CARNAVALE RESOURCES LIMITED — Share Issue/Capital Change 2007

Jul 9, 2007

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10 July 2007

The Manager ASX Ltd Level 4, 20 Bridge Street Sydney, NSW 2000

Dear Sir

Completion of Escrow Period

Carnavale Resources Limited advises that 100,000 ordinary shares (CAV) will be released from voluntary escrow conditions on 21 July 2007.

Yours faithfully

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Ron Gajewski Executive Director

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