Perseverance Corporation Limited

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Fosterville Resource Base

An active exploration program over the past year has extended the Fosterville resource and reserve base, by 18% and 11% respectively.

Ore Reserves

Ore reserves have increased by 99,000 ounces or 11% over the last year after allowing for depletion by mining of 38,500 ounces of sulphide ore and some oxide ore. Open pit reserves include additions for grade increases in areas covered by grade control programs in the Falcon Pit.

	Class	Tonnes	Grade(g/t Au)	Contained Gold(ounces)
Open Pits	Proven	2,075,000	3.6	239,100
	Probable	2,000	6.7	500
	Total	2,078,000	3.6	239,700
Underground	Proven	937,000	5.0	150,900
	Probable	3,995,000	4.8	618,300
	Total	4,932,000	4.9	769,200

fosterville Gold Mine Summary of Ore Reserves at 30 June 2005.

Mineral Resources

During the past year resources at Fosterville have grown by 374,000 ounces or 18% after allowing for depletion by mining.
This growth has largely come from extension of the Phoenix and Harrier ore shoots.

Class	Tonnes	Grade (g/t Au)	Contained Gold (ounces)
Central Area Sulphide at (2.0 g/t Au Cutoff)
Measured	4,077,000	4.1	542,700
Indicated	6,086,000	4.7	911,700
Inferred	6,847,000	3.4	759,300
Total	17,010,000	4.0	2,213,700
Fosterville ‘Other’ Sulphide at (1 g/t Au Cutoff)
Measured	933,000	1.9	55,600
Indicated	1,170,000	1.6	61,300
Inferred	1,182,000	1.6	61,000
Total	3,285,000	1.7	177,900
Total Resources	20,295,000	3.7	2,391,600