CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2007

May 8, 2007

QUEENSLAND ORES LTD 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 May 2007

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

RELEASE FROM ESCROW

In accordance with Listing Rule 3.10A we advise that a total of 10,629,930 fully paid ordinary shares in the Company will be released from escrow on 20 May 2007.

Security Code Description 10,629,930 OOL

For and on behalf of the Directors of Queensland Ores Limited

Rul

Peter Birch Company Secretary