SELWYN MINES LIMITED(SLN)

company is deregistered

Strike-Off Action is In Progress

delisted following failure to pay listing fee

receivers report that discussions continue with parties that have a strong interest in reconstructing the company

receivers advise that negotiations with the party interested in a restructure of the company have discontinued as the party's interest has dissipated - an alternative proposal is now being considered

receivers advise that negotiations with the party interested in a restructure of the company are proceeding only slowly

receivers advise they have advanced negotiations with the party interested in a restructure of the company

receivers confirm they are in discussions regarding the possible restructure of the company

receivers confirm they are now examining the feasibility of a restructure of the company with a party that had previously expressed an interest

receivers confirm they have finalised the realisation of the company's physical assets and are now examining the feasibility of a restructure of the company

receivers advise of delays in progressing a restructure of the company primarily due to the possibility of litigation to pursue certain recoveries - we understand this impediment has now been cleared - a restructure of course will require the acquiescence of the secured creditor, the unsecured creditors and the current shareholders and there is no guarantee that it will occur

we understand the potential timing of a possible restructure will not be clarified until the end of November 2005

there are some complexities associated with the listed shell - the receivers will endeavour to reactivate an interest in the shell at an appropriate time

receiver advises there is no change to the position and there is unlikely to be for several months

receiver advises there is no change to the position as detailed on 19 February 2004

receiver reports that all assets have been sold or are subject to sale - there will be a deficiency to the secured creditor and therefore no return to unsecured creditors or shareholders from the asset realisations - there remains an interest in a reconstruction and re-listing that may involve a Deed of Company Arrangement

Hillgrove and Grange advise they will not proceed with the proposed bid

Hillgrove and Grange advise they are considering the implications of the Ivanhoe Mines announcement of 30 September for their bid

Ivanhoe Mines announces that a newly formed subsidiary of Ivanhoe Australia has purchased all of the Selwyn copper-gold project's mining and exploration leases in Australia

Takeover Panel declines, for the moment, to conduct proceedings in relation to the application lodged by Hillgrove Gold and Grange Resources on 10 September 2003

Hillgrove Gold and Grange Resources seek an order from the Takeover Panel that the receivers provide information to Selwyn directors about any proposal to purchase Selwyn assets and that the receivers be prevented from further negotiating on the sale until Selwyn directors are able to assess the legal status of any third party purchase

reports that receivers are currently negotiating to sell the Selwyn exploration and mining tenements to a third party

Hillgrove Gold and Grange Resources announce their intention to make an off-market takeover bid for the company

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

receiver advises the assets are in the process of being sold - it is unlikely the claims of the secured creditor will be met which does not augur well for unsecured creditors and shareholders - depending on the outcome of the administration of the subsidiaries (creditors' meetings coming up) the company will be returned to the control of directors, an administrator appointed or it will go into liquidation - it will be months and possibly longer before its fate is known

since 2 May 2003 we have made several requests to the company secretary Graeme Lindsay Hogan for information regarding developments

BankWest advises that a report from the receivers of Selwyn has raised questions over the bank's level of reserves, which may also impact on Selwyn's ability to deliver into its gold hedging facility

JP Cronin and PA Hennessy appointed administrators to company's wholly-owned subsidiaries Selwyn Operations Pty Limited and Selwyn Queensland Pty Limited

David Ross Beatty resigns as a director and chairman of the company

receivers and ASX confirm that they would be investigating the actions of the company's directors who sold substantial numbers of shares, a week or so before the company collapsed

BankWest has indicated that it will not release funds from the company's escrow account or proceeds from the sale of product to be used to pay creditors - as a result, the board is of the opinion that the company is insolvent (or likely to become so) and the bank appoints receivers (Garry Trevor and Peter Geroff of Ferrier Hodgson) who are now in possession of the assets of the company

receivers will continue to operate the mine and deliver into the gold hedging contracts while considering all available options

shares suspended from quotation while the company is in discussions with interested parties regarding future funding options

trading halt pending a company announcement

a number of directors announce to the market that they have sold their shares