Consolidated Income Statement

30 June 2005

US$000	Unaudited Quarter ended 30 June 2005	Unaudited Quarter ended 31 March 2005	Unaudited Quarter ended 30 June 2004	Unaudited 6 Months ended 30 June 2005	Unaudited 6 Months ended 30 June 2004
Gold Sales Revenue	27 963	31 986	12 200	59 949	27 474
Cost of Sales
Production costs	6 953	10 839	8 243	17 792	17 011
Transport and refinery costs	62	67	46	129	98
Transfer to deferred stripping costs	2 664	209	(580)	2 873	(2 968)
Cash Operating Costs*	9 679	11 115	7 709	20 794	14 141
Royalties	1 959	2 162	863	4 121	1 942
Tota Cash Costs*	11 638	13 277	8 572	24 915	16 083
Profit from mining activity*	16 325	18 709	3 628	35 034	11 391
Depreciation and amortisation	2 307	2 595	2 286	4 902	4 707
Exploration and corporate expenditure	4 558	5 536	4 171	10 094	7 187
Profit/(loss) from operations*	9 460	10 578	(2 829)	20 038	(503)
Interest Received	364	325	230	689	522
Interest expense	(300)	(345)	(455)	(645)	(920)
Profit on financial instruments	-	-	7 653	-	1 806
Profit on sale of Sayama	-	-	7 070	-	7 070
Other (expenses) and income	(1 577)	1 850	6	273	(1 168)
Share-based payments§	(825)	(288)	(175)	(1 113)	(347)
Profit on ordinary activities before taxes and minority interests	7 122	12 120	11 500	19 242	6 460
Income Tax	-	-	-	-	-
Monority Shareholders interest	-	-	-	-	-
Net Profit	7 122	12 120	11 500	19 242	6 460
Basic earnings per share(US$)	0.12	0.20	0.20§	0.32	0.11§
Fully diluted earnings per share(US$)	0.11	0.20	0.20§	0.31	0.11§
Average shares in issue(000)	59 481	59 394	58 547	59 448	58 547

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

* Refer to other financial measures provided on page 3.

§ Reflects adoption of IFRS2 : Share-based payment.

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