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Agreements

Giralia Resources NL

28/01/03

Has reached agreement to farm into a highly prospective nickel and Platinum Group Element project and can earn up to 75% interest, through expenditure of $625,000 within 5 years, in two large Exploration Licences adjoining the Company's Cardinals project from Haoma Mining NL and DeBeers Australia Exploration Limited.

Reefton Mining NL

28/01/03

The Directors are pleased to advise that Reefton Mining NL has entered into a strategic partnership with Charter Summit Investments Limited, an international investment and operating group with substantial interests in Namibia. There will be placement of 14.4 million fully paid ordinary shares for a consideration of AUD$1,036,800 and the sale of a 40% interest in the Company's Namibian subsidiaries, Storm Diamond Mining Company (Pty) Ltd and Black Range Mining (Pty) Ltd, for AUD$6,000,000.

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