COMET RIDGE LIMITED — Capital/Financing Update 2004

Oct 17, 2004

18th October 2004

Company Announcements Office Australian Stock Exchange Limited $10^th$ Floor 20 Bond Street SYDNEY NSW 2000

Dear Sir

We wish to advise that, effective 19^th October 2004, 750,000 of the unlisted options expiring 1^st December 2006 and exercisable at 20 cents have vested. There remain 2,250,000 unlisted options which are yet to vest according to the table below;

Number Date
750,000	19/04/05
750,000	19/10/05
750,000	19/04/06
2.250.000	Total

Yours faithfully COMET RIDGE LIMITED

Gillian Swaby Company Secretary

Comet Ridge Limited ACN 106 092 577

Level 10, International House 26 St George's Terrace, Perth, Western Australia 6000

Phone: 61892257108 Facsimile: 61 8 9225 4448