Aker Kvaerner awarded contract for Fosterville gold plant


Located some 20km east of Bendigo in Central Victoria Australia, the Fosterville Gold Project will be an integrated open cut and underground mine and treatment plant. The processing plant incorporates the innovative Gold Fields bacterial processing technology BIOX®. The work is being carried out by Kvaerner E&C Australia in Melbourne, with the detailed engineering scheduled to be completed by the end of April 2004.
 
Aker Kvaerner Australia will work closely with Cullen Mining Services who have been contracted by Perseverance to manage the project. The process plant, which incorporates the BIOX® bacterial processing technology, will treat around 800,000 t/y of primary gold in an otherwise conventional processing plant to produce 110,000 ounces of gold annually.
 
Perseverance Corporation Managing Director Mr John Quinn commented, "After a thorough assessment process and consideration of Aker Kvaerner's capabilities and past performance we are pleased to engage Aker Kvaerner in this important next phase in the development of the Fosterville facility."
 
Mr Tom Quinn, Managing Director of Aker Kvaerner Australia said that "We have a significant track record in delivering outstanding outcomes for our metals clients and are pleased to be able to provide a team of gold specialists to execute this challenging project."
 
The Fosterville Gold Mine is 100% owned by Perseverance Corporation Limited and was operated by Perseverance from 1992 to 2001 using open pit mining and heap leach pads treating oxide ore. The recently completed bankable feasibility study confirmed the viability of developing a mine and process plant with approximately a 10 year life. The first gold pour from the Fosterville project is expected in the fourth quarter of 2004. The development of the Fosterville gold mine signals a resurgence of the gold industry in Victoria.
 
ENDS
 
For further information, please contact:
 
Tom Hunter, Business Development Manager, Metals Aker Kvaerner Australia:  Tel: +617 3246 9149
 
 
NOTES TO EDITORS
 
Aker Kværner ASA
is through its subsidiaries and affiliates ("Aker Kvaerner") a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner spans a number of industries, including Oil & Gas production, Refining & Chemicals, Pharmaceuticals & Biotechnology, Mining & Metals, Power, Pulping and Shipbuilding. Aker Kvaerner has aggregated annual revenues of approximately USD 6 billion and employs around 29,000 employees in more than 30 countries.
 
Oil, Gas, Process & Energy
executes technology development, engineering and construction services for industries as diverse as Oil & Gas Onshore and Offshore Developments, Chemicals & Polymers, Pharmaceuticals, Government Services, and Mining & Metals. Our broad range of technical expertise and program services has been moulded to support the life cycles of the industrial and technology-based companies that form the backbone of our economy. With an annual turnover of US$1.14 billion, Oil, Gas, Process & Energy (OGPE) business area of Aker Kvaerner employs more than 5,400 people operating worldwide.
 
Aker Kvaerner Australia has established a position as one of the country's leading technology-based engineering and construction contractors. Through involvement in many landmark developments spanning some 55 years, the company has built a strong track record based on the successful delivery of engineering and construction projects throughout Australia, New Zealand and South East Asia. Aker Kvaerner Australia employs approximately 320 experienced personnel and has established offices in Melbourne, Brisbane and Perth. Aker Kvaerner Australia services the following industries; Metals, Hydrocarbons, Chemical and Polymers.
 
 
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com