CARNAVALE RESOURCES LIMITED — Share Issue/Capital Change 2009

Feb 19, 2009

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20 February 2009

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

Dear Sir

Completion of Escrow Period

Carnavale Resources Limited advises that 12,255,000 ordinary shares (CAV) will be released from ASX escrow conditions on 15 March 2009.

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