North Queensland Metals.

• First Gold was poured at the Pajingo Mine JV near Charters Towers at the end of January 2008.

• NQM owns a 60% share in the JV and is the operator of the Mine.  It is expected that the mine will produce between 60,000 to 70,000 oz per annum and 80,000 oz in coming years.

• The company has reported Gold Reserves of 102,000oz and Resources of 384,00oz with the grade being higher than anticipated.

• The tenements owned are considered to be highly prospective and the company expected to further increase the resources through exploration. 

The Company also holds a 100% interest in the Baal Gammon project near Herberton west of Cairns which is focused on a Copper-Silver-Indium resource.  North Queensland Metals is pursuing a strategy of developing several mines in the Herberton area to feed ore to a central milling facility.