ACTIVEX LIMITED — Capital/Financing Update 2008

Jul 21, 2008

A.C.N. 113 452 896

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BRISBANE QLD 4000 P.O. Box 217 PADDINGTON QLD 4064 P: (07) 3236 4188 F: (07) 3236 4288 E: admin@activex.com.au

ASX Release – 22 July 2008

Drilling Update – Booubyjan, Lake Monduran

• First hole of Booubyjan program completed

• Drilling commences at Native Dog Prospect - Lake Monduran

Booubyjan

ActivEX Limited (ASX: AIV) has completed the first hole of a 7 hole program at Booubyjan at its joint venture with Minotaur Exploration Limited (ASX: MEP), Mitsubishi Corporation and Mitsubishi Materials Corporation.

Drill hole ABJ010 was located to test two target zones: a) down dip extension of the mineralised shear zone within the Kiwi costean and b) a CSAMT anomaly at depth below outcropping stockworked veins. The hole was drilled over a period from 23 May 2008 to completion on 4 July 2008 at a total depth of 402m.

Drilling has been slow, due to a combination of weather delays, extremely difficult drilling conditions and mechanical problems.

The hole intersected a major fracture system related to the Mt Perry Fault system which caused extremely difficult drilling conditions. Assays have been received from the pre-collared section of the hole (0-100m) which returned two broad zones of moderate copper and gold mineralisation associated with magnetite alteration. They were:-

• from 28 to 44m; 16m @ 0.13%Cu, 0.06g/t Au

• from 60 to 100m; 40m @ 0.13% Cu, 0.04g/t Au .

The upper target zone was represented by this second zone of moderate copper and gold mineralisation from 60 to 102m. Assays from the cored sections are yet to be received.

The lower target zone, a resistivity (CSAMT) anomaly, was shown to be a resistive rhyolite dyke intruding the target area. No mineralisation was associated with the dyke.

Drilling continues in the Bath Prospect area.

Lake Monduran

Drilling has commenced at the Native Dog Prospect, Lake Monduran Project. The drilling program commenced on 19 July 2008 and the program consists of 10 RC percussion holes.

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The first hole is partly complete at 72m with visible molybdenite mineralisation seen in the chips, associated with both quartz veining and disseminated through the siliceous greisenised granite host rock. The presence of disseminated mineralisation within the greisenised granite confirms the potential for a large tonnage target in the area.

For further information contact:

Mr Doug Young, Managing Director or Mr Paul Crawford, Company Secretary

Tel: (07) 3236-4188 Fax:: (07) 3236-4288 Email: admin@activex.com.au Web: www.activex.com.au

The information in this report that relates to exploration results is based on information compiled by Mr D. I. Young, who is a Fellow of the Australian Institute of Geoscientists and a full time employee of ActivEX Limited. Mr Young has sufficient experience relevant to the styles of mineralisation and types of deposit under consideration and the activities which he is undertaking to qualify as a Competent Person as defined by the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Young consents to the inclusion of his name in this report and to the issue of this report in the form and context in which it appears.

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