to investor confidence and brought in fresh foreign exchange.
• There were two large acquisitions of Oil and Gas properties by CNOOC and Petro China worth approximately USD 800M. This marks the very serious entry by the Chinese Government into the Indonesian energy business and also signals Indonesia's effort to develop significant trading ties with China.
• As a result of these and other events the Rupiah strengthen by 15%YTD and the market capitalization of the JSE increased by 50 % in USD terms. Making it one of the best performing capital markets in the world this year so far.

While those events provided Indonesia with a positive short-term boost they do little to address the long-term issues of poverty alleviation and improved education or the immediate issue of job creation. Job creation correlates directly to security problems and social tensions.

Indonesia needs to grow its economy in excess of 6 % annually to be able to absorb the 2 million people entering the job market each year and to absorb the existing millions who remain unemployed or underemployed. These levels of growth can only be achieved through sound economic policies and the political will to carry out the policies. But the ability of government to carry out these tasks are often complicated and delayed by the uneasy relationship between the legislative and executive branches of government.

Thus, what we can expect is a gradual road to improvement but with many bumps and curves along the way.

Despite these challenges the business sector continues to adapt and move forward. New players are emerging replacing the old and, on balance, within the business community there is a sense of optimism rather than pessimism.

In terms of ARX, I am pleased to report that your company continues to makes technical progress.

The resource at Cibaliung has been significantly increased. It now stands at half a million ounces of gold and five million ounces of silver, over 80% of this material carries gold grades in access of 10g/t.

You will have noted from the announcement last month that we are well under way with pre-feasibility study, which we expect to complete in July. You will also note that a number of new exploration targets have been identified in the tenement. John Carlile, your managing director will speak further on these matters later on.

The Cibaliung project is sensitive to gold prices. In this regard, it is encouraging that during the first part of this year the price of gold has trended upward.


The Managing Director's Address will be presented by Mr. John C. Carlile:

I am pleased to take this opportunity to give you an update on the considerable progress the Company has made since we met at our last Annual General Meeting here in Sydney.

With the continuing difficulties in Indonesia exploration in Indonesia has continued at very subdued levels.

Due to the uncertainty created by the introduction of regional autonomy we continue to spend a considerable amount of our time dealing with non- technical issues. However, we have not been prevented from carrying on our business and we have been able to continue exploring at Cibaliung.

I am pleased to report to you that we have made major progress toward achieving our main objectives, which are:

1. To increase our resource base at Cibaliung;
2. To progress Cibaliung towards a feasibility study.

Before addressing our achievements in Indonesia, I would like to briefly comment on the financial results of the Company.

The Group's cash position at balance date was strong with $7.2million in the bank.

The Group remains debt-free other than $1 million in convertible notes.

Other than cash, the major asset of the Group is the Cibaliung Project.

Cibaliung expenditure carried forward amounts to $4.5 million. At year end the Company held a 71.2% interest in the project, an increase from 63% a year earlier, and now holds 72%. This is due to dilution of our joint venture partner who elected not to contribute to expenditure for 2001.

The Group operating loss was $575,000. This reflects corporate and finance expenses and the cost of seeking new opportunities.

With over $6.9 million in cash at the end of the March quarter, the Company is in a healthy financial position.

Turning to operations, we have continued to focus on Cibaliung. As most of you would be aware, Cibaliung is a high-grade epithermal gold vein system located in west Java in Banten province.

During the year over 8,600 metres were drilled in 35 holes bringing total Company drilling since March 2000 to 15,400 metres in 58 holes.

Based on this drilling we published a revised resource estimate that contained 509,000 ounces of gold. Within this overall resource there are two higher grade shoots at Cikoneng and Cibitung. These shoots contain more than 1.3 million tonnes grading 10.4 grams per tonne gold and 60.7 grams per tonne silver. This is equivalent to some 435,000 ounces of gold, an increase of approximately 125,000 ounces.

Based on a revised scoping study which incorporated a better gold price of US$300 per ounce and the increased resource, we felt that the potential for an economic project was sufficiently encouraging to warrant a preliminary feasibility study. The basis for this study is for a potential mine producing 50,000 ounces of gold equivalent, each year for a 6 year mine life.

We have appointed Australian Mining Consultants to carry out this work, which started last month. We expect to be able to make a decision on whether to proceed to a full scale definitive feasibility study by the end of July this year. We will keep you informed regarding the outcome of this study.

Surface exploration and scout drilling was also undertaken during the year. While we have not yet drill defined any new discrete veins, we have definitely upgraded the prospectivity of the tenement area.

Looking through post mineral cover, which hides mineralisation, is the key exploration problem in young volcanic areas such as Cibaliung. A technique known as the Mobile Metal Ion technique or MMI can, in some cases, see through this post mineral cover. As I mentioned last year we have tested this technique on known areas of mineralisation and the results looked encouraging.

We have now followed up on this initial program and have conducted MMI soil surveys over much of the tenement and have defined a number of new targets. We are currently following these up in parallel with the PFS.

As you may have read in some of the quarterly reports, negotiations to gain access to some additional prospects, which are adjacent to the main Cikoneng and Cibitung deposits, continues. Vein mineralisation has previously been identified in these areas and the recent MMI surveys also indicate further potential within these same areas. We shall continue to seek access to this ground but only on terms which are sensible and fair to the Company.

In conclusion:

• Cibaliung has advanced ; results are sufficiently encouraging to warrant a preliminary feasibility study being conducted;
  
  
• We expect the results of this study in July;
  
  
• The results of our MMI test work have identified a number of new anomalies which should provide us with several high quality drill targets, and...
  
  
• We have sufficient capital to fund ongoing activities;

I believe that we are continuing to move towards establishing your Company as a successful explorer and hopefully a profitable miner in the years to come.

I thank you for your continued support.



Yours sincerely


Andrew J Cooke

Company Secretary

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Cibaliung Project - Banten, Indonesia

Project Highlights

• Cibaliung to proceed with Preliminary Feasibility Study;
• MMI results indicate new vein targets south and east of Cibitung;
• Detailed mapping has been completed over the Bukit Breksi prospect;
• Assessment of new opportunities is ongoing.

Corporate

• The Company AGM will be held on 28 May 2002 in North Sydney.

Expenditure

• Total exploration expenditure for the quarter was A$ 82,844.

for quarter ending 31 December, 2001

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Cibaliung Project - Banten, Indonesia

Project Highlights

• Field work has been redirected towards defining new drill targets;
• Detailed mapping in the South Cibeber area has outlined new veins;
• An MMI soil survey over North and South Cibeber was completed;
• MMI-based drill hole results report low grade Au-Ag mineralisation;
• Negotiations to gain access to adjacent prospects continue;
• Assessment of new opportunities is ongoing.

Corporate

Change of Office Address

• Effective 19 December 2001 the company relocated its offices to North Sydney.

Expenditure

• Total exploration expenditure for the quarter was A$200,350.

For details, click here.