Release: Antam?s monthly exploration report - Nov 2004

MONTHLY EXPLORATION REPORT
FOR THE MONTH OF NOVEMBER 2004

Jakarta, December 10, 2004 ? PT Antam Tbk is pleased to lodge the monthly exploration report for November 2004 in accordance with the Jakarta Stock Exchange listing rules. Antam?s exploration unit, Unit Geomin, continued exploration activities on laterite nickel, gold, and bauxite. Exploration activities were slightly lower in November compared to previous month in anticipation of the fasting month of Ramadhan and the Idul Fitri holidays. The total cost for exploration in November 2004 reached Rp3.9 billion.

NICKEL
Nickel exploration to improve resource estimations was conducted in Buli, Halmahera and Southeast Sulawesi. Exploration in Buli included 99.40 metres of infill drilling at Blocks A, Tanjung Buli, Pakal and Sangaji at a total cost of Rp940 million. Infill drilling at Buli already exceeded initial target, reaching 110.55% of drilling plan. Antam plans to conduct an additional 500 metres of infill drilling at Sangaji to further improve resource estimations. Antam also carried out technical geological tests, which reached 150 metres, to support mining activities. Antam spent Rp1.04 billion for exploration activities on these locations. Drilling activities at Semingit, Gebe, was suspended in mid-November with total cost reached Rp323.3 million.

Antam continued exploration drilling in Southeast Sulawesi at Tapunopaka, Mandiodo and Bahubulu. On these locations, a total of 3,860.60 metres of drilling were conducted with a total cost of Rp1.2 billion.

GOLD
Exploration activities in Mranggu, East Java, were focused on geological data collection. Detailed geological mapping at Mranggu covered an area of 25 hectares. Antam took 20 rock samples from Mranggu. Meanwhile, test drilling activities in this area remained suspended until previous drill samples are thoroughly analysed. Antam spent Rp17.01 million on exploration in Mranggu.

In Bonjol, West Sumatera, detailed geological mapping activities were focused at Melintang, Air Paku, and Lubang Sempit prospects, covering an area of 497 hectares with 75 m3 of pits. Antam also took 78 rock samples from these prospects to prove the mineralisation potential. As well, soil sampling activities were also conducted on these locations. The total exploration cost for Bonjol amounted to Rp37.46 million.

Antam also conducted 660.5 hectares of regional geological mapping activities in Pagadis, West Sumatera. Activities at locations also included rock sampling. Antam spent Rp22 million on exploration activities in this area. Meanwhile, exploration activities at South Painan, West Sumatera included 1,075 hectares of regional geological mapping activities, 3.63 hectares of semi detailed geological mapping activities, and rock sampling for chemical and fluid inclusion analysis. Exploration costs on these locations amounted to Rp5.27 million.

Antam conducted exploration activities in Cibaliung, Banten in cooperation with PT Cibaliung Sumberdaya, which included detailed geological mapping activities of 35 hectares. Antam also completed two pits of 333.40 metres of infill drilling. Total exploration costs at Cibaliung reached Rp110.76 million.

Antam also continued joint exploration activities with JOGMEC Japan in Flores, East Nusa Tenggara, and Cikotok, Banten. At its existing mine Pongkor, Antam continued technical geological tests in Ciurug and Ciguha veins. Drilling, which included pecker tests, reached 30.65 metres with total cost of Rp56.55 million.

BAUXITE
Bauxite exploration was performed at Tayan, West Kalimantan. Test pitting over a 25m x 25m grid is intended to increase the resource classification to ?Measured Resource?. In November 2004, test pitting in Tayan reached 2,190 metres with a total cost Rp147.48 million. Antam will continue test pitting in Tayan in the coming month.

Exploration activities in Wacopek area remained suspended pending the local government?s approval to extend Antam?s mining license in the area.

OTHER ACTIVITIES
Unit Geomin continued to provide an electric logging service for PT Berau Coal in East Kalimantan to maximise the unit?s geophysics facility. (end of release)