CAZALY RESOURCES LIMITED — Capital/Financing Update 2003

Oct 28, 2003

Cazaly Resources Limited Proposed ASX Listing

Summarised details of escrowed restricted securities are as follows:

No. Shares Escrow Period

Ordinary Fully Paid Shares

235,000	יי ו טי 12 months from date of issue, then being 12/09/2003
1,015,000	12 months from date of issue, then being 07/10/2003
1,800,000	12 months from date of issue, then being 24/10.2003
8,650,000	24 months from date of official quotation of the Company's securities on ASX

11,700,000 TOTAL Ordinary Fully Paid Shares

Options to subscribe for Fully Paid Shares at an Exercise Price of \$0.35 per share on or before 28 February 2005

• 3,500,000 24 months from date of official quotation of the Company's securities on ASX
• 3,500,000 Total Options

Options to subscribe for Fully Paid Shares at an Exercise Price of \$0.40 per share on or before 30 June 2005

3,500,000 24 months from date of official quotation of the Company's securities on ASX

3,500,000 Total Options