MICHAEL L HIGGINS
BSc.(Hons) FAusIMM, CPGeo,
Managing Director

Mr Higgins graduated end-1971 from the University of New South Wales, majoring in geology. His 33 years of international experience in the mining industry has included 20 years with Shell/Billiton Group companies at senior executive levels. This included work in all facets of base and precious metals exploration throughout Australia and different parts of the world.

His most recent Australian posting was Regional Exploration Manager, based in Adelaide between 1982-87, responsible for all exploration activities in South Australia, Broken Hill Block and the Northern Territory. In this position, he was responsible for generating and leading the exploration programme which led to the discovery of the Mount Todd (NT) gold deposit (6.4 million ounce resource). A large open pit mine was developed here by Pegasus Gold in 1994. This operation was decommissioned a few years ago due to falling gold prices, metallurgical difficulties and high operating costs. Nevertheless, the discovery of this very large gold deposit was due in large part to the generative, “greenfields” exploration led by Mr. Higgins.

His international postings for the Billiton Group included two and a half years in South Africa from 1987, where he generated the exploration programme which led to the discovery of the Goldridge/Kalgold deposit in the greenstone belt of the Western Transvaal (2.1 million ounce in reserves and resources) currently being open pit mined by Harmony Gold Ltd. This resource discovery involved utilizing the bulk leach extractable gold (BLEG) method of exploration sampling and analysis for the first time in South Africa. Mr Higgins worked in cooperation with a commercial laboratory in South Africa to create this successful technology transfer, using his Australian background (see article extracts).

He spent three years (1989-92) in Billiton’s central office in The Netherlands, involved with providing technical and corporate assistance to Group operating companies worldwide, and in coordinating new Business Development in Africa, SE Asia/Pacific and the Americas. A key element of this role involved assembling and leading multi-disciplined evaluation and acquisition teams.

He was then posted to Ghana for two years, responsible for Business Development throughout West Africa. This included a role as General Manager of Billiton Burkina Faso B.V., a company established to explore and develop the Poura gold exploration property, which his team acquired from the government. An Inferred Resource of 354,000 ounces gold to 60 m depths was eventually established here by Billiton/Gold Fields, within a total mineralised envelope (to 150 m depth) of 1.2 million ounces.

Mr Higgins resigned from Billiton to return to Australia and establish Jandera Resources NL, an Australian unlisted public company, in late-1994. He secured funding and its West African Exploration assets, plus underwriting support, and had planned to list on the ASX by June 1997. Prior to listing, Jandera was the subject of a public takeover in April 1997, and the new owners explored its West Africa gold properties with some success, resulting in close to 1 million ounces in resources having been defined at Agbaou (Ivory Coast) and nearby prospects.

In 1998, Mr Higgins established BSM Mining NL with co-directors Chris Rashleigh and Rolly Nice. This remains a privately funded company involved in evaluating mineral resource acquisition and development opportunities, globally. BSM was instrumental in spinning off Goldcrest Mines Ltd., the Australian subsidiary of Goldcrest Resources Ltd. which is listed on the TSX.V Exchange in Toronto, Canada. BSM retains a small shareholding in Goldcrest.

Mr Higgins is a Director and Vice President for Exploration and Business Development of Goldcrest Resources Ltd.

In 2000, Mr Higgins established Wentworth Resources Pty. Ltd., an Australian private company that is involved in exploration for gold and copper-gold targets in Burkina Faso, West Africa. Wentworth is now a subsidiary of Goldcrest also, and its main property, Malba, covers an under explored porphyry copper-gold district, where earlier exploration in the 1970s and 1980s resulted in the definition of 15 Mt @ 0.8% Cu and 0.5 g/t Au at the only prospect that was systematically drill tested.

Mr Higgins has a proven track record of successful resource discovery, acquisition and corporate development.

CHRIS RASHLEIGH
Director
BSc(Hons), MAusIMM
1st Class Mine Manager
(Cert. of Competency, Qld)

Mr. Rashleigh graduated from Leeds University in 1970, majoring in mining engineering. He has had over 30 years experience in the resources industry, both in Australia and overseas.

He has held senior operational and management positions with Mount Isa Mines and British Steel Corporation Overseas Services, and has an excellent knowledge of both open pit and underground mining. His corporate experience with North Queensland Resources, Billiton Australia, Acacia Resources Limited and AngloGold Australasia Limited has allowed him to work on substantial acquisition, divestment and property valuation assignments.

He was involved in the development of the Wadi Sawawin Iron Ore Project in the Kingdom of Saudi Arabia from 1982-84, where he was Mine Manager. He successfully brought this trial mine into operation and delivered the bulk samples from a remote site to the pilot plant on the Red Sea coast, within budget and on time.

Between 1974-78 and 1984-87, Mr. Rashleigh worked for Mount Isa Mines Ltd., one of the largest mining companies in Australia. There, he acquired extensive underground operational and planning experience. During his later contract of engagement with MIM, he was an Executive Underground Manager where he managed a workforce of 250 personnel and budgets in excess of A$40 million p.a. in both copper and lead/zinc orebodies.

We was appointed General Manager of North Queensland Resources NL (1988-90) where he was responsible for the feasibility study of the Disraeli Gold Mine. Following the successful delivery of this study, he managed the development of the mine, the negotiations for a Project Loan from the Standard Chartered Bank, and ultimately the ongoing operation of the mine.

Mr Rashleigh was appointed as the corporate Chief Mining Engineer for Acacia Resources Limited (1994-2000), where he was responsible for the mining engineering aspects in the development of the Union Reefs and Tanami Gold Mines. These became significant producers for Acacia Resources Limited. Following the acquisition of Acacia by AngloGold, Mr. Rashleigh continued in his role as Chief Mining Engineer in the new organisation.

He prepared and managed the Scoping Study into the development of the Sunrise Dam Gold Mine in Western Australia, which was approved by the Acacia Board of Directors. This project was subsequently developed and has become the premier mining operation in Acacia’s portfolio, now wholly owned by AngloGold.

Mr Rashleigh has substantial skills in the areas of mine development and operational management. He also has proven ability in the production and management of pre-feasibility and feasibility studies of mineral deposits, together with their economic assessment.

In 1998, Mr Rashleigh established BSM Mining NL with co-directors Mike Higgins and Rolly Nice. This remains a privately funded company involved in evaluating mineral resource acquisition and development opportunities, globally. BSM was instrumental in spinning off Goldcrest Mines Ltd., the Australian subsidiary of Goldcrest Resources Ltd. which is listed on the TSX.V Exchange in Toronto, Canada. BSM retains a small shareholding in Goldcrest.

Mr Rashleigh is a Director and Vice President for Operations of Goldcrest Resources Ltd.

PETER CARROLL
Director
Bachelor of Commerce, Queensland University
Bachelor of Law, Macquarie University
Fellow of the Australian Institute of Chartered Accountants
Fellow of the Taxation Institute of Australia
Member of the Australian Society of Certified Practising Accountants (“ASCPA”)

Professional background

Prior to gaining extensive experience in professional consulting, Peter was with the Australian Taxation Office where he spent seven years in the International Division of the Departments National Office in Canberra. He joined Deloitte in 1981, becoming a partner in the tax consulting services division in Brisbane in 1990. He advised a number of private and public companies in all aspects of revenue law and, in particular, provided specialist advice to non-residents investing into Australia, as well as to Australian residents investing out of Australia, principally into Asia. Peter was a member of the Taxation Advisory Committee of the Queensland Division of the ASCPA; the representative of ASCPA on the Office of State Revenue Liaison Committee; and a member of the Legislation Review Committee of the Institute of Chartered Accountants.

Relevant Experience

Clients that Peter has served include:

• Duke Energy International
• New England Electric Services
• Coastal Petroleum Pty Ltd
• Itochu Coal Resources Australia Ltd
• Sumitomo Coal Development Pty Ltd
• John Deere Australia Pty Ltd
• Mack Trucks Australia Pty Ltd

Peter retired as a partner of Deloitte on 30 September 2002 and consulted to the firm until 30 June 2004.

Other matters

Peter is Chairman of Cristal Australia Pty Ltd, the Australian subsidiary of The National Titanium Dioxide Co Ltd from Saudi Arabia and a Director of BeMax Resources NL, a mining company listed on the Australian Stock Exchange. He is also a Director of a number of Private Companies.

In addition, Peter is currently President of Tattersalls Club, a leading Brisbane Business Club. He is President of the Sunnybank Rugby Club and delegate to the Queensland Rugby Union. He is a member of the finance committee of St Josephs College, Gregory Terrace.

He is married to Lucia and has five adult children.