Apex Minerals NL (AXM) – Moving Into the Drilling Phase

• Apex Minerals has made material progress since its inception only one year ago in October 2001, and IPO primarily as a platinum exploration company in June 2002. It owns 80% of two significantly sized projects in WA namely the Windimurra Superproject focusing on PGE, nickel and gold, and the Jillawarra Project focusing on copper – gold mineralisation.
• Apex is run by Stephen Stone who favours lateral thinking and the use of the latest geological exploration techniques in combination with tried and tested methods, which resulted in one of his previous companies discovering the Weld Range PGE mineralisaton which apparently had not been recognised before.
• This viewpoint has resulted in Apex going “back to basics” on its two projects while using up-to-date technology, and has highlighted areas of these projects that were apparently not considered prospective and have been little or poorly explored. While fieldwork is still continuing at Windimurra, drilling is expected to commence early in 2003.
• The southernmost intrusion of the Windimurra Superproject is called Narndee and has been farmed out to a 50/50 JV between Falconbridge and Impala Platinum, in which the Falconbridge JV can earn 70% of Apex’s 80% by spending $4m over 5 years, or 80% of 80% of any specific areas it selects to take through to a BFS. The Falconbridge JV have completed their fieldwork following their recently completed aeromag, and also expect to commence drilling in the March Quarter of 2003.