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					                                 By Electronic Lodgement No. Pages 8

                         31 MARCH 2004

Hibernia Gold Limited (Hibernia) successfully completed its Initial Public Offering and was listed
on the Australian Stock Exchange on March 11. Although the reporting period is short, the
Company is pleased to report a progressive and successful first quarter for the Company.

•       The first drilling campaign at the Dargues Reef project will be completed in May, following
        up previous intersections of 19.6m @ 9.9 g/t gold and 11.2m @ 7.6 g/t gold.

•       That drilling programme is to be followed immediately by drilling of the Dilation Zone at the
        Christmas Gift project, testing the lode where previous results included 5.0m @ 26.6 g/t
        Au, 2.5m @ 33.8 g/t Au and 3.0m @ 32.7 g/t Au.

•       The Company identified molybdenum as a metal to be targeted based on world demand
        and metal price, particularly in light of expanding world consumption of stainless steel.

•       A strategy was developed for the Company to become the dominant molybdenum producer
        in Australasia by acquiring or controlling the leading molybdenum projects in the region.

•       An option over the World class Coppin Gap Molybdenum/Copper Deposit in the Pilbara
        was secured.

•       The Company now holds four molybdenum projects, all of which have been subject to
        substantial drilling programmes in the past.

•       A JORC compliant inferred resource for Coppin Gap was calculated:

        119Mt @ 0.09% Mo, 0.11% Cu and 2.26g/t Ag (98%ile top cut and 0.06% Mo cut-off).

•       An engineering study covering pit optimisation, mining alternatives, a review of previous
        metallurgical investigations and preliminary capital and operating costs, is currently
        underway to evaluate the development potential for Coppin Gap.

                                    ABN 32 103 295 521                                           1

Hibernia achieved Official Quotation of its securities on the Australian Stock Exchange on 11 March
2004. In the short period since listing the Company has focused on aggressively pursuing its
exploration objectives in NSW with the aim of initiating drilling campaigns as soon as practicable
on a number of its advanced gold targets.

The Company has employed a senior geologist with excellent experience in the NSW gold terrain
who has been charged with managing and executing the exploration programme as outlined in our
recent prospectus. Darren Glover is based in Orange and comes from an exploration background
with Newcrest, Placer Dome Asia Pacific and RGC Goldfields.

In addition to the rapid and pragmatic exploration of our existing projects, the Company has a
philosophy of actively seeking resource projects that offer an opportunity for early advancement to
development and positive cash-flow. Since listing, Hibernia has evaluated and visited a number of
potential targets, and from this process has emerged the opportunity for the Company to establish a
strategic position with respect to Molybdenum in Australasia.

The securing of the world class Coppin Gap project complements the Company’s existing NSW
molybdenum properties, greatly strengthening this strategy and establishes a substantial foundation
to exploit a revaluation of molybdenum on the world metals’ market.


Dargues Reef - NSW

The Dargues Reef project located at Majors Creek near Braidwood, NSW, will be the subject to the
first drilling programme post-listing of the Company. Previous exploration has outlined a very
prospective gold mineralised zone, the Big Blow Lode that has been intersected in eight of ten
diamond drill holes. These intersections show a zone that appears to be broadening to depth with
grades varying from 5 to 15.9 g/t Au. The deepest hole returned a down-hole intersection of 19.6m
@ 9.9 g/t Au which in turn undercut an intersection of 11.2m @ 7.6 g/t Au.

The drilling programme is planned for May and has been designed to explore the mineralised
structure, both along strike and at depth.

Christmas Gift - NSW

Christmas Gift is an historic mine with a recorded production of 37,000 oz Au from high grade
It has been the subject of considerable past exploration drilling by companies seeking large
tonnage open-pittable resources but which have largely ignored the potential for deeper, high grade
lodes, exploitable by underground mining methods.

Drilling in the late 80’s and early 90’s returned rich lode intersections that were never followed-up
by subsequent drilling. Reinterpretation of the drilling results has also identified structural features
prospective for further lode development with the primary target being the “Dilation Zone”.

Over 20 such intersections were listed in Hibernia’s recent prospectus and intersections in the
Dilation Zone included 5.0m @ 26.6 g/t Au, 2.5m @ 33.8 g/t Au and 3.0m @ 32.7 g/t Au. The
drilling programme has been designed to test for extensions to mineralisation with the programme
timed to follow the Dargues Reef drilling.

                                      ABN 32 103 295 521                                            2


Molybdenum is a high melting-point alloying metal used in iron, steels and superalloys to enhance
hardenability, strength, wear and corrosion resistance. With high nickel prices there is increasing
substitution of molybdenum-rich duplex stainless steels for nickel steels and when this is combined
with a strong world demand for steel products, molybdenum consumption and the metal’s price
have been on upward trends.

World consumption of molybdenum has increased 400% since the mid-60’s to approximately
130,000 tpa. Over the past two years molybdenum prices have been steadily rising with
molybdenum oxide currently at a 25 year high of about US$17.00 per lb contained molybdenum,
against a background of US$3 to US$5 during the 90’s.

The distribution of molybdenum reserves and production is concentrated in only a few countries in
the world, with China, USA, Chile and Canada holding nearly 90% of the reserves. USA, Chile and
China are the main producers (75%) with each having outputs in 2003 of approximately 30,000

Coppin Gap, WA

The Coppin Gap Deposit is located 50 km northeast of Marble Bar in the northeast Pilbara of
Western Australia (Figure 1). It is well supported by infrastructure including nearby sealed roads,
gas pipeline and railway together with the deepwater port facilities 200km to the west at Port

The Company has paid $25,000 to acquire an initial 5% interest plus a 6 month option to increase
that interest to 90% by paying $750,000 in cash or shares. This option period can be extended in 6
month increments up to 4 years by further payments of $25,000 per increment. The tenement
owner, Kallenia Mines Pty Ltd, is free carried to a decision to mine, at which time it can contribute to
development costs or dilute to a minor royalty.

The Coppin Gap Mo/Cu deposit was discovered in 1971 and explored through to 1982 by a
succession of major international companies whose extensive exploration included drilling on a
broad grid by 35 diamond drill holes and 4 percussion holes for a total of 12,934m.

Drilling has followed the Mo/Cu mineralisation over 1000m east/west and 600m north/south with the
zone varying from 40m to +400m in thickness (Figure 2). The deposit has a higher grade core as
typified by the intersection in hole NDG 19 (see Table 1). There is potential to expand the resource
through further drilling as the zone is open near surface to the south east and to the north west,
while its depth limits have yet to be defined.

Examples of the past diamond drilling at Coppin Gap are presented in Table 1

                                     ABN 32 103 295 521                                           3
Table 1 – Examples of Coppin Gap Diamond Drill Results

    Hole Number          From                 To              Interval     Mo%           Cu%
                          (m)                (m)                (m)
         NDG 1           152.9              401.9               249        0.10          0.13
        Includes         188.9              290.9               102        0.13          0.21
         NDG 2              0                344                344        0.07          0.08
         NDG 5            146                476                330        0.11          0.10
        NDG 13             46                334                288        0.10          0.23
        NGD 19             30          450 (End of hole)        420        0.09          0.17
        includes          204                297                 93        0.17          0.43

The Company is reviewing the project’s substantial data base which also includes metallurgy and
some conceptual mine planning studies. The initial analysis aims to quickly update the previous
studies and put the project into a modern context in terms of current mining and processing
practices and to determine its viability as a 21st Century molybdenum mine. The first step in this
process is a modern geostatistical resource estimate (see below), to be followed by a pit
optimisation study to allow preliminary mine planning and estimation of mining costs.

    •    Resource Estimate

         Hibernia commissioned resource consultants to undertake a resource calculation using the
         comprehensive drill data package from the past exploration.

         Resources at Coppin Gap were estimated using Inverse Distance Weighted (ID3)
         interpolation. This has produced the following resource estimates using a 0.06% Mo cut-off.

         119Mt @ 0.09% Mo and 0.11% Cu and 2.3 g/t Ag (top cut at 98 percentile),
         124Mt @ 0.09% Mo and 0.12% Cu and 2.3 g/t Ag (uncut)

         The resources are classified as Inferred under the JORC code, although once the old data
         has been validated (by the twinning of some of the existing holes) it is Hibernia’s opinion
         that there would be sufficient information to support an immediate upgrade to the Indicate

    •    Metallurgical Review

         A metallurgical consultant was commissioned to review previous floatation testing on 16
         mineralised core sections undertaken by Mountain States Research and Development at
         Tucson, Arizona. Although this was first stage testing, the conclusion is that the results
         demonstrated that the molybdenum metallurgy was relatively straightforward with
         recoveries of 85% achieved. Further detailed testing would be required to define the final
         circuit; however this early study is very encouraging.

    •    Ongoing Studies

         Initial interest in the support and marketing of the project and its potential substantial output
         is being evaluated in the world’s existing largest markets for the metal, China/Asia and
         North America.

                                        ABN 32 103 295 521                                          4
Glen Eden Molybdenum-Tungsten-Tin Project - NSW

The Glen Eden project is located north east of Glen Innes in the New England Tablelands of NSW.
It was mined as a series of small-scale high-grade quartz veins that yielded 26 tons of wolframite
concentrate from selective mining between 1920 and 1940.

The prospect is underlain by a sequence of inter-bedded rhyolitic flows, crystal tuffs and ignimbrites
with a central hydrothermal breccia body approximately 200 metres in diameter. It is comprised of
intensively altered fragments cemented with massive and vuggy quartz. The alteration is described
as greisenitic. Partially surrounding the greisen breccia is a broad zone of strongly quartz veined,
largely non-brecciated massive greisen approximately 250 by 500 meters in size. Partially
enveloping this is a broad zone of sericite-phyllic-potassic alteration.

Drilling to date has been restricted to 100 meter spaced drill holes and has defined ore grade
mineralisation in the central breccia body. Grades from the current drilling data in the central
greisen body have averaged 0.1% MoS2, 0.08% WO3 and 0.04% SnO2.

This mineralisation remains open at depth and to the west under shallow alluvial cover. Potential
also exists for buried large-tonnage, low-medium grade stock-work molybdenum-tungsten
mineralised shells below and south of the area drill tested.

Mt Pleasant Molybdenum Project - NSW

The project is located south east of Mudgee in NSW.

The Mt Pleasant deposit was discovered by Pacminex Ltd in 1974 and later extensively explored by
CSR Exploration Pty Ltd. Mt Pleasant has been subject to substantial drilling and metallurgical test
work. From the drilling of 49 diamond drill holes and 9 Reverse Circulation drill holes, a large region
(3 x 2 kilometres) of veinlet-style molybdenum mineralisation was identified containing a 300m x
500m zone of higher (0.04% Mo) grade. The drilling identified a pipe shaped structure that plunges
to the West and remains open at depth.

The project geology comprises sediments, felsic volcanic and intrusive mafic rocks. The
molybdenum mineralisation cross-cuts the stratigraphy and is not confined to any geological unit,
however hydrothermal ponding against a large and competent dolerite unit has formed zones of
intense alteration and higher grade zones of mineralisation.

The mineralisation averages about 0.074% MoS2.

The source of the mineralisation has not been located to date. The vertical pipe of mineralisation
appears to be open at depth, and may be a single representation of multiple ore shells, associated
with a deeper as yet unidentified primary porphyry intrusive unit.

Mt Tennyson Molybdenum Tungsten Skarn - NSW

The project is located east of Bathurst in central NSW.

The Mt Tennyson skarn deposit was first mined as a series of small-scale high-grade garnet rich
veins until 1945 on cessation of World War II.

The project area is characterized by a large broad anticlinal structure of metamorphosed,
calcareous sediments overlying a granite batholith. The granite intrusion has resulted in a garnet-

                                     ABN 32 103 295 521                                            5
quartz-calcite-diopside skarn unit overlying a wollastonite-garnet-diopside quartz skarn.
Molybdenum mineralisation is preferentially concentrated in the upper skarn.

The area has been subject to several drilling programmes in the past which have demonstrated a
grade of approximately 0.11% Mo and a similar tungsten grade. Work undertaken in 1970 on 5 x 20
pound samples of typical lode with visible molybdenum returned an average of 383 ppm rhenium,
ranging between 64 and 900 ppm, potentially adding significant value to the resource.

Further systematic sampling and drilling of the deposit is required to adequately assess its

Molybdenum Marketing

With the current suite of advanced projects, and in particular Coppin Gap, Hibernia has reached a
critical position whereby it has largely eliminated exploration risk. The Company is now in a
powerful position to target end-users to establish those critical long-term supply relationships which
will allow the rapid emergence of Hibernia as a molybdenum producer.

The traditional molybdenum markets were North America and Europe; however the emerging
powerhouse Asian economies drove the rapid expansion of consumption during the 80’s and 90’s.
Now the blossoming of the Chinese and Indian consumer societies, as directly reflected in their
steel making, raw-material requirements, is driving a reduction in molybdenum inventories and
rising metal prices.

The Company’s board and management have considerable expertise with China, North America
and Europe, and both marketing and end-user contacts are being canvassed in these markets.
Major steel producers in these regions are signalling a shortage of raw materials.

Hibernia was achieved Official Quotation of its securities on the Australian Stock Exchange on 11
March 2004.

The Company’s cash position at the end of the Quarter was $1,955,000.

For further information contact:

Mr. Andrew Forrest                                                                              Dr. Derek Fisher
Chairman                                                                                        Managing Director
08 9389 8499                                                                                    08 9389 8499

Mr Adrian Byass, B.Sc (Hons), B.Econ, AIG, GAA supervised the Coppin Gap resource estimation. Mr Byass has sufficient
experience which is relevant to the style of mineralisation and the type of deposit under consideration and to the activity which is being
reported on to qualify as a Competent Person as defined in the 19 Edition of the Australasian Code for Reporting of Mineral
Resources and Ore reserves. Mr Byass consents to the inclusion in the report of the matters in the form and content in which they

                                                  ABN 32 103 295 521                                                              6
Figure 1: Coppin Gap Location Plan

     ABN 32 103 295 521              7
Figure 2: Coppin Gap Schematic Sections

                     ABN 32 103 295 521   8

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