Release: Austindo: Acquisition of processing plant completed

ACQUISITION OF GOLD PROCESSING PLANT COMPLETED
September 5, 2005 ? Austindo Resources Corporation NL (Austindo) is pleased to announce that it has completed the acquisition of the gold processing plant located at the Mount Olympus Mine near Paraburdoo, Western Australia from Sipa Exploration NL. The processing plant will be relocated to the Cibaliung Gold Project in Banten Province western Java, Indonesia.

The acquisition of this plant provides the Company with a higher degree of certainty in terms timing and cost of deliverability for the development of the project, as delays in the delivery of new equipment are resulting in longer construction lead times for many other projects. The purchase includes a significant inventory of ancilliary equipment and spare parts.

The plant was originally designed and built at Lynas Find in 1994 by Signet Engineering Pty Ltd for Lynas Gold NL. In 1998 it was relocated to the Mt Olympus site where it operated until milling ceased in March 2004. At the time of shutdown all aspects of the plant were operational and the shutdown was conducted with a view to restarting operations.

MINING AUTHORISATION GRANTED
In Indonesia, another important milestone has been achieved. The Bupati of Pendanglang has granted a Mining Authorisation for Cibaliung. Similar to a Mining Lease, the Company has now successfully secured the necessary environmental and mining approvals and is now in the process of finalising a land use application and other permits prior to commencing earthworks on site at Cibaliung. (end of release)