Company

News 2007

RIGHTS ISSUE - ALLOTMENT AND ISSUE OF SHARES - SHORTFALL

We are pleased to advise that we have received applications for 2,813,684 shares at $1.60 per share (totalling $4,501,894) being the shortfall under the Company's recent renounceable rights issue of 4 new shares at $1.60 per share for each 5 held.

Consequently the Directors of the Company have today resolved to allot 2,813,684 shares at $1.60 per share in accordance with applications received under the shortfall notice.

We confirm that the abovementioned shares have been allocated into an Issuer Sponsored Register with statements being despatched on 29 May 2007.

After the above allotment and issue of shares, the issued capital of the Company now consists of 130,641,372 ordinary fully paid shares.

We are also pleased to attach a "Top 20" list of shareholders after the allotment of the above shares under the shortfall notice.