The Board of Directors is pleased to advise that the opening date for the Western Plains Gold Ltd initial public offering (IPO) and the record date for the PlatSearch priority right was Friday 11 March 2005. WPG’s IPO Prospectus, for an offer of 24 million shares at an issue price of 20 cents to raise $4,800,000 (with oversubscriptions up to $1 million) was lodged with ASIC on 3 March 2005. Funds raised through the IPO will be used to explore the Company’s copper and gold prospects located in central and western New South Wales.

Each PlatSearch shareholder has a priority right to apply for up to 50,000 shares in the IPO. The PlatSearch shareholder priority application form and a copy of the Prospectus will be forwarded to PlatSearch shareholders on 29 March 2005.

In the announcement of 18 October 2004 and its December 2004 Quarterly Report, PlatSearch advised that it has acquired a 58% shareholding in WPG. This shareholding has been achieved by the sale to WPG of PlatSearch’s 80% interests in the Trundle and Redan tenements with PlatSearch retaining a royalty interest, the provision of certain commercial and technical services and investment by PlatSearch in WPG of $80,000 as seed capital.

Following WPG’s IPO, and assuming the IPO is fully subscribed, PlatSearch expects to hold approximately 19% of WPG which, at the IPO share issue price of $0.20, represents a value of $1.35 million. A significant part of this shareholding is anticipated to be escrowed for two years.

WPG’s exploration strategy has two main thrusts, focussed on the highly prospective Lachlan Fold Belt (Trundle, Lake Cargelligo and Peak Hill East projects) and the Broken Hill Block (Euriowie, Redan and Mulyungarie projects). Joint venture agreements were signed with WPG on the Mulyungarie and Euriowie projects at Broken Hill, with details announced to the ASX on 23 September 2004. During the first year following its listing, WPG will complete exploration expenditure totalling at least $785,000 on the Euriowie, Mulyungarie, Trundle and Redan projects.

A copy of the WPG press release concerning the share offer is attached.