Release: Antam?s monthly exploration report - Oct 2004

MONTHLY EXPLORATION REPORT
FOR THE MONTH OF OCTOBER 2004

Jakarta, November 10, 2004 ? PT Antam Tbk is pleased to lodge the monthly exploration report for October 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. The total cost for exploration in October 2004 was Rp3.7 billion, slightly higher than the Rp3.5 billion of September 2004.

NICKEL
Nickel exploration to improve resource estimations was conducted in Buli-Halmahera and Southeast Sulawesi. Exploration in Buli included 2,411.65 metres of infill drilling at Blocks A, Tanjung Buli, Pakal and Sangaji at a total cost of Rp1.15 billion. Antam also carried out technical geological tests to support mining activities. Drilling activities of 4,405.05 metres were carried out at Semingit-Gebe, with total cost reached Rp775.5 million.

Antam continued exploration drilling in Southeast Sulawesi at Tapunopaka, Mandiodo and Bahubulu. On these locations, a total of 5,685.95 metres of drilling were conducted with a total cost of Rp1.15 billion.

GOLD
In order to find new deposits, Antam conducted geological mapping activities in West Sumatera at Sungai Nokan, the Muko-muko prospect near Bengkulu, South Painan and Bonjol, in Banten at Cibaliung, and in East Java at Mranggu and South Malang. Antam also carried out geological tests at its existing mine of Pongkor, West Java.

Exploration activities in Sungai Nokan included 1,500 hectares of regional geological mapping activities and 40 hectares of semi-detailed geological mapping activities, including rock sampling, with a total cost of Rp4.7 million. Due to promising sample results, Antam will seek to obtain a mining license at Sungai Nokan.

In Muko-muko, regional geological mapping activities covered an area of 16,400 hectares with 100 hectares of semi-detailed geological mapping activities. The total exploration cost for Muko-muko amounted to Rp47.8 million.

Antam conducted 4,105 hectares of regional geological mapping activities in South Painan and semi-detailed geological mapping activities of 304.4 hectares. Activities in South Painan also included rock sampling for chemical and fluid inclusion analysis. Antam spent Rp29.8 million on exploration activities in this area.

Antam conducted detailed geological mapping activities of 666 hectares in Bonjol, West Sumatera at the Melintang, Air Paku and Lubang Sempit prospects at Bonjol, West Sumatera. The activities included rock sampling for chemical and fluid inclusion analysis. Antam also conducted regional geological mapping activities of 880 hectares and semi-detailed geological mapping activities of 510 hectares. Both activities were intended to find extensions of gold mineralisation in Bonjol and surrounding areas. Exploration costs at Bonjol amounted to Rp38.2 million.

Antam conducted exploration activities in Cibaliung, Banten in cooperation with PT Cibaliung Sumberdaya, which included detailed geological mapping activities of 0.9 hectares, semi-detailed geological mapping activities of 1,226.9 hectares and regional geological mapping activities of 79.5 hectares. Antam completed two pits of 502.85 metres of infill drilling. Total exploration costs at Cibaliung reached Rp187.95 million.

Antam conducted detailed geological mapping activities, including rock sampling at Mranggu, East Java, over an area of 120 hectares. Meanwhile, test drilling activities in this area were suspended until previous drill samples are thoroughly analysed. Antam spent Rp48.6 million on exploration in Mranggu.

Antam also conducted 6,875 hectares of regional geological mapping activities in South Malang, with semi-detailed geological mapping activities of 224.5 hectares. Activities in South Malang also included rock sampling. Antam spent Rp29.3 million on exploration activities in this area.

At its existing mine Pongkor, Antam continued technical geological tests in Ciurug and Ciguha veins. Drilling, which included pecker tests, reached 144.5 metres with total cost of Rp97.1 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 October 2004, test pitting in Tayan reached 3,136.7 metres with a total cost Rp101 million. Antam will continue test pitting in Tayan in the coming month.

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

OTHER ACTIVITIES
Antam began a preliminary evaluation on a coal prospect in Manggar, East Kalimantan, as part of an assessment of the potential of other commodities. Activities included semidetailed geological mapping of 103.2 hectares and grab sampling of 14 samples. Total expenditure for these activities amounted to Rp30 million.

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