Forest Reefs Joint Venture, NSW

Exploration Licence 4620

Newcrest Operations Limited 80%

Jervois Mining Limited 20%

This Exploration Licence is located 6-7 kilometres east of the important gold/copper mining centre at Cadia and covers part of the Lachlan Ford belt, considered by many to have good potential for gold and base metal porphyry systems.

For the December 2008 quarter NOL have reported as follows:

Diamond drill hole FRNC017 at EL4620 - Forest Reefs JV was commenced on 29 September 2008 and completed on 16 October 2008 at 915.8m.  The hole was designed to test the southeast strike extent of broad anomalous porphyry gold and copper mineralisation intersected in diamond drill holes FRNC005 (274m @ 0.18g/t Au, 0.07% Cu) and FRNC008 (83m @ 0.22g/t Au, 0.32% Cu).   The hole intersected strongly altered Forest Reefs Volcanics composed of coarse polymict volcaniclastic breccia and conglomerate, massive andesitic volcanic and medium grained inequigranular monzodiorite, beneath a thin Tertiary basalt cap.

Final assay results were received for diamond drill hole FRNC017 at EL 4620 Forest Reefs JV from 826 - 915m.   No significant intersections >0.1 g/t Au or >0.1% Cu were returned. Full assay results in Quarterly Reports.