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FIELD WORK COMMENCES AT TABLE HILL NICKEL PROJECT

AND PLENTY RIVER DIAMOND PROJECT

AusQuest Limited (ASX: AQD) is pleased to announce the commencement of field-based

exploration activities at both its Table Hill Nickel Project in Western Australia and Plenty

River Diamond Project in the Northern Territory.

Both projects are subject to farm-in joint ventures with major international mining groups,

namely leading nickel company Falconbridge (Australia) Pty Ltd at Table Hill and Rio Tinto

Exploration Pty Ltd (Rio Tinto) at Plenty River.

Table Hill Nickel Project, WA (JV with Falconbridge)

The Company advises that a program of airborne geophysical surveying (GEOTEM) has

commenced over the Table Hill Nickel Project.

Table Hill is the subject of a joint venture agreement with Falconbridge which is funding 50%

of this initial program and will fund follow-up work over targets identified by the survey.

Approximately 7,700 line kilometres of GEOTEM survey are being flown, targeting NorilÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢sk

style nickel sulphide mineralisation associated with mafic intrusions in the area. Preliminary

results should be available by the end of 2005.

Plenty River Diamond Project, NT (Rio Tinto to earn 70%)

Initial ground follow-up of 16 potential kimberlite targets within the Plenty River diamond

project has recently been completed by Rio Tinto Exploration.

Plenty River is the subject of an Option, Farm-in Agreement with Rio Tinto which can earn a

70% interest in the project by spending a total of $7.0 million or completing a pre-feasibility

study.

The initial program involved both surface sampling and ground magnetic surveys over each

of the aeromagnetic targets. No outcrops were found in the areas tested.

Ground magnetic results will be available in December 2005 with sampling results available

in early 2006. The results of this work will be used to prioritise targets for drilling in 2006.

Graeme Drew

Managing Director

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In reply to: Jay on Friday 18/11/05 02:25pm

thanks jay what I got from that report indicates they are looking for something huge

 

"targeting Noril’sk

style nickel sulphide mineralisation associated with mafic intrusions in the area. Preliminary

results should be available by the end of 2005."

 

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In reply to: hayboys on Friday 18/11/05 12:21pm

hayboys

 

I am in AQD for their iron ore project, however diamonds and nickel would be fantastic bonus. I like the fact that RIO are putting the cash up to earn 70%! Any idea is AQD is free carried or not?

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In reply to: Jay on Friday 18/11/05 03:50pm

Jay I checked the annul report but sorry I dont know if AQD is free carried for plenty river diamond project but I doubt it my guess is more likely free carried later if it proves to be valuable enough to go to BFS. What it would mean is no nead t get finance!

The fact a railway boarders nameless prospect makes this look very good for iron ore though and is the reason I am in.

 

 

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In reply to: the saint on Wednesday 23/11/05 10:30am

stock looks ready to pullback to around 15 to me. time to take profits and buy back cheaper imo.

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In reply to: the saint on Wednesday 23/11/05 01:30pm

I dont have any inside info on AQD wish I did as for the pullback it hit the 20 cent resistance, but market cap is still low compared with its pears, IOH CAZ et al

the low depth on the buy side would indicate it is week but I think you will find there is a broker buying off the screen, seen it several times in the last month. They can hold their cards closer to their chest than we can and play without us seeing their hand.

 

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It seems that insto & retail clients of Hartley that got placement in May 2005 for 13c for each share and 1 for 2 free option started to take profit. Potential overhang is about 27m shares & 13.5m options. Nice profits for those lucky ones. Who know they may hold them instead of selling.

 

maybe there would be another issue for next year and another buying opportunity.

Cheers

BL

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