Crescent Gold Limited (CRE) –Bringing Sickle into Production by the end of 2006

• Crescent’s main asset is the old Barnicoat operation of Sons of Gwalia at Laverton in WA to which it has added a number of exploration projects to result in the current sizeable land position. A new discovery was made called Sickle, only ~5km southeast of the existing plant, and CRE has been extending the resources and reserves with a target to start production in the December Quarter of 2006 at 60,000ozpa for 5 years at cash costs of ~US$300/oz.
• The cost of modifying the 1mtpa old plant up to current required standards has been estimated at A$5.6m, and it appears that CRE may then expand the plant up to a rated 1.5mtpa and 90,000ozpa to 100,000ozpa based on resource extensions, for an additional A$6m. Such extensions could come from satellite orebodies, reduction of the cut-off grade with higher A$/oz gold prices and/or following a number of possibilities to extend Sickle below its current 100m depth.
• Aside from the extended life potential at Laverton, CREs other assets are often overlooked, namely nickel, uranium and China. CRE’s 4 uranium exploration projects are still under consideration for possibly an in-specie / IPO distribution similar to some of the recent very successful uranium exploration IPOs.
• The 3 CRE uranium projects in the NT (which approves of uranium mining) are relatively advanced, with a project north of the old Rum Jungle uranium mine, the Tennant Creek project containing uranium anomalism, and the Calvert Hills project containing recognised Westmoreland Conglomerate uranium host rock.