Austindo Resources - 2006 Announcements

2006 Announcements

DATE ANNOUNCEMENT PDF File

23 November 2006 CIBALIUNG GOLD PROJECT UPDATE – 23 NOVEMBER 2006 (196K)

31 October 2006 APPENDIX 5B - SEPTEMBER 2006 QUARTER (132K)

31 October 2006 SEPTEMBER 2006 QUARTERLY REPORT (744K)

25 October 2006 PRESENTATION - CORPORATE PROFILE (2.2MB)

09 October 2006 CIBALIUNG GOLD PROJECT – CASH OPERATING COSTS AT US$215/Oz (96K)

15 September 2006 CONSOLIDATED FINANCIAL REPORT - HALF-YEAR ENDED 30 JUNE 2006 (836K)

25 August 2006 CIBALIUNG GOLD PROJECT UPDATE (80K)

03 August 2006 MANAGEMENT CHANGES AT AUSTINDO (60K)

01 August 2006 APPENDIX 5B - JUNE 2006 QUARTER (112K)

31 July 2006 JUNE 2006 QUARTERLY REPORT (312K)

26 May 2006 CHANGE OF DIRECTOR'S INTEREST NOTICE - Bruce J. Watson (64K)

26 May 2006 CHANGE OF DIRECTOR'S INTEREST NOTICE - John C. Carlile (64K)

26 May 2006 AUSTINDO COMPLETES SECOND TRANCHE OF PLACEMENT RAISING A$8.755 MILLION (68K)

24 May 2006 PRESENTATION TO ANNUAL GENERAL MEETING

23 May 2006 OUTCOME OF ANNUAL GENERAL MEETING (68K)

23 May 2006 CHAIRMAN'S ADDRESS - ANNUAL GENERAL MEETING (60K)

02 May 2006 APPENDIX 5B - MARCH 2006 QUARTER (100K)

01 May 2006 MARCH 2006 QUARTERLY REPORT (324K)

26 April 2006 2005 ANNUAL REPORT (2.3MB)

26 April 2006 NOTICE OF ANNUAL GENERAL MEETING AND EXPLANATORY MEMORANDUM (216K)

26 April 2006 APPOINTMENT OF EXPLORATION MANAGER (56K)

20 April 2006 AUSTINDO COMPLETES FIRST TRANCHE OF PLACEMENT (68K)

20 April 2006 APPENDIX 3B - NEW ISSUE ANNOUNCEMENT (112K)

13 April 2006 AUSTINDO ANNOUNCES PLACEMENT TO FUND INCREASED EXPLORATION ACTIVITIES IN INDONESIA AND ADDITIONAL COSTS IN DEVELOPMENT OF CIBALIUNG GOLD PROJECT (124K)

20 February 2006 GOLD TARGETS IDENTIFIED AT NEW EXPLORATION AREA
TRENGGALEK GOLD PROJECT, EAST JAVA INDONESIA (AUSTINDO 95%) (232K)

17 February 2006 AUSTINDO ADDS FOURTH GOLD PROJECT - NEW EXPLORATION AREA GRANTED (92K)

09 February 2006 PT ANTAM TBK CONFIRM CONTRIBUTION TO CIBALIUNG GOLD PROJECT – INDONESIA (144K)

31 January 2006 APPENDIX 5B - DECEMBER 2005 QUARTER (88K)

27 January 2006 DECEMBER QUARTERLY REPORT (180K)

2005 ANNOUNCEMENTS

23 November

CIBALIUNG GOLD PROJECT UPDATE – 23 NOVEMBER 2006

The Cibaliung Gold Project is operated by PT. Cibaliung Sumberdaya, a joint venture company established between the Company and PT. Antam Tbk ("Antam").

Cibaliung is located in Banten Province near the western tip of the island of Java, 150km south west of Jakarta. The Company’s interest in the Cibaliung Project as at 31 December 2005 stood at 89.75%.

Site Development and Erection of Gold Processing Plant

The erection of the processing plant is proceeding according to plan and timetable (see photo next page). It is probable, at the current rate of progress, that it will be completed ahead of schedule. At the date of this report the status of the plant is as follows:

Site access roads and bridges have been completed
Delivery of the plant to site has been completed
Structural fill and foundations have been completed
Construction of CIL tanks have been completed
Thickener tank has been completed
Power contract has been awarded
The development of ventilation shafts has commenced

Capital Expenditure

On 25 August 2006 the Company reported that further investigation into the total project cost had been undertaken and independently reviewed by Behre Dolbear Australia. The process identified that additional expenditure of approximately US$15.2 million (inclusive of new contingency of US$2.0 million and some operating expenses during the construction period) would be necessary to complete the project.

These cost increases related primarily to an initial underestimate in the process plant re-erection cost, a re-rating of seismic factors throughout the region, poorer than expected ground conditions in the process plant area and additional costs associated with construction costs, engineering, earthworks, steelwork and process plant foundations.

On 31 October 2006 the Company reported that additional project delivery, dewatering, travel, geotechnical, site preparation, equipment, transport and camp costs had been identified amounting to approximately US$1.9 million and additional holding costs, finance costs, project delivery costs and decline development costs pre-production amounting to approximately US$1.4 million.

The project is continuing to experience significant cost pressure, primarily associated with the difficulties encountered in the development of the decline (previously reported in the Company's activity report released on 31 October 2006). As reported below decline development to date remains unsatisfactory.

As previously advised, the Company is currently working to finalise arrangements for additional debt and additional equity finance to complete the development of the Cibaliung Gold Project.

The ANZ Bank has indicated that it will provide an additional debt facility in the amount of US$5m. The Company is required to raise sufficient equity funds to complete the project development before the additional debt funds will become available.

Taking into account cost increases identified to date and the continuing cost pressure associated with the development of the decline, it is envisaged that the Company will need to raise additional equity in the order of US$20 million to complete the development of the Cibaliung Gold Project.

Further, as previously advised, the Company will be required to partially restructure its existing hedging arrangements with the ANZ Bank. Currently the Company has hedged 185,000 ounces of gold on a fixed flat (par) forward basis at a price US$651/oz. The restructuring of the hedge book may involve an upfront premium cost or alternatively a reduction in the overall hedge price. The Company’s silver production from Cibaliung is totally unhedged.

Further details in relation to project costs and funding arrangements for the Cibaliung Gold Project will be provided as details are finalised.

Decline Development

The Company reported the status of the Decline Development on 31 October 2006. For ease of reference, key sections of that report are reproduced below.

Decline development commenced on 17 July 2006. Progress to date has been slower than anticipated and slower than required for the Company to meet its targeted first gold pour of May 2007.

The Company reported on 31 October 2006 that the decline progress to date has been slow due to a variety of reasons:-

delayed mobilisation of contractor to site;
adverse ground conditions initially necessitating the erection of steel sets in order to properly support the opening. This is a slow process;
the “sticky” nature of the material encountered has had the effect of clogging the roadheader’s conveyor system. As a result the roadheader is required to cease operation while it is periodically cleaned. In this respect, the contractor has now modified the roadheader to partially overcome this issue;
Insufficient skilled labour and supervision to achieve efficient operations.

Since reporting on 31 October 2006, progress has continued to be unsatisfactory for the following additional reasons:

side wall swelling has occurred at a number of points in the decline requiring remedial work to be carried out;
there have been delays in carrying out remedial work due to the requirement to enhance roof support to ensure that a safe working environment is established before such work is undertaken;
sections of the decline floor have required concreting;
the lack of a mobile shotcrete machine has impacted on efficiency;
a large deformation has occurred at approximately the 70m mark resulting in a blockage of the decline. No injuries occurred in this incident. As the remedial work has to be carried out first to ensure safe working conditions, work on clearing the blockage has not yet commenced. Conditions beyond the blockage are unknown;
some ground is known to have collapsed onto the roadheader which remains positioned at the 112m mark. It is not clear what, if any, damage there may be to the roadheader. Once the remedial work has been completed and the blockage cleared, a full assessment of the roadheader will be undertaken;
in conducting the remedial work and getting into a position to recommence cutting, the Company is proceeding with caution and with the safety of its personnel uppermost in mind. The Company is not prepared to compromise on this issue.

While the full extent of the blockage is unknown, based on current knowledge of the ground conditions it is expected that the remedial work will be completed, in late December 2006.

Both the remedial work and the consequent delay in the development of the decline have a significant cost impact on the project. The Company is presently completing its analysis of the likely cost impact and further guidance will be released to the market at the earliest opportunity.

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

Two key strategic alliances in Indonesia are taking Austindo closer to achieving its growth objective. In association with Anglo American Group, the Company is exploring for large porphyry copper/gold deposits in Papua. In addition the Company has a 95% joint venture interest with PT Sumber Mineral Nusantara in the Pekalongan and Trenggalek tenements located in Central and East Java respectively, areas prospective for low sulphidation epithermal gold/silver deposits similar to the Cibaliung project.

BOARD OF DIRECTORS

Bruce Watson - Chairman

George Tahija - Non-Executive Director

John Carlile - Non-Executive Director

Christopher Melloy - Non-Executive Director

For further information please contact:

Andrew J. Cooke
Company Secretary

Tel: + 61 2 9419 8044
Email: andrewcooke@arx.net.au

www.austindoresources.com.au

09 October

CIBALIUNG GOLD PROJECT – CASH OPERATING COSTS AT US$215/Oz

Austindo Resources Corporation NL (ASX Code: ARX) is developing the Cibaliung Gold Project (ARX 89.75% as at 31 December 2005) in Indonesia which is operated by PT. Cibaliung Sumberdaya, a joint venture company established between the Company and PT. Antam Tbk.

Cibaliung is located in Banten Province near the western tip of the island of Java, 150km south west of Jakarta.

Development of the project is well advanced and the company anticipates that first gold pour will occur late in March 2007. On 25 August the market was advised that the Board had engaged external consultants to verify operating costs associated with the Cibaliung Project.

Mining One Pty Ltd has now provided its final report which has confirmed cash operating costs of US$215/ounce. The operating costs have been calculated by Mining One Pty Ltd applying The Gold Institute Production Cost Standard over the life of the mine.

	US$ per Ounce
Direct Operating Expenses (including smelting and refining)	$294
By Product Credits*	($79)
Cash Operating Costs**	$215

* 7.4 ounces Silver per ounce Gold ** Does not include Royalties payable of 3.75% for Gold and 3.25% for Silver

A detailed update on development progress will be provided in the Company’s Quarterly Activity Report for the September Quarter which is scheduled to be released on Wednesday 25 October 2006. Further details in relation to funding arrangements for the Cibaliung Gold Project will be provided as they are finalised.

Bruce J. Watson
Chairman
9 October 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

Formed in 1983, Austindo Resources Corporation NL is an Australian listed gold company focused on developing projects in Indonesia. The company’s key project is Cibaliung, a high-grade epithermal gold/silver vein system located southwest of Jakarta in Banten Province, western Java. Cibaliung is expected to produce at an annual rate of 70,000 oz (gold equivalent).

Two key strategic alliances in Indonesia are taking Austindo closer to achieving its growth objective. In association with Anglo American Group, the Company is exploring for large porphyry copper/gold deposits in Papua. In addition the Company has a 95% joint venture interest with PT Sumber Mineral Nusantara in the Pekalongan and Trenggalek tenements located in Central and East Java respectively, areas prospective for low sulphidation epithermal gold/silver deposits similar to the Cibaliung project.

Also available as a PDF File (96K)

25 August

CIBALIUNG GOLD PROJECT UPDATE

As previously advised, a review of the Cibaliung Gold Project cost to completion incorporating several project scope changes has identified substantial cost increases.

Cost investigation

The ARX Board has caused further investigation into project costs to be undertaken and required Behre Dolbear Australia to undertake an independent verification of the total project cost. The investigation into project costs has now been completed and has identified that additional expenditure of approximately US$15.2 million (inclusive of new contingency of US$2.0 million) will be necessary to complete the project.

The Company will be seeking additional debt finance and equity funding to meet these increased costs.

The areas where costs overruns or scope changes have occurred, or are anticipated are:

	US$m
Infrastructure Mine Development (initial only) Process Plant Construction (including modifications) Tailings Storage Facility Project Delivery Financing, legal and holding costs Original Contingency Consumed New Additional Contingency Other items	1.0 0.6 9.1 0.1 2.4 2.7 (3.1) 2.0 0.4
Total	15.2

In addition to an initial underestimate in the process plant re-erection cost, some of the additional costs have arisen due to a re-rating of seismic factors throughout the region following the December 2004 tsunami and poorer than expected ground conditions in the process plant area. These factors have resulted in additional previously unbudgeted costs for engineering, earthworks, steelwork and process plant foundations.

Costs have been further impacted by higher engineering costs, manpower and consultant rates which have affected the industry worldwide. The higher cost of fuel together with higher projected levels of fuel consumption and increases in construction materials have also had a significant impact on the project overall, in the case of fuel, both as an operational expense following the project’s completion and as an input to construction costs.

The Company’s objective remains to achieve first gold pour within the 1^st Quarter of 2007. This assumes that ground conditions encountered in the decline development are as expected and that delays are not incurred in the erection of the gold processing plant.

Decline development

The decline development has commenced. However the contractor was delayed in mobilising due to contractor manning and equipment issues and accordingly the decline development is behind schedule. To address this delay the Company is undertaking a review of the development and stoping of ore blocks and reviewing local grades so as to maximise revenues within the 1st Quarter and throughout 2007. Any changes to the mining or decline development will only be made if there is an overall net economic benefit to the Company having regard to the timing of receipt and amount, of revenue, arising out of any such change or decision.

Gold processing plant

Erection of the gold processing plant is also fundamental to achieving first gold pour within the 1st Quarter of 2007. The plant has arrived in Indonesia and cleared customs. Preliminary earthworks have been undertaken and the first truck loads of equipment have arrived on site. Negotiations are continuing with the contractor, PT Petrosea with the objective of achieving completion of the plant erection within the 1st Quarter of 2007. Detailed engineering and procurement being undertaken by PT Petrosea is well advanced and preliminary site establishment works have commenced. The Company believes that the purchase of the second hand gold processing plant will still result in comparative savings over the purchase of a new plant given the world wide escalation of equipment costs and delivery time pressures and uncertainties when ordering new plant in the current inflationary climate.

Cash operating costs

A revised Base Case Financial Model has now been finalised and is in the process of being resolved with the ANZ Bank. In addition to the increased capital costs associated with completing the project, the revised Based Case Financial Model has also been updated to reflect higher fuel and power prices. The impact of higher fuel prices has contributed to a significant increase in anticipated cash operating costs. The Board has engaged external consultants to verify these costs which will be calculated in accordance with The Gold Institute Production Cost Standard over the life of the mine. When this work has been completed, the results will be released to the market. In the meantime though, the Board considers it appropriate to alert the market to this issue. The revised Base Case Financial Model also reflects gold sales at US$651 on 185,000 ounces of hedged production.

Chief Operating Officer

In order to address the Board’s concerns relating to the development of the Cibaliung Gold Project Austindo recently announced that it had appointed Mr. Hermani Soeprapto as Chief Operating Officer, located in Indonesia. Mr. Soeprapto has assumed responsibility for all of the Company’s Indonesian activities with particular emphasis upon delivery of the Cibaliung Gold Project. Mr. Soeprapto, 57, a mining engineer, has had a career spanning over 30 years with the Freeport-MacMoran group, mostly in Indonesia. During this period, Mr Soeprapto has gained extensive experience in developing and operating major open pit and underground mines. He served for 6 years as the site based Executive Vice President and General Manager for the operation of the Grasberg open pit and underground copper gold mine and mill in Papua.

Further details in relation to funding arrangements for the Cibaliung Gold Project will be provided as details are finalised.

Bruce J. Watson
Chairman
25 August 2006

Also available as a PDF File (80K)

03 August

MANAGEMENT CHANGES AT AUSTINDO

Austindo Resources Corporation NL ("Austindo") announces that it has accepted the resignation of Mr. Ian Price as Managing Director and CEO of the Company. The Board acknowledges the contribution of Mr. Price and wishes him well in his future endeavours.

Austindo is pleased to announce that it has appointed Mr. Hermani Soeprapto as Chief Operating Officer, based in Indonesia, effective immediately. Mr. Soeprapto will assume responsibility for all of the Company’s Indonesian activities with particular emphasis upon delivery of the Cibaliung gold project.

Mr. Soeprapto, 57, a mining engineer, has had a career spanning over 30 years with the Freeport-MacMoran group, mostly in Indonesia. During this period, Mr Soeprapto has gained extensive experience in developing and operating major open pit and underground mines. He served for 6 years as the site based Executive Vice President and General Manager for the operation of the Grasberg open pit and underground copper gold mine and mill in Papua.

Pending the appointment of a new CEO, Mr. Soeprapto will report directly to the Chairman Mr. Bruce Watson.

The Board and the two major shareholders in Austindo, PT Austindo Nusantara Jaya of Indonesia (28%) and Lion Selection Group Limited of Melbourne (18%) remain focused upon and committed to bringing the Cibaliung gold project to production. The appointment of Mr. Soeprapto is an important step in the realization of this objective.

Bruce J. Watson
Chairman
3 August 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

26 May

Appendix 3Y
Change of Director’s Interest Notice - Bruce J. Watson

Appendix 3Y - PDF File (64K)

26 May

Appendix 3Y
Change of Director’s Interest Notice - John C. Carlile

Appendix 3Y - PDF File (64K)

26 May

AUSTINDO COMPLETES SECOND TRANCHE OF PLACEMENT

RAISING A$8.755 MILLION

On 13 April 2006 Austindo Resources Corporation NL (“ARX” or the “Company”) announced that Austock Corporate Finance Limited had undertaken a placement of 218 million ordinary fully paid shares in the Company at 5.5 cents per share to raise A$12 million (“Placement”) for increased exploration in Indonesia, working capital purposes and additional costs in the development of the Cibaliung Gold Project in Indonesia.

The Company is pleased to announce that Tranche 2 of the Placement, raising A$8.755 million, has been completed. Tranche 2 was comprised of 159.2 million shares placed and completed following shareholder approval at the Company’s Annual General Meeting held on Tuesday 23 May 2006.

The placement was made to new and existing institutional and sophisticated investors pursuant to Section 708 of the Corporations Act 2001. All of the shares issued under the placement will rank pari passu with existing ordinary shares.

In accordance with Section 708A (5)(e) of the Act, the Company gives notice that:

The Company has issued these shares without disclosure to the placees under Part 6D.2 of the Act;
As at the date of this notice, the Company has complied with:

- the provisions of Chapter 2M of the Act as they apply to the Company;
- Section 674 of the Act
As at the date of this notice there is no excluded information (as defined in Section 708A (7) of the Act) which is required to be disclosed by the Company.

Andrew J. Cooke
Company Secretary
26 May 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

23 May

Outcome of Annual General Meeting

23 May 2006

The Company’s Annual General Meeting was today held in Melbourne in accordance with the Notice of Meeting issued to all shareholders.

The resolution to re-elect Mr. John Carlile as a Director of the Company was passed by a show of hands.

Proxy details in respect of this resolution were as follows:

(i) there were 553,228,263 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were 132 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 0 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 16,400,057 proxy votes in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

The resolution to approve the Remuneration Report of the Company was passed by a show of hands.

Proxy details in respect of this resolution were as follows:

(i) there were 551,011,399 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were 2,147,371 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 8,217,265 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 8,252,057 proxy votes in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

The resolution to grant options to Mr. Bruce Watson was passed by a show of hands.

Proxy details in respect of this resolution were as follows:

(i) there were 313,058,271 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were 2,762,013 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 60,625 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 2,762,013 proxy votes granted to proxies other than the Chairman in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

The resolution to approve the April 2006 Placement of 59,000,840 shares was passed by a show of hands.

Proxy details in respect of this resolution were as follows:

(i) there were 304,764,486 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were 2,279,100 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 62,859 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 2,279,100 proxy votes granted to proxies other than the Chairman in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

The resolution to approve the Placement of 153,723,980 shares to unrelated parties was passed by a show of hands.

Proxy details in respect of this resolution were as follows:

(i) there were 304,597,731 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were 2,443,089 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 65,625 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 8,124,782 proxy votes granted to proxies other than the Chairman in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

The resolution to approve the Placement of 5,460,000 shares to related parties was passed by a show of hands.

Proxy details in respect of this resolution were as follows:

(i) there were 507,176,363 proxy votes in respect of which the appointments specified that the proxy vote for the resolution;

(ii) there were 2,834,138 proxy votes in respect of which the appointments specified that the proxy vote against the resolution;

(iii) there were 458,229 proxy votes in respect of which the appointments specified that the proxy abstain on the resolution;

(iv) there were 2,834,138 proxy votes granted to proxies other than the Chairman in respect of which the appointments specified that the proxy may vote at the proxy’s discretion;

Yours sincerely

Andrew J Cooke
Company Secretary

23 May

Chairman’s Address

Annual General Meeting – 23 May 2006

2005 was an important year for our company and one in which real progress was made.

In November, construction commenced at the Cibaliung Gold Project, which Austindo (89.75%) holds in joint venture with PT Antam Tbk (10.25%), building upon over 5 years of exploration and detailed feasibility studies. Your company is moving towards production at a time when gold and silver prices are at twenty year highs. Production is expected in the first quarter of 2007. I am pleased to report that the Company remains on track to meet this objective.

I might add, that the resources sector contains many companies the overwhelming majority of which never move beyond the exploration stage or make a profit .That is just a fact of life in the mining business. Our company, in moving to production, and consequently, profitability, is joining a relatively small percentage of listed resources companies, which is a source of great satisfaction for all concerned.

2005 saw Austindo establish two new relationships as part of our program to develop other projects in Indonesia looking beyond Cibaliung. In Papua, Austindo formed a strategic alliance with Anglo American plc to explore for porphyry copper gold targets. By year’s end an exploration permit had been granted over 9,486 hectares. Exploration work commenced early this year and drilling is scheduled to commence next month.

A second initiative, with PT Sumber Mineral Nusantara, saw Austindo joint venture two exploration areas on Java, at Pekalongan and Trenggalek. We believe these areas to be prospective for epithermal gold and silver deposits similar to those found at Cibaliung. We will be drawing upon our experience gained at Cibaliung to take these prospects forward.

Both of these relationships are part of the company’s strategy to become the partner of choice in Indonesia and in the medium term to broaden our operating base. In addition to Cibaliung, Austindo now has a further 3 exploration projects within Indonesia, covering some 32,690 hectares. We have recently appointed a new Exploration Manager and are preparing to carry out an aggressive exploration program for all three projects commencing in the second half of 2006.

A US$26m financing facility for the development of the Cibaliung Project was entered into with the ANZ Banking Group in December 2005, with all conditions precedent subsequently satisfied and drawdown effected in April.

Three capital raisings have been undertaken since the last AGM.

Two of these were equity raisings by way of placement, predominantly to institutional investors. The first of these placements, in July 2005 raised $16.8m. It was conducted in conjunction with a share purchase plan which raised a further $1.9 million.

The second placement, for $12m is subject to shareholder approval later at this meeting.

These raisings have provided funding for the development of Cibaliung, an expanded exploration program and for general working capital purposes.

The third capital raising was an issue of unlisted Convertible Notes to two institutions totalling $4m in value. This was put in place in December of last year largely to meet an ANZ Bank requirement to maintain a higher level of contingency funds dedicated to the Cibaliung project.

These capital raisings were strongly supported and also introduced new institutions to our register. This support and show of confidence by our shareholders, old and new, is gratefully acknowledged.

The Board views Indonesia as a country with enormous mineral potential and believes that your company is well placed to take advantage of that potential. Indonesia offers increasing political stability; our highly skilled local workforce is an important advantage we have in successfully conducting operations there.

Throughout the year we have received strong support from our partners in the communities in which our projects are located and from all levels of government. This ongoing support is a key element in our success and is valued highly.

The directors also wish to acknowledge our staff who, at all levels of the organisation, continue to give their unstinting best.

Finally, Pieter Greeff and Bruce Paterson retired from the Board during the year. Theirs was an important contribution to Austindo, for which we thank them.

2006 is an important and exciting year for Austindo. A year of real progress. A year of outcomes.

Bruce J. Watson
Chairman

26 April

NOTICE OF ANNUAL GENERAL MEETING AND EXPLANATORY MEMORANDUM

10.00 a.m.
Tuesday 23 May 2006
Rialto Hotel on Collins
495 Collins Street, Melbourne

Notice of Annual General Meeting

NOTICE is given that the Annual General Meeting of the Company will be held at Rialto Hotel, 495 Collins Street, Melbourne, Victoria at 10.00 a.m. on Tuesday 23 May 2006.

BUSINESS

Receipt of the Company's Financial Report for the year ended 31 December 2005
Receipt of the Company's Financial Report and the Directors' Report and the Auditor's Report for the year ended 31 December 2005.

Re-elect Mr. John C. Carlile as a Director of the Company

To re-elect Mr. John C. Carlile as a Director of the Company, who retires in accordance with the Constitution of the Company, and being eligible, offers himself for re-election.

Remuneration Report

To consider and, if thought fit, pass the following Resolution:

"That the Remuneration Report in the Company's Annual Report be adopted."

Grant of Options to Mr. Bruce J. Watson

To consider and, if thought fit, to pass the following resolution:

"That, for the purposes of Section 208 of the Corporations Law and Listing Rule 10.14 of the Listing Rules of Australian Stock Exchange Limited and all other purposes, the Directors of the Company be authorised to grant and issue to Mr. Bruce J. Watson for no consideration, 2,000,000 options (each to subscribe for one fully paid ordinary share in the capital of the Company at an exercise price of 7.0 cents per share and with an expiry date of 31 July 2010) pursuant to and in accordance with the Rules of the Employees and Contractors Option Plan of the Austindo Group."

Voting Restrictions on Resolution 4

The company will disregard any votes cast on Resolution 4 by:

each Mr. Ian Price, Mr. George Tahija, Mr. Christopher Melloy and Mr. John Carlile being Directors of the Company; and
Mr. Bruce J. Watson; and
any associate of Mr. Bruce J. Watson.

However, the Company need not disregard a vote if:

it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or
it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.

Approval of Share Placement - April 2006

To consider, and if thought fit, to pass the following resolution as an ordinary resolution:

"That approval is given for the issue of 59,000,840 fully paid ordinary shares in the capital of the Company which was made on or about 21 April 2006 at an issue price of 5.5 cents per share, such approval being for the purposes of Listing Rules 7.4 and 7.5 of Australian Stock Exchange Ltd."

Voting restrictions on Resolution 5

The company will disregard any votes cast on Resolution 5 by:

any of the persons who participated in the issue of shares identified in Resolution 5; and
an associate of any of those persons.

However, the Company need not disregard a vote if:

it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or
it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.

Approval of Share Placements to Unrelated Parties

To consider, and if thought fit, to pass the following resolution as an ordinary resolution:

"That approval is given, under Australian Stock Exchange Listing Rule 7.1, for the Company to issue up to 153,723,980 ordinary fully paid shares in the capital of the Company at an issue price of 5.5 cents per share (other than to related parties of the Company) by way of placements for the purposes and otherwise on the terms and conditions as set out in the Explanatory Statement which accompanies this Notice of Meeting."

Voting restrictions on Resolution 6

The Company will disregard any votes cast on Resolution 6 by:

a person who may participate in the proposed issue of shares; and
a person who might obtain a benefit, except a benefit solely in the capacity of a holder of ordinary shares in the Company, if Resolution 6 is passed; and
an associate of any of those persons.

However, the Company need not disregard a vote if:

it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or
it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.

Approval of Share Placements to Related Parties

To consider, and if thought fit, to pass the following resolution as an ordinary resolution:

"That, subject to the prior approval of Resolution 6, approval is given under Australian Stock Exchange Listing Rule 10.11, for the Company to issue to the related parties of the Company specified below the number of ordinary fully paid shares in the capital of the Company specified below, each at an issue price of 5.5 cents per share:

Related party	Number of shares
Bruce James Watson	1,820,000
John Charles Carlile	3,640,000
Total	5,460,000

such shares to be issued to those related parties by no later than one month after the date of this meeting."

Note: If approval is given in Resolution 7 under Listing Rule 10.11, approval is not required under Listing Rule 7.1.

Voting restrictions on Resolution 7

The Company will disregard any votes cast on Resolution 7 by:

Bruce James Watson and John Charles Carlile; and
an associate of any of those persons.

However, the Company need not disregard a vote if:

it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or
it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.

Dated at Sydney on the 18th day of April 2006

By order of the Board
Andrew J. Cooke
Company Secretary

Proxies

A shareholder entitled to attend and vote at this meeting is entitled to appoint a proxy or not more than 2 proxies to attend and vote instead of the shareholder.

Where 2 proxies are appointed:
- a separate Proxy Form should be used to appoint each proxy;
- the Proxy Form may specify the proportion, or the number, of votes that the proxy may exercise, and if it does not do so the proxy may exercise half of the votes.

A shareholder can appoint any other person to be their proxy. A proxy need not be a shareholder of the Company. The proxy appointed can be described in the Proxy Form by an office held e.g. "the Chair of the Meeting".

In the case of shareholders who are individuals, the Proxy Form must be signed:
- if the shares are held by one individual, by that shareholder;
- if the shares are held in joint names, by any one of them.

In the case of shareholders who are companies, the Proxy Form must be signed:
- if it has a sole director who is also sole secretary, by that director (and stating the fact next to, or under the signature on the Proxy Form);
- in the case of any other company, by either 2 directors or a director and secretary.

The use of the common seal of the company, in addition to those required signatures, is optional.

If the person signing the Proxy Form is doing so under a power of attorney, or is an officer of a company outside those referred to above but authorised to sign the Proxy Form, the power of attorney or other authorisation (or a certified copy of it), as well as the Proxy Form, must be received by the Company by the time and at the place specified below.

A Proxy Form accompanies this notice. To be effective, Proxy Forms (duly completed and signed) must be received by the Company at :

(i) by facsimile on +(61 3) 9620 3123,

or

(ii) at the Company's Head Office: Level 8 North Tower, 459 Collins Street, Melbourne VIC 3000

no later than 24 hours before the time for the holding of the meeting.

Shareholders Who Are Entitled To Vote

In accordance with the Corporations Act 2001 (Cth), the directors have determined that a person's entitlement to vote at the meeting will be the entitlement of that person set out in the register of members as at 7:00 pm on Friday 19 May 2006.

Explanatory Memorandum

FINANCIAL REPORT - YEAR ENDED 31 DECEMBER 2005

The Corporations Act 2001 (Cth) ("Corporations Act") requires the financial report (which includes the financial statements and the directors' declaration), the directors' report and the auditor's report to be laid before the Annual General Meeting. There is no requirement either in the Corporations Act or in the Constitution of the Company for shareholders to approve the financial report, the directors' report or the auditor's report. Shareholders attending the Annual General Meeting will be given a reasonable opportunity to ask questions about, or make comments on, the financial report.

RESOLUTION 2 - RE-ELECTION OF JOHN CARLILE

Mr. John Carlile is a Director of the Company, who retires in accordance with the Constitution of the Company, and being eligible, offers himself for re-election.

Mr. Carlile is a geologist with a BSc. (Hons) degree in Geology from the University of Reading and a MSc.(DIC) in Mineral Exploration from the Royal School of Mines, University of London. Mr. Carlile is a Fellow of The Aus.I.M.M. and CPGeo. , a Fellow of Geo.Soc.Lond. and a Member of the Singapore Institute of Directors. He has over 25 years experience in the mining industry, primarily in gold exploration, and has previously held senior positions in the Asian region with major mining companies including BHP and Newcrest Mining Limited.

Mr. Carlile was appointed as a Director of the Company on 3 March, 1998 and was the Managing Director and Chief Executive Officer of the Company until 17 November 2002. From 18 November 2002 Mr. Carlile has continued on the Board as a Non-Executive Director and is also a member of the Audit Committee. Mr. Carlile is also a Director of Alexander Resources Limited (25.72% ARX) and Chairman of PEARL Energy Limited, a Singapore company focused on oil and gas exploration and production in South-East Asia.

RESOLUTION 3 -REMUNERATION REPORT

The Directors' Report for the year ended 31 December 2005 contains a Remuneration Report which sets out the policy on remuneration of the directors of the Company and specified executives on the Company.

The Corporations Act requires that a resolution be put to the vote that the Remuneration Report be adopted. The Corporations Act expressly provides that the vote is advisory and does not bind the directors of the Company.

Shareholder attending the AGM will be given a reasonable opportunity to ask questions about, or make comments on, the Remuneration Report.

RESOLUTION 4 - ISSUE OF OPTIONS TO BRUCE WATSON

4.1

Pursuant to a Directors' Resolution dated 9 April 2001, a scheme was approved known as the Employees and Contractors Option Plan of the Austindo Group. The granting of options to Directors requires shareholder approval in order to comply with the Corporations Act and the Listing Rules of the Australian Stock Exchange Limited.

4.2

Details of the Employees and Contractors Option Plan of the Austindo Group

Under the Employees and Contractors Option Plan (the "Scheme") options may be granted to Eligible Persons and their associates. Eligible Persons are defined to include:

(a)

a full-time employee of the Company and any entity controlled by the Company (the "Company Group");

(b)

a permanent part-time employee of the Company Group;

(c)

a person who is in an independent contractor relationship with the Company Group and provides goods and services to the Company Group;

(d)

a full-time, or permanent part-time, employee of a person under (c);

(e)

a person who is a director, alternate director or company secretary of the Company or any entity n the Company Group.

The Board of Directors may at any time grant options to Eligible Persons subject to the Rules of the Scheme.

An Eligible Person who has been invited to participate in the Scheme may nominate a person who is an associate of the Eligible Person to be the grantee of the options offered. Associate is defined in the Scheme to have the same meaning as it has in section 139GE of the Tax Act and includes a relative, a company in which the Eligible Person holds at least one share or a trustee of a trust where the Eligible Person is capable of benefiting under the trust.

At any time the number of shares the subject of options which are both unexercised and unexpired, together with the number of shares issued as the result of the exercise of options granted pursuant to the Scheme, shall not exceed 5% of the issued capital of the Company.

No consideration is payable by any person in respect of the granting of options pursuant to the Scheme however option holders must pay the full exercise price to the Company at the time that they elect to exercise any option.

The Directors are permitted to specify the exercise price of options granted pursuant to the Scheme. In so doing they may specify the exercise price as a fixed amount or as an amount determined by reference to the market price of the shares of the Company.

In addition the Directors may specify the period within which options may be exercised, any performance hurdles that must be satisfied and any other requirements that must be satisfied in relation to the exercise of options.

The options granted pursuant to the Scheme are non transferable and will not be quoted on any stock exchange.

Shares allotted as a result of the exercise of options will rank pari passu with all other shares of the Company and the Company will make application for such shares to be quoted on the Australian Stock Exchange.

Options granted pursuant to the Scheme lapse at the end of any expiry date (if one is specified) or when the option holder (or the Eligible Person if the options were granted to an associate) ceases to be an Eligible Person for any reason.

Options granted pursuant to the Scheme do not give any right to participate in any dividend or any new issue of securities of the Company unless the option holder exercises the option prior to the relevant record date.
The number of shares over which options may be exercised will be increased where the Company effects a bonus issue by the number of shares which the option holder would have received if the option had been exercised before the record date for the bonus issue.

The exercise price of options will be reduced in accordance with the formula set out in Australian Stock Exchange Listing rule 6.22 if there is a pro rata issue to shareholders.

Equally the rights of the option holder will be changed to the extent necessary to comply with the Listing Rules of the Australian Stock Exchange in the event of any reorganisation of the capital of the company.

The Scheme also contains certain provisions which allow the Company to cancel options during a takeover period. Where the takeover price exceeds the exercise price of any such cancelled options, the Company must pay the option holder an amount equal to such excess. In addition an option holder may exercise any options (which have not been cancelled) during a takeover period despite the fact that the exercise may be outside a specified exercise period or a performance hurdle may not have been satisfied.

4.3

Details of Options already on issue

The following options were on issue pursuant to the Scheme as at the date of this Notice of Meeting and Explanatory Memorandum:

Option Holder	Number	Exercise Price	Expiry Date
Mr. Pieter W. Greeff	500,000	7.0 cents	22 May 2006
Mr. George S. Tahija	500,000	7.0 cents	22 May 2006
Newdore Investments Pty Limited	500,000	7.0 cents	22 May 2006
Lion Selection Group Limited	500,000	7.0 cents	22 May 2006
Mr. John C. Carlile	2,000,000	7.0 cents	22 May 2006
Mr. Andrew J. Cooke	1,000,000	7.0 cents	22 May 2006
Mr. Sucipto Marijan	1,000,000	7.0 cents	22 May 2006
Mr. Drew Henry	1,000,000	7.0 cents	22 October 2007
Mr. Sukmandaru Prihatmoko	1,000,000	7.0 cents	22 October 2007
Mr. Ian L. Price	4,000,000	7.0 cents	26 May 2008
Blue Mount Investments Pty Ltd	2,000,000	7.0 cents	10 December 2009
Mr. Andrew J. Cooke	2,000,000	7.0 cents	31 July 2010
Mr. Sucipto Marijan	2,000,000	7.0 cents	31 July 2010
Mr. Sukmandaru Prihatmoko	2,000,000	7.0 cents	31 July 2010
Mr. Stephen Williams	3,000,000	7.0 cents	31 July 2010
Mr Angelo Marcelino Wisnu Wardana	2,000,000	7.0 cents	31 July 2010

4.4

Number of new Options Proposed to be Granted

Pursuant to the Scheme, the Company proposes to grant the 2,000,000 options, each to subscribe for one fully paid ordinary share in the capital of the Company at an exercise price of 7.0 cents per share and with an expiry date of 31 July 2010, to Mr. Bruce J. Watson who was appointed as Chairman on 23 June 2005.

4.5

Details of the Options to be Granted

The options to be granted to Mr. Watson have an exercise price of 7.0 cents.

The options have an expiry date of 31 July 2010 or will lapse before that date when Mr. Watson ceases to be an Eligible Person (refer section 4.2 above).

There are no performance hurdles which must be satisfied before the options are exercisable however only that number of options as set out below may be exercised after the respective dates (and before the expiry date of 31 July 2010):

Director	After 30 July 2006	After 30 January 2007	After 30 July 2007	Total number of options
Mr Bruce Watson	1,000,000	500,000	500,000	2,000,000

If a takeover bid is made for the shares in the Company then, at any time during the takeover period (being from the start of the offer period until one month after the end of the offer period):

the Company may give the option holder not less than 7 days written notice of the intention of the Company to cancel one or more of the options;
the Company may, at any time after expiry of that notice during the takeover period, cancel such number of options.

If the value of the takeover offer for shares exceeds the exercise price of options cancelled during a takeover period as described above then the Company must pay to the option holder an amount equal to such excess.

4.6

Part 2E.1 of the Corporations Act

Part 2E.1 of the Corporations Act prohibits the Company from giving a financial benefit to a related party of the Company unless either:

(a)

the giving of the financial benefit falls within one of the nominated exceptions to the provisions; or

(b)

(b) prior shareholder approval is obtained to the giving of the financial benefit.

For the purposes of Part 2E.1, each of the Directors of the Company are considered to be related parties of the Company.

The proposed grant of options to subscribe for fully paid ordinary shares described above under the Scheme involves the provision of a financial benefit to related parties of the Company and, therefore, requires prior shareholder approval.

In accordance with section 219 of the Corporations Act, the following information is provided to shareholders to allow them to assess the proposed issue of options to subscribe for ordinary shares to each of the Directors under the Scheme:

(a)

Mr. Bruce J. Watson is a related party of the Company to whom the proposed resolution would permit the financial benefits to be given.

(b)

The nature of the financial benefit to be given to Mr. Watson is the granting for no consideration of 2,000,000 options to subscribe for ordinary shares. The exercise price of the options will be 7.0 cents per share. The options are exercisable at any time subject the vesting provisions set out in 4.5 above. The options will lapse when each such person ceases to be a Director or an Eligible Person as defined in the Scheme

(c)

Each of the Directors on the Board (excluding Mr. Watson) wishes to recommend the proposed resolution.

(d)

None of the Directors (excluding Mr. Watson) has an interest in the outcome of the proposed resolution.

(e)

If options granted pursuant to the Scheme are exercised, the effect would be to dilute the shareholding of existing shareholders. The market price of the Company's shares during the option period will normally determine whether or not option holders exercise the options. At the time any options are exercised and shares issued pursuant to the exercise of the options, the Company's shares may be trading on ASX at a price which is higher than the exercise price of the options.

In the last year the highest price of shares in the Company trading on ASX was 7.4 cents which occurred on 7 February 2006. The lowest price of shares in the Company trading on ASX was 3.5 cents which occurred on 5 May 2005. The share price during this period traded at various levels within this range. On 18 April, 2006 the closing price of the Company's shares was 6.5 cents.

The Scheme is designed to provide an incentive to Directors, employees and contractors of the Company and to recognise their contribution to the Company's success. Under the Company's current circumstances, the Directors consider that the incentives to Directors, employees and contractors which are represented by the options already on issue and to be issued pursuant to the proposed resolution are a cost effective and efficient incentive for the Company as opposed to alternative forms of incentive such as cash bonuses or increased remuneration.

The directors do not consider there are any opportunity costs to the Company or benefits foregone by the Company in issuing the options under the Scheme.

(f)

There is no obligation on the Company to grant the options. Equally there is no discernable detriment to the Company if the options are not granted. The benefits to the Company if the options are granted are based on the view that such options provide an extra incentive, and reward, to Mr. Watson if the success of the Company results in the Company's share price rising above the exercise price of 7.0 cents.

(g)

The detriment to the Company arising from the granting of such options is that if the share price does exceed 7.0 cents and the options are exercised there is a dilution effect on the existing shareholders.

(h)

Neither the Directors nor the Company are aware of any other information that would be reasonably required by shareholders in order to decide whether or not it is in the interests of the Company to pass the proposed resolution.

4.7

ASX Listing Rules 10.14 and 10.15

Listing Rule 10.14 prohibits a listed company from issuing securities to a Director of the Company without the approval of shareholders.

In accordance with Listing Rule 10.15, the following information is provided to shareholders to allow them to assess the proposed issue of options to subscribe for ordinary shares to each of the Directors under the Scheme:

(a)

the maximum number of options which may be acquired by Mr. Watson under the Scheme is 2,000,000.

(b)

the options will be issued for no consideration and may be exercised at a price of 7.0 cents per share, being at a premium above the market price of the ordinary shares of the Company.

(c)

Mr. Ian Price is the only other Director or associate of a Director to have received options under the Scheme since the last approval granted by shareholders at the Annual General Meeting of the Company held on 22 May, 2001. Mr. Price received 4,000,000 options exercisable at 7.0 cents per share with a termination date of 26 May 2008 pursuant to shareholder approval on 27 May 2003.

(d)

The names of all Directors entitled to participate in the Scheme are Mr. Bruce Watson, Mr. Ian Price, Mr. George Tahija, Mr. John Carlile and Mr. Christopher Melloy.

(e)

Subject to the approval of Resolution 4, the issue of the 2,000,000 options referred to in this resolution will be effected within 7 days after such resolution is passed.

INFORMATION RELEVANT TO RESOLUTIONS 5, 6 & 7

Raising of funds for the Company

5.1

Your Directors are proposing to raise funds for the Company by means of issues of ordinary fully paid shares by means of placements of up to 218,184,820 shares:

as to 59,000,840 to certain sophisticated and institutional investors(which placements are the subject of Resolution 5); and
as to 153,723,980 shares between certain sophisticated and institutional investors and existing major shareholders as may be determined by your Directors (which placements are the subject of Resolution 6); and
as to the remaining 5,460,000 shares between 2 specified "related parties" of the Company, being 2 Directors of the Company (which placements are the subject of Resolution 7).

5.2

The Company announced on 13 April 2006 that it proposed to effect a capital raising by way of placements of up to 218,184,820 ordinary shares at an issue price of 5.5 cents per share.

5.3

If all 218,184,820 shares are issued, the funds raised by such placements will be a gross amount of $12,000,165.10.

5.4

The allotment of 59,000,840 shares to certain sophisticated and institutional investors referred to in Resolution 5 was effected by the Directors on or about 20 April 2006.

5.5

Through Austock Corporate Finance Limited the Directors have secured the commitment of certain sophisticated and institutional investors and other existing major shareholders to participate in the placement of 153,723,980 shares (which placements are the subject of Resolution 6).

5.6

Subject to the approval of Resolution 6 and subsequent shareholder approval of Resolution 7, the allotment of 5,460,000 shares to related parties will be effected.

5.7

Subject to the approval of Resolutions 6 and 7, the allotment of the total of 159,183,980 shares referred to in these resolutions will be effected within 7 days after such resolutions are passed, with the shares to be allotted pursuant to Resolution 6 to be made first, immediately followed by the allotment of shares pursuant to Resolution 7.

Use of funds raised

5.8

The total amount of $12 million to be raised from the placements referred to in paragraph 5.1 above will be applied by the Company as follows:

	$ million
Cost overruns associated with the development of the Cibaliung Gold Project.	3.30
Further exploration at Cibaliung, Trenggalek and Pekalongan and in Indonesia.	3.00
Ongoing general working capital including costs associated with the placement.	3.45
An additional working capital buffer	2.25
Total	12.00

Increases in share capital

5.9

At the date of the Notice of General Meeting there are 1,082,738,890 ordinary fully paid shares in the capital of the Company on issue.

5.10

The placements referred to in paragraph 5.1 above totalling 218,184,820 represent 20.1% of 1,082,738,890, and will take the number of shares on issue to 1,300,923,710.

RESOLUTION 5: APPROVAL SHARE PLACEMENT TO INSTITUTIONAL INVESTORS

6.1

Resolution 5 seeks shareholder ratification pursuant to ASX Listing Rule 7.4 for the issue of 59,000,840 shares as a placement at a price of 5.5 cents.

6.2

These shares were placed to certain "excluded offerees" in the context of the Corporations Act 2001 being new and existing sophisticated investors and institutional investors identified by Austock Corporate Finance Limited.

6.3

The 59,000,840 shares represent approximately 5.45% of the Company's issued ordinary shares at the time of the placement.

6.4

ASX Listing Rule 7.1 prohibits (subject to certain exceptions such as pro-rata issues and bonus issues) the Company form issuing or agreeing to issue new securities (such as the shares referred to above) representing more than 15% of its total issued ordinary shares during the following 12 month period, without shareholder approval.

6.5

Taking into account other securities issued by the Company during the course of the previous 12 month period this placement of these 59,000,840 shares are within the 15% permitted pursuant to ASX Listing Rule 7.1.

6.6

ASX Listing Rule 7.4 permits an issue of shares to be approved retrospectively. It provides that an issue of securities is deemed to have been made with shareholder approval if Listing Rule 7.1 is not breached at the time the securities were issued and shareholders subsequently approve (ratify) the issue.

6.7

By shareholders ratifying this issue of securities it enables the Company to give the Board flexibility to issue further securities up to the 15% limit over the following 12 month period. Once the issue of this 59,000,840 shares is approved, these shares will not be counted as a new issue for the purposes of the 15% limit in Listing Rule 7.1
Terms of Issue

6.8

The 59,000,840 shares being the subject of this Resolution 5 were allotted on or about 20 April 2006 and have the same rights and rank equally with the existing ordinary fully paid shares of the Company.

6.9

The intended use of the funds raised by means of the issue of shares referred to in Resolution 5 is described in paragraph 5.8 above.

Recommendation on Resolution 5

6.10

Of the directors of the Company, Mr. Chris Melloy, who is an executive director of the entity which manages Lion Selection Group Limited, which has confirmed it will participate in the placement of shares being the subject of Resolution 5, does not for that reason make a recommendation in relation to Resolution 5. Mr. Melloy is not a director or material shareholder of Lion Selection Group Limited and has no interest in the shares allotted to Lion Selection Group Limited.

6.11

Each of the remaining directors, Mr. Bruce Watson, Mr. Ian Price, Mr. George Tahija and Mr. John Carlile recommends that shareholders vote in favour of Resolution 5 as it authorises a material part of the fund raising required by the Company for the purposes set out in paragraph 5.8 above.

Voting restrictions on Resolution 5

6.12

There are voting restrictions in relation to Resolution 5, the terms of which are set out immediately after the text of Resolution 5 in the Notice of Meeting.

6.13

If you are a person who is likely to participate in the placement of shares then that potential participant, and any associate of that potential participant, should refrain from voting on Resolution 5.

RESOLUTION 6: APPROVAL OF SHARE PLACEMENTS TO UNRELATED PARTIES

Listing Rule 7.1

7.1

Under Listing Rule 7.1 your directors, in effect have the authority to make placements of up to 15% of the issued share capital of the Company without having to obtain shareholder approval.

7.2

The purpose of Resolution 6 is, therefore, also to refresh the 15% authority of your directors referred to in paragraph 6.4 above. If Resolution 6 is not passed this would restrict the authority of your directors to make further placements until the formula in Listing Rule 7.1, and lapse of time, allows your directors to do so.

Terms of issue

7.3

Under Resolution 6, the maximum number of shares to be issued is 153,723,980. Those shares will be placed at 5.5 cents per share. The shares will be issued within 7 days after Resolution 6 has been passed.

7.4

These shares will be placed with existing major shareholders or other selected investors as have been identified by Austock Corporate Finance Limited. These shares are to be placed to "excluded offerees" in the context of the Corporations Act 2001 being sophisticated investors and institutional investors. These shares will not be placed with any "related party" of the Company. In other words, they will not be placed with any director of the Company, any specified members of the family of a director of the Company, or any other company under the control of any director (or their family) of the Company.

7.5

The new shares, when issued, will have the same rights and rank equally with the existing ordinary fully paid shares of the Company.

7.6

The intended use of the funds raised by means of the issue of shares referred to in Resolution 6 is described in paragraph 5.8 above.

Recommendation on Resolution 6

7.7

Of the directors of the Company, Mr. Chris Melloy, who is an executive director of the entity which manages Lion Selection Group Limited, which has confirmed it will participate in the placement of shares being the subject of Resolution 6, does not for that reason make a recommendation in relation to Resolution 6. Mr. Melloy is not a director or material shareholder of Lion Selection Group Limited and has no interest in the shares to be allotted to Lion Selection Group Limited.

7.8

Each of the remaining directors, Mr. Bruce Watson, Mr. Ian Price, Mr. George Tahija and Mr. John Carlile, recommends that shareholders vote in favour of Resolution 6 as it authorises a material part of the fund raising required by the Company for the purposes set out in paragraph 5.8 above.

Voting restrictions on Resolution 6

7.9

There are voting restrictions in relation to Resolution 6, the terms of which are set out immediately after the text of Resolution 6 in the Notice of Meeting.

7.10

RESOLUTION 7: APPROVAL OF SHARE PLACEMENTS TO RELATED PARTIES

Listing Rule 10.11

8.1

Listing Rule 10.11 requires shareholder approval for the issue of equity securities to a "related party" of the Company. Resolution 7 is proposed for this purpose. If Resolution 7 is approved it has the added effect of being an issue of shares approved under Listing Rule 7.1.

Related parties - Watson, Carlile

8.2

Each of the named related parties of the Company in Resolution 7 who are to receive placements of shares (Bruce James Watson and John Charles Carlile) is a "related party" of the Company by virtue of his directorship of the Company.

Terms of issue

8.3

Under Resolution 7, the maximum number of shares to be issued is 5,460,000. Those shares will be placed at 5.5 cents per share. The shares will be issued within 7 days after Resolution 7 has been passed.

8.4

The new shares, when issued, will have the same rights and rank equally with the existing ordinary fully paid shares of the Company.

8.5

The intended use of the funds raised by means of the issue of shares referred to in Resolution 7 is described in paragraph 5.8 above.

Recommendation on Resolution 7

8.6

Of the directors of the Company Mr. Bruce Watson and Mr. John Carlile are the subject of Resolution 7, and do not for that reason make a recommendation in relation to Resolution 7.

8.7

Each of the remaining directors, Ian Price, George Tahija and Christopher Melloy recommends that shareholders vote in favour or Resolution 7 as it authorises a material part of the fund raising required by the Company for the purposes set out in paragraph 5.8 above.

Voting restrictions on Resolution 7

8.8

There are voting restrictions in relation to Resolution 7, the terms of which are set out immediately after the text of Resolution 7 in the Notice of Meeting.

Available as a PDF File (216K)

26 April

APPOINTMENT OF EXPLORATION MANAGER

The Directors of Austindo Resources Corporation NL (Austindo) are pleased to announce the appointment of Mr Brad Wake as Exploration Manager in charge of the Company’s exploration in Indonesia.

Brad is an Australian educated geologist with 20 years experience exploring for gold, silver, base metals, tin and other metals in Australia and the SW Pacific region including over 8 years work experience in Indonesia. Included in his Indonesian achievements, Brad was exploration team leader in the Minahasa region of North Sulawesi, responsible for planning, management and implementation of reconnaissance work that resulted in the discovery of the Toka Tindung epithermal gold-silver vein systems for Aurora Gold Limited in 1994.

Austindo is embarking on an increased exploration program in Indonesia following its recent capital raising of A$12 M, a significant part of which is earmarked for that work and will be managed by Brad.

Increased exploration will commence immediately on all three of the Company’s permit areas on Java. The Cibaliung Gold Project (Austindo 89.75%) is under construction with first production expected in the first quarter of 2007. Exploration at Cibaliung will be focussed on the discovery of additional resources.

The Pekalongan (Central Java) and Trenggalek (East Java) Projects, in which Austindo has a 95% joint venture interest, both have multiple prospects which are currently being assessed ready for selection of drilling priorities.

The Board believes that the addition of Brad to its team will further strengthen its position as a strong explorer and developer of mines in Indonesia.

Yours sincerely

Ian L. Price
Managing Director
26 April 2006

Also available as a PDF File (56K)

20 April

AUSTINDO COMPLETES FIRST TRANCHE OF PLACEMENT

On 13 April 2006 Austindo Resources Corporation NL (“ARX” or the “Company”) announced that Austock Corporate Finance Limited had undertaken a placement of 218 million ordinary fully paid shares in the Company at 5.5 cents per share to raise A$12 million (“Placement”) for increased exploration in Indonesia, working capital purposes and additional costs in the development of the Cibaliung Gold Project in Indonesia.

The Company is pleased to announce that Tranche 1 of the Placement, raising A$3.245 million, has been completed. Tranche 1 was comprised of 59 million shares placed using the Company’s 15% placement capacity.

The placement was made to new and existing institutional and sophisticated investors pursuant to Section 708 of the Corporations Act 2001. All of the shares issued under the placement will rank pari passu with existing ordinary shares.

In accordance with Section 708A (5)(e) of the Act, the Company gives notice that:

The Company has issued these shares without disclosure to the placees under Part 6D.2 of the Act;
As at the date of this notice, the Company has complied with:
- the provisions of Chapter 2M of the Act as they apply to the Company;
- Section 674 of the Act
As at the date of this notice there is no excluded information (as defined in Section 708A (7) of the Act) which is required to be disclosed by the Company.

Tranche 2 – comprised of 159.2 million shares at 5.5 cents raising A$8.755 million is subject to shareholder approval at the Company’s Annual General Meeting which is to be held on 23 May 2006. A Notice of Meeting will be despatched to shareholders at the earliest opportunity.

Andrew J. Cooke
Company Secretary
20 April 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

Formed in 1983, Austindo Resources Corporation NL is an Australian listed gold company focused on developing projects in Indonesia. The company’s key project is Cibaliung, a high-grade epithermal gold/silver vein system located southwest of Jakarta in Banten Province, western Java. Cibaliung is expected to produce at an annual rate of 70,000 oz (gold equivalent) with an average life of mine cash operating costs of approximately US$200 per ounce.

Two key strategic alliances in Indonesia are taking Austindo closer to achieving its growth objective. In association with Anglo American Group, the Company is exploring for large porphyry copper/gold deposits in Papua. In addition the Company has a 95% joint venture interest with PT Sumber Mineral Nusantara in the Pekalongan and Trenggalek tenements located in Central and East Java respectively, areas prospective for low sulphidation epithermal gold/silver deposits similar to the Cibaliung project.

20 April

Placement to raise A$12 million Announced 13 April 2006

Appendix 38 - PDF File (112K)

13 April

AUSTINDO ANNOUNCES PLACEMENT TO FUND

INCREASED EXPLORATION ACTIVITIES IN INDONESIA

AND

ADDITIONAL COSTS IN DEVELOPMENT OF CIBALIUNG GOLD PROJECT

Austindo Resources Corporation NL ("ARX" or the "Company") is pleased to announce that Austock Corporate Finance Limited has successfully undertaken a placement of 218 million ordinary fully paid shares in the Company at 5.5 cents per share to raise A$12 million ("Placement").

The funds will be used for a significantly increased exploration program in Indonesia and to fund modest cost overruns associated with the development of the Cibaliung Gold Project in which ARX has a 89.75% interest. In addition, funds raised will provide working capital for group activities and a working capital buffer which the Company considers important given its increased level of activities.

Construction of the Cibaliung Gold Project is now advancing. The development is being funded by equity from each of the project partners and project finance in the amount of US$26 million provided by ANZ Investment Bank. The first drawdown of the bank project finance occurred on 6 April 2006.

The Company has recently significantly advanced its gold exploration goals with the granting of two new exploration permits on Java. Early results have been encouraging and the Company is planning to commence aggressive exploration programs at both areas.

Placement

The placement has been made to institutional and sophisticated investors pursuant to Section 708 of the Corporations Act 2001. The Company is pleased to report that demand for the placement was strong and that a number of new Australian and offshore institutions participated in addition to some of the Company's existing major shareholders.

All of the shares to be issued under this placement will rank pari passu with existing ordinary shares.

The placement has been structured as follows:

Tranche 1 - comprised of 59 million shares placed using the balance of the Company's 15% placement capacity, raising A$3.245 million; and

Tranche 2 - comprised of 159.2 million shares placed subject to shareholder approval to raise A$8.755 million.

In addition to tranche 2, shareholders will also be asked to approve the issue of shares to the related parties participating in the Placement including Mr. John Carlile and Mr. Bruce Watson who are both Directors of the Company. It is anticipated that shareholder approval will coincide with the Company's Annual General Meeting to be held in Melbourne on Tuesday 23 May 2006. The Notice of Meeting will be despatched to shareholders shortly.

Use of Proceeds

The total of $12 million to be raised from the Placement will fund:

	A$ million
Cost overruns associated with the development of the Cibaliung Gold Project.	3.30
Further exploration at Cibaliung, Trenggalek and Pekalongan and in Indonesia.	3.00
Ongoing general working capital including costs associated with the placement.	3.45
An additional working capital buffer	2.25
Total	12.00

Update - The Cibaliung Project

The Cibaliung Project is being developed by PT Cibaliung Sumberdaya - a joint venture company in which ARX was entitled to an 89.75% interest as at 31 December 2005 and PT Antam Tbk ("Antam") held 10.25% interest.

Key development and production parameters for the Cibaliung Gold Project are:

Mine life of 6 years with a production rate of 220,000 tonnes per annum with recovery of gold and silver by a conventional CIL processing plant;

Mining will be by conventional underground cut and fill stoping with decline access;

Annual production of approximately 70,000 ozs gold equivalent;

Average life of mine cash operating costs in the order of US$200/oz.

Highlights of development to date include the following:

The Mount Olympus Treatment Plant previously acquired from Sipa Exploration NL has been successfully dismantled and transported to Port Headland for shipping to Indonesia;

Project site camp has been constructed;

Site earth works have commenced;

Access roads and bridge construction is underway;

The Box Cut is nearing completion in preparation for Decline Development.

Cost overruns in the order of US$2.4 million (approximately 6% of the original project cost) have been incurred to date, primarily relating to pre-engineering in respect of the treatment plant and costs associated with a deferral of the first gold pour date. It is now envisaged that first gold production will occur during the first quarter of 2007.

As required under the terms of the financing arrangements, ARX has entered into arrangements to hedge 185,000 ounces of gold for delivery from June 2007 to December 2010. The average price obtained was US$651 per ounce. The Company's general policy is to remain unhedged subject to any financing obligations or operational requirements.

The current mine plan also contemplates that 2.8 million oz of silver will be produced over the life of the mine. Silver is not required to be hedged under the terms of the financing arrangements and the present intention is not to do so.

Exploration

The Company has employed a new Exploration Manager with extensive Indonesian experience to manage its increased exploration efforts in Indonesia.

In this regard, the Company has developed an exploration program in respect of each of its existing operations:

at Cibaliung an extensive diamond drilling program is proposed which will commence late in the current quarter to test new target areas within the existing mine project area to seek to identify additional reserves and resources with the aim of increasing annual production and mine life;

at Pekalongan in Central Java (ARX 95%) multiple prospects have been identified and detailed exploration is underway and a drilling program is expected to commence in the near future to test for high grade epithermal gold/silver deposits similar to the Cibaliung Gold Project;

at Trenggalek in Eastern Java (ARX 95%) initial exploration has similarly identified multiple prospects that may host high grade epithermal deposits. This permit area was recently granted and facilities are being established to support an exploration program and it is expected that drilling will commence during the second half of 2006.

To support the Cibaliung Project additional staff are being progressively recruited and trained ready for operations to commence. Additional staff have also been recruited to carry out the proposed exploration programs throughout Java. To manage and oversee its increased activities in Indonesia the Company is also actively seeking to appoint a senior Country Manager who will be based in Jakarta.

In addition, the Company has a strategic alliance with the Anglo American Group to explore for large copper/gold porphyry deposits in Papua. The Company has a 20% joint venture interest while the Anglo American Group has the obligation to fund all exploration activities in Papua pursuant to the terms of the strategic alliance. Together with Anglo, the Company believes that the target area in Papua are highly prospective for large copper gold porphyry deposits and this alliance has the potential to add very significant value to Austindo.

The Company is now well placed to significantly enhance its presence as a producer and explorer in Indonesia.

Ian L. Price
Managing Director
13 April 2006

Also available as a PDF File (124K)

20 February

GOLD TARGETS IDENTIFIED AT NEW EXPLORATION AREA
TRENGGALEK GOLD PROJECT, EAST JAVA INDONESIA (AUSTINDO 95%)

The Company is pleased to announce that several potential gold bearing areas have been delineated in the first stage of exploration from Austindo’s new Trenggalek Gold Project where the targets are epithermal high grade gold deposits.

This exploration work was undertaken by Austindo pursuant to an earlier temporary exploration permit issued prior to the recent granting of the project Kuasa Pertambangan (“KP”).

Three of these prospects have been followed up with surface outcrops mapped and sampled giving the following very encouraging results:

Dalang Turu Prospect is characterized by mineralized quartz-adularia veins and veinlets (or stockwork) covering an area of 300m x 500m; and hydrothermal eruption breccias. Both contain some high grades of gold with values from rock chip sampling ranging from less than 1 g/t Au to 12.7 g/t Au.

Sentul Prospect, where two main NNE trending quartz veins over a total length of 4 km and 1 to 8 m thick have been defined. Grades from rock chip sampling in the southern part of Sentul West Vein vary from 2.0 - 4.5 g/t Au over widths up to 8m.

Paces Prospect is the possible source of several high grade rock float samples identified downstream. Three rock float samples collected along Duren River, which drains to the north, yielded very encouraging results; i.e. 14g/t Ag, 15.7 g/t Au and 30.1 g/t Au.

The next stage of exploration at the Trenggalek Gold Project will involve detailed field mapping of these three prospects with a view to planning the first stage of diamond drilling which will commence mid 2006.

The Trenggalek Gold Project is part of Austindo’s strategy to grow its Indonesian gold production. The Company is developing the Cibaliung Gold Project is Banten Province west Java (87% Austindo) with first production planned for late 2006. It is also exploring for gold at the Pekalongan Project (95% Austindo) in Central Java. In addition the Company has a Strategic Alliance with Anglo American plc to explore for large scale porphyry copper gold deposits in Papua Province, Indonesia.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Sukmandaru Prihatmoko, who is a Member of the Australasian Institute of Mining and Metallurgy.

Mr. Prihatmoko is a full-time employee of PT. Indonusa Mining Services, a wholly owned subsidiary of the Company.

He has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Prihatmoko consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Ian Price
Managing Director & CEO
20 February 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

Two key strategic alliances in Indonesia are taking Austindo closer to achieving its growth objective. In association with Anglo American Group, the company is exploring for large porphyry copper/gold deposits in Papua, and also has a 95% joint venture interest with PT Sumber Mineral Nusantara in the Pekalongan and Trenggalek tenements in Central Java, areas prospective for low sulphidation epithermal gold/silver deposits similar to the Cibaliung project.

TRENGGALEK: AN AUSTINDO NEW PROJECT IN INDONESIA

Austindo has a 95% interest in the Trenggalek Gold Project through a joint venture with PT Sumber Nusantara Mineral (5%). The project area covers 17,586 hectares and is located in the Regency of Trenggalek, East Java Province was granted to PT Sumber Nusantara Mineral. The KP area is located southwest of Surabaya, the capital of East Java province. This KP area is considered to be prospective for low-sulfidation epithermal gold deposits similar to Cibaliung and Pongkor types, which is the exploration target of Austindo.

Earlier in 2005 preliminary exploration work was carried out by Austindo under a preliminary permit (SKIP - Reconnaissance Permit Letters) that was provided by the Regency of Trenggalek. This exploration consisted of reconnaissance, stream sediment prospecting, and regional geological mapping. A total of 290 stream sediment samples (-80#, with average sampling density of 1 sample per km²) were collected. 107 rock samples were also taken during the regional mapping.

On the basis of the regional reconnaissance, 17 areas have been considered to be prospective in which 3 of them Dalang Turu, Sentul, and Paces have been followed up with initial reconnaissance, mapping and sampling.

Dalang Turu Prospect is characterized by mineralized quartz-adularia veins and veinlets (or stockwork) covering an area of 300 x 500m; and hydrothermal eruption breccias. Both contain some high grades of gold. The vein and veinlet zone is in association with the northern part of silica sinter breccias. The individual veins have commonly crustiform – colloform textures with clay partings and pyrite along bands. Gold values from rock chip sampling range from less than 1 to 12.7 g/t, coincident with anomalous As.

At Sentul Prospect, two main NNE trending quartz veins (Sentul West and Sentul East) with a total length of 4 km and 1 to 8 m thick have been defined. The quartz veins contain crystalline quartz to chalcedony, with crustiform - colloform banding as well as druzy textures in places. Grades from rock chip sampling in the southern part of Sentul West Vein vary over widths of 2 to 8 m @ 2.0 - 4.5 g/t Au and locally over widths of 1 to 2 m @ 6.6 - 12.6 g/t Au.

Paces Prospect, which forms a hill, is the possible source of several high grade rock float samples identified downstream. Three rock float samples collected along Duren river, draining to the north of Paces hill, yielded very encouraging results, i.e. 15.7 to 30.1 g/t Au and up to 14 g/t Ag with minor amounts of base metals. The quartz vein float comprised fine- grained to chalcedony quartz with crustiform banding and clay. Quartz veins with several trends (NNW-SSE and WNW-ESE) and thickness (10 to 50 cm) were identified around Paces hill. Rock chip samples of outcrop from this prospect were assayed at a range of 0.17 to 11.6 g/t Au and up to 8 g/t Ag and up to164 ppm As with low grade base metals.

The vein and breccia textures, structures, alteration, and metal association suggest that Dalang Turu, Sentul, and Paces Prospects are of “quartz-adularia” epithermal vein type. In the near term, detailed follow up work will be completed in Dalang Turu and Sentul Prospects and scout drilling programs planned. The other target areas are also encouraging and will be the subject of future more detailed work.

17 February

AUSTINDO ADDS FOURTH GOLD PROJECT

NEW EXPLORATION AREA GRANTED

Austindo Resources Corporation NL (“Austindo”) is pleased to announce that a new exploration area in East Java, Indonesia has been granted in which Austindo has a 95% joint venture interest. The new tenement is, along with Cibaliung (Banten), Pekalongan (Central Java) and Aisasjur (Copper/Gold Joint Venture with Anglo in Papua), the fourth gold project Austindo is undertaking in Indonesia in furtherance of the company’s growth strategy.

The new tenement area, known as Trenggalek, has been granted under a Kuasa Pertambangan (“KP”) held by PT Sumber Mineral Nusantara with whom Austindo has established a joint venture relationship.

The KP covers an area of 17,586 Ha in East Java (refer Java Project Map below). The Trenggalek KP is prospective for low sulphidation epithermal gold/silver deposits similar to the Company’s developing gold project at Cibaliung in Banten Province, Java. Trenggalek is one of several areas that Austindo’s geologists have targeted for this style of mineralisation with which Austindo has significant knowledge and expertise. Austindo has already undertaken surface exploration within the Trenggalek KP area pursuant to an earlier preliminary exploration licence. Results from this exploration work are currently being compiled and will be released shortly.

Ian L Price
Managing Director
17 February 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)

Formed in 1983, Austindo Resources Corporation NL is an Australian listed gold company focussed on developing projects in Indonesia. The company’s key project is Cibaliung, a high-grade epithermal gold/silver vein system located southwest of Jakarta in Banten Province, western Java. Production at Cibaliung is expected to begin in the 4th quarter of 2006, with an annual production rate of 70,000 oz (gold equivalent) at an average life of mine cash operating costs of approximately US$200 per ounce.

Two key strategic alliances in Indonesia are taking Austindo closer to achieving its growth objective. In association with Anglo American Group, the company is exploring for large porphyry copper/gold deposits in Papua, and also has an interest with PT Sumber Mineral Nusantara in the Pekalongan tenement in Central Java, an area prospective for low sulphidation epithermal gold/silver deposits similar to the Cibaliung project.

09 February

PT ANTAM TBK CONFIRM CONTRIBUTION TO CIBALIUNG GOLD PROJECT – INDONESIA

Austindo Resources Corporation NL (ASX Code: ARX) is pleased to announce that PT Antam Tbk has confirmed its intention to contribute to the 2006 expenditure budget in respect of the Cibaliung Gold Project in order to maintain its 10.25% interest in the project (ARX 89.75% as at 31 December 2005). Austindo considers Antam’s maintaining its interest as a vote of confidence in the Cibaliung project.

PT Antam Tbk is a leading Indonesian diversified mining and minerals processing company with nickel and gold operations throughout Indonesia.

Austindo values the financial support offered by Antam and its role in the development of this project which is located in Banten Province, Indonesia. Construction has commenced on site at Cibaliung with gold production scheduled in Quarter 4 of 2006.

Yours sincerely

Ian L Price
Managing Director
9 February 2006

ABOUT AUSTINDO RESOURCES CORPORATION NL (ARX)