CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2007

Apr 19, 2007

OUEENSLAND 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

20 April 2007

Company Announcements Office Australian Securities Exchange Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Queensland Ores Limited (ASX: QOL) advises that its 1 for 2 non-renounceable Rights Issue, to raise approximately \$12 million, closed on 17 April 2007, with good support from shareholders. Subscriptions by QOL shareholders totalled \$7.4 million, with the shortfall being 13.228.588 shares.

The Directors are pleased that shareholders have supported the development of the Wolfram Camp project and look forward to accelerating the development program and delivering positive results.

The issue was underwritten by Far East Capital Limited (FEC).

QOL anticipates issuing all New Shares (and the equivalent number of New Options as described in the Prospectus dated 15 March 2007) to participating shareholders and the shortfall to FEC (or its nominees) on or prior to Thursday 26 April 2007.

Yours faithfully

Peter Birch Company Secretary