Release: Gosowong mineral resource & ore reserve update

March 11, 2005 ? Newcrest Mining Limited has completed an updated estimate of Mineral Resources & Ore Reserves for projects held by it in the Gosowong Province in Indonesia. Newcrest has an 82.5 percent interest and its joint venture partner Aneka Tambang holds the remaining 17.5 percent interest in the Gosowong Province projects.

This update has resulted in two changes to Newcrest?s Ore Reserve and Mineral Resource position. They are:
i) At Kencana the previously announced resource of 2.2Moz remains unchanged however an initial Ore Reserve estimate has now been completed and comprises 640,000 tonnes @ 42 grams gold per tonne for 860,000 ounces.
ii) The Mineral Resource estimate at Toguraci, which was previously 300,000 ounces, has increased by 165,000 ounces following remodelling of the remaining mineralization. Depletion through mining of 125,000 ounces has resulted in a net increase of 40,000 ounces.

The combined effect of these changes in the Gosowong Province, taking depletion into account, has been to increase the Mineral Resource by a net 40,000 ounces to 2,600,000 ounces and increase the Ore Reserves (included in resources) by 900,000 ounces to 1,200,000 ounces since the last statement released in October 2004.

A recent milestone was achieved with 1,000,000 ounces extracted from the Gosowong field since its commencement of production.

The Mineral Resource and Ore Reserve estimates in this release are stated on a 100 percent basis, are unaudited and have been derived from the accompanying Competent Person?s statement. (end of release)