redbank copper project to proceed

ASX Announcement 30 November 2005

Minimum Subscription Achieved;
Extension of Public Offer Period;

Redbank Purchase Approved by Shareholders

The Board is pleased to advise that the minimum subscription required under the public Share Offer pursuant to the Prospectus dated 3 November 2005 has been exceeded.

Due to continuing investor interest, the directors have resolved to extend the current offer by two weeks until Wednesday 14 December 2005.

With the passing of all the necessary resolutions in relation to the acquisition of the Redbank copper project at the Company’s Annual General Meeting held earlier today (refer separate announcement of today’s date), the key conditions precedent contained in the Redbank Sale and Purchase Agreement (refer ASX Announcement 31 August 2005) have now been met, allowing for completion of the contract to go ahead.
Yours faithfully,
Jerome G Vitale
Managing Director

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