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Quarterly Activities Report for the period ending 31 March 2011

Quarterly Activities Summary

- Hazelwood’s majority owned ATC Ferrotungsten Project in Vietnam entered into final installation and commencement of mechanical commissioning activities during the quarter. Hot commissioning and first production is expected during June 2011.

- Major plant and equipment is in position within the completed furnace hall. The emissions control baghouse is currently being erected and is the final major structure in the installation schedule.

- Other site buildings are either complete or approaching completion, and all buildings are expected to be available for occupancy shortly after hot commissioning.

- Approval was received for connection to the power transmission network. Power supply agreements are expected to be negotiated during May.

- A ceiling fire caused only minor damage and one minor injury was incurred during the incident. Repairs were completed with minimal disruption to the installation schedule.

- A Mineral Resource estimate was completed for the Mt Mulgine Tungsten Project in Western Australia (Hazelwood 70% Gindalbie Metals 30%). The estimate for the Mulgine Hill Deposit boosted the tungsten resource inventory available to Hazelwood by 67%.

- A confirmatory core drilling program commenced at Mt Mulgine during the quarter and was completed in early April. Results are pending. Drilling intersected coarse tungsten mineralisation that is expected to be amenable to gravity processing methods.

- Tailings samples were selected from the Big Hill Tungsten Deposit (HAZ 100%) pilot testwork program. Tailings and waste rock testwork is planned during the current quarter as part of the Big Hill Definitive Feasibility Study.

- Hazelwood remains committed to developing the Big Hill Deposit to achieve production by 2013, to provide consistent, high purity feedstock for the ATC Ferrotungsten Project, reducing the reliance on outside feedstock sources.

- Tungsten prices have reached record high levels. Ferrotungsten is presently quoted at $57/kg fob China. A recent clampdown on duty avoidance on Chinese ferrotungsten exports is expected to cause price increases in the commodity.

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