CAZALY RESOURCES LIMITED — Capital/Financing Update 2003

Oct 30, 2003

31st October 2003

INTERNATIONAL

GOLDFIELDS

LIMITED

.
Governmensk Godfledd Larinud Alby I i Gûl (141 ûn).
Govern Piau I û Grûnd Livie Laminread.
Godf Piauarer Audralia 1983 emento rendende de la Estado Caso
"Madridana" (Bibliota Caso Caso Caso esta Ateria) 1437
americano de la Marca Medidana Land
1929 Rore S44 Marca Medidana Asantonia & 1572

Company Announcements Office Australian Stock Exchange Limited Level 4 Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Via: E Lodgement

CAZALY RESOURCES LIMITED SUCCESSFULLY LISTS ON ASX

The Directors of International Goldfields Limited are pleased to note the successful listing of Cazaly Resources Limited (ASX code: CAZ) on the ASX.

Cazaly Resources Limited closed oversubscribed raising \$4,000,000 and issuing 20,000,000 shares at \$0.20.

By virtue of an Option Agreement dated July 2003 International Goldfields received \$175,000 cash and 3.75% of the issued capital of Cazaly, and also retains a \$1.00 per dry tonne royalty on any mined and milled production, from the tenements subject to the agreement.

The Directors of International Goldfields believe that the shareholding in Cazaly will provide the maximum benefit to our shareholders due to:

• Exposing IGL to quality exploration projects on the Kunanalling Shear and the Drake Mineral Field in NSW. $\bullet$
• Allowing IGL to focus on the Mt. Ida and Evanston projects whilst retaining a royalty exposure on the projects subject to the option Agreement.

The Company has complete confidence that the Board of Cazaly Resources Limited will both advance the projects as well as provide International Goldfields with exposure to the remaining gold assets of Cazaly Resources Limited. Furthermore, the Company congratulations Cazaly Resources Limited for the expeditious and successful listing on ASX and looks forward to sharing in their success.

The company has already had great success with a spin-off of assets to Jackson Gold Limited in 2002. The current market value of the companies holdings in Jackson Gold is approximately \$1.2 Million.

The company is currently in advanced negotiations with three possible new floats with assets currently held by IGL. Announcements on these floats will be made in due course.

The deal with Cazaly Resources Limited is entirely consistent with our business plan of divesting non-core assets at a profit to allow exploration and management of our key projects at Mt. Ida, Evanston and the Sacu Project in Romania.

Should there be any queries on this matter please do not hesitate to contact the writer.

Yours faithfully

AWP Sage Executive Chairman