Oxiana quarterly report for the three months ending Dec 31, 2006

Oxiana quarterly report for the three months ending Dec 31, 2006

Overview Highlights Production on target at all mining operations. Extensive new mineralisation discovered at both Prominent Hill and Golden Grove. Sepon Operation of the Year.

Oxiana bids for Agincourt Resources Ltd.

Sepon Copper First full year of copper cathode production at Sepon completed, with production of 60,803t as planned. Feasibility studies for the Sepon copper expansion advanced well with some early commitments made.

Exploration at the Dankoy prospect intersects high grade copper including 19.9m at 10.4% copper.

Sepon Gold Gold production targets for the year met, with 173,524oz produced. Pressure oxidation of flotation concentrates chosen as the preferred primary gold process route.

Good oxide gold results continue to be received from the Houay Yeng prospect including 22m at 6.3g/t Au.

Golden Grove Annual production targets reached. Record achievements in development, mining and milling for 2006.

New mineralisation discovered with the potential to extend mine life and increase volumes.

Prominent Hill Project remains on schedule. Prominent Hill pre-strip down to 20m and site construction underway.

Discovery of high tenor mineralisation with the potential to significantly extend the orebody.

Corporate Oxiana has today made a takeover bid for Agincourt Resources Ltd. The bid has been recommended by the Agincourt Board.

Agincourt is the owner of the Martabe gold project in Indonesia, the Wiluna gold operation in Western Australia and 57% of Nova Energy Limited.

A full copy of the December Quarterly Report can be downloaded from the Oxiana website: www.oxiana.com.au

Contact: Tel: +61 3 8623 2200 Fax: +61 3 8623 2222 Address: Level 9, 31 Queen Street, Melbourne, Victoria, Australia 3000 Investor enquires contact: Richard Hedstrom Media enquiries

contact: Natalie

SOURCE: Oxiana Limited

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