Highlights

• Located on the Central New Guinea Orogenic Belt 60km north of Porgera (28m oz gold equiv.), 77km north of Mt Kare (+1m oz gold) and 110km east of Freida River (6m oz gold and 3.2mt Copper)
• Within the project there are a number of outstanding high quality drill targets
• The Malaumanda project exhibits strong potential for high grade epithermal/mesothermal gold mineralisation and porphyry style copper-gold mineralisation

Tasman has entered into an option to acquire GPR and its entitlement to an initial 60% equity interest (with further earn in to 80%) in Exploration Licence 1235 which covers over 399km2 of the relatively accessible Malaumanda region in the East Sepik District of Papua New Guinea. Local landowners who are supportive of exploration hold the balance of permit equity.

GPR, through a subsidiary company, also holds an interest in the 2,500km2 Licence Application 1444 surrounding EL 1235 and covering the western strike extension for 70km.

Within the Malaumanda licence area, intermittent exploration has been occurring for about 30 35 years with portions of the area explored mostly for base metals (Cu, Ni) between 1967 and 1975 and gold from 1986. Beginning in 1986, more comprehensive gold exploration was commenced. In 1998-99, Sepik Gold of Vancouver, Canada, under the field geological management of Tony Gates, a Director of Tasman, drilled the gold zone at the main Millikap camp. Between 2003 and 2004 Celtic Minerals held the ground. Selected results from previous drilling at Malaumanda by Sepik Gold Limited and Celtic Minerals Limited include:

Drill Hole	Intercept	Comment
DDH MK 4	2m at 19.7g/t Au and 14m at 4.29g/t Au
DDH MK 5	14m at 3.66g/t Au and 1% Cu from 32.1m	including 4m at 11.3g/t Au from 4.10m
DDH MK 6	20.8m at 5.68 g/t Au from 34.91m	including 2.15m at 51g/t Au from 34.91m (visible Au reported in core) and 3m at 10.98g/t Au from 42.2m
CMK03-1	12m at 5.8g/t Au from depth of 25.3m	included 3.06m at 21.62g/t Au from 34.2m
DDH CLT04-1	10m at 4.47g/t Au from 113.m to 123m depth	intersected the mineralised zone from 100.4 to 126.8m

The potential of the Malaumanda area to host a world-class gold or copper-gold deposit is considered by the Directors to be high.

Contact skarns and possible porphyry style mineralisation have yet to be investigated and these could evolve as a major target in the project area. Additional prospecting has indicated the possibility of nickel-cobalt within ultramafic units and large copper indications in intrusive porphyry units within the surrounding tenement application.

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