CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2007

Nov 29, 2007

==> picture [112 x 83] intentionally omitted <==

30 November 2007 ASX Announcement

NON RENOUNCEABLE ENTITLEMENT OFFER OF OPTIONS

We advise that shareholder acceptances have been received for 50,985,363 options pursuant to the non renounceable entitlement offer of a total of 58,817,537 options, leaving a shortfall of 7,832,174 options.

Yours faithfully

==> picture [78 x 42] intentionally omitted <==

Paul Jurman Company Secretary

CARNAVALE RESOURCES LIMITED

ABN 49 119 450 243 30 Ledgar Road, Balcatta Western Australia 6021 T: +61 8 9240 6876 F: +61 8 9240 2406 E: admin @carnavaleresources.com W: www.carnavaleresources.com