Austindo Q2 2003 Cibaliung project activities

The following is the excerpt from Second Quarter Activities & Cashflow Reports of ASX-listed gold explorer Austindo Resources Corporation NL published on July 8, 2003:

CIBALIUNG PROJECT
The Cibaliung Gold Project is located in the Province of Banten in west Java, Indonesia approximately 150 kilometers south west of Jakarta. The Company?s joint venture partner in the project is International Antam Resources Ltd, a majority owned subsidiary of the Indonesian Government?s mining company PT Aneka Tambang (Persero) Tbk. The Company presently holds a 75 percent interest in the joint venture.

CIBALIUNG PROJECT RESOURCES
Resources for the Cikoneng and Cibitung Shoots are estimated at:
? 1.8 Million tonnes at 9.6 g/t Au and 80 g/t Ag (at 3 g/t Au lower cut-off with no top cut)
? Containing 554,500 oz gold and 4.62 Moz silver.
? Of these Resources 45% are classified as Measured and 27% are classified as Indicated (based on contained metal).

Pre-feasibility Study Cikoneng & Cibitung Shoots
The updating of the Pre-feasibility Study was completed as planned in May 2003. The key findings of that study were:
? Mine life of 6 years on current resources. With an increased production rate of 220,000 tonnes of ore per annum;
? Recovery of gold and silver by a conventional gravity ? CIL processing plant;
? Annual production of approximately 70,000 ounces gold equivalent;
? Initial capital estimated at some US$30 million;
? Average life of mine cash operating costs of less than US$200 per ounce.

Bankable Feasibility Study
Following the positive outcome of the pre-feasibility study update the Joint Venture partners decided to immediately commence the Bankable Feasibility Study, which will be completed in the first half of 2004.

Exploration
Exploration is continuing as planned and in mid Q3-2003 all results will he assessed and plans for further work will he established to run concurrently with the bankable feasibility study.

Tenement Renewal
The Cibaliung KP has been renewed in the Feasibility Stage for a further 2 years through to May 2005. The renewal incorporates an extended prospective area to the SW of the Cikoneng and Cibitung Shoots.

Expenditure
Exploration expenditure for the Cibaliung Project during the quarter was A$ 395,307 . (*)