CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2007

Jul 8, 2007

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ACN 108 146 694

T 07 3230 2000 F 07 3831 7663 Lvl 3 201 Leichhardt Street SPRING HILL QLD 4000 PO BOX 1078 SPRING HILL QLD 4004

9 JULY 2007

QUEENSLAND ORES RELEASES FINAL RESOURCE ESTIMATES PRIOR TO DEVELOPMENT OF WOLFRAM CAMP PROJECT

Queensland Ores Limited (QOL) has completed new resource estimates based on all holes drilled up to the end of December 2006 at the Wolfram Camp tungstenmolybdenum project (QOL 85%), 90km west of Cairns in North Queensland.

The new figures are:-

Measured Resources 598,200 tonnes at 0.42%WO3, 0.17%MoS2, 0.03%Bi Indicated Resources 111,500 tonnes at 0.41%WO3, 0.16%MoS2. 0.03%Bi Inferred Resources 238,300 tonnes at 0.4%WO3 and 0.2%MoS2

These resources are based on a 0.1% WO3 Equivalent cut-off.

Contained WO3 in the Measured and Indicated Resource categories has increased by 187 tonnes from previous estimates to 2,970 tonnes, whilst contained MoS2 in the same categories has increased by 115 tonnes from previous estimates to 1,245 tonnes. Bismuth content in the Measured and Indicated categories is just over 200 tonnes.

Bismuth content is included in the estimates for the first time due to increasing interest in the metal with current prices for the commodity now being of the order of US$18 per lb. It is indicated that it would be relatively easy to recover both native bismuth and bismuthinite, the two forms in which the metal occurs in the deposit.

QOL has just completed an eleven hole reverse circulation (RC) programme to test a number of targets away from the current resource area. Assay results are not yet available but most holes returned mineralisation or alteration similar to that encountered within the resource area.

In addition, two diamond drillholes, drilled as part of the groundwater monitoring programme around the proposed mine site, intersected mineralisation well outside the current proposed pit limits.

FURTHER PROMISING RESULTS AT MOUNT CANNINDAH

At the Mount Cannindah copper-gold project, near Monto in south-east Queensland, additional assay results have been returned from drilling at the Mount Cannindah Mine prospect with the following intersections:-

Hole No	From	To	Int	Est truewidth	Cu %	g/t Au	g/tAg
QOLMCMD013	214	237	23	12	1.82	0.43	28.8
and	318	329	11	6	1.64	0.33	27.1
QOLMCMD014	45	107	62	-	0.82	0.67	17.1
QOLMCMD015	21	74	53	-	1.18	0.87	21.3

Holes 14 and 15 were drilled obliquely to the mineralisation so no estimate of true width is indicated. The average gold grade in hole QOLMCMD015 is heavily biased by a 1m interval at 17.9g/t. This intersection is based on a narrow quartz-arsenopyrite vein, similar to those reported at the mine and elsewhere in the project area by Newcrest. Excluding this sample, the gold grade over the interval would be 0.53g/t.

Cultural Heritage clearance has been sought to allow drilling to commence at other prospects within the Mount Cannindah project area. Exploratory work at the United Allies, Monument and Lifesaver deposits is expected to commence in the near future.

In so far as it relates to ore and mineralisation within Queensland Ores Limited’s tenements, this report is based on information compiled by Mr. Andrew Border, a Member of the Australasian Institute of Mining and Metallurgy who has sufficient experience to qualify as a Competent Person as defined in the 2004 edition of “The Australasian Code for Reporting of exploration results, Mineral Resources and Ore Reserves”. Mr. Border is a full-time employee of Queensland Ores Limited and has given consent to the inclusion in this report of matters based on this information in the form and context in which they appear.

For further information contact: For media enquiries contact: Mr Taff Greenwood Robert Williams QOL Chief Executive Officer Farrington National Tel: 07 3230 2000 Tel: 02 9332 4448