BLACK ROCK MINING LIMITED — Capital/Financing Update 2007

Nov 15, 2007

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Company Announcements Office Australian Stock Exchange

By e- Lodgement

15 November 2007

Renewable Energy Fund Ideal timing for Green Rock Energy

Green Rock Energy Limited (ASX: “GRK”), a leading geothermal energy company, is well positioned to benefit from the Labor Party’s proposed $500 million Renewable Energy Fund.

Adrian Larking, Managing Director of Green Rock Energy, said the proposed Fund comes at an ideal time for the Company as it prepares for a mini-frac at the Olympic Dam Geothermal Energy Project within the next few months, prior to the drilling of two deep geothermal wells.

The mini-frac to be undertaken in Blanche No1 well at Olympic Dam , in which water is to be pumped into the rocks under pressure, will measure the magnitude of the pressure required to open existing fractures, cracks or zones of weakness in the hot granites 2 km below the surface. The final arrangements for the conduct of the mini-frac are being finalised. The results of the mini-frac will be used in the design of the two deep wells, to be drilled to approximately 5km, and the associated water circulation testing. These two wells will be used to drive a 3 to 5 MWe pilot plant, which will complete the evaluation stage of the Project. The design and development of the commercial power plant operation will then occur, based on the findings from the drilling, water circulation testing and the pilot plant.

Kevin Rudd announced on Wednesday, the proposed establishment of a $500 million Renewable Energy Fund to develop, commercialise and deploy renewable energy in Australia. The aim of the Fund is to support renewable energy demonstration projects already underway and to expand the range of renewable technologies.

$50 million of the Fund will be allocated to assist companies seeking to develop geothermal energy with the cost of drilling geothermal production wells. The funds will be provided as a dollar for dollar subsidy up to a $5million grant per well with individual companies eligible for up to two grants each.

The Olympic Dam Geothermal Energy Project is located in South Australia within 10 kms of the Olympic Dam mine and only 5 kms from a 275 kV and a 132 kV power transmission line connected to the Eastern Australian power grid.

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Nigel Hodder Company Secretary

For more information contact:

Adrian Larking, Managing Director +61 (0) 8 9482 0401 alarking@greenrock.com.au

or

Alan Knights, Executive Director +61 (0) 8 9482 0405 aknights@greenrock.com.au