COMET RIDGE LIMITED — Capital/Financing Update 2008

Jan 31, 2008

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1 February 2008

Australian Securities Exchange Announcement

1 FOR 4 ENTITLEMENT ISSUE WITHDRAWN

The Directors of Comet Ridge Limited ( Comet Ridge ) have withdrawn their recently announced pro rata 1 for 4 non-renounceable Entitlement Issue due to a number of positive business developments in the USA.

The Directors believe that to proceed with the Issue as announced on 18 January 2008 would not be in the best interests of shareholders.

The Company will review its capital spending in the coming weeks and re-evaluate the type and nature of any future capital raising at that time.

Enquiries

Enquiries about the Entitlements Issue should be directed to Comet Ridge’s share registry, Computershare Investor Services Pty Limited on 1300 557 010 (within Australia) or +61 8 9415 4000 (outside Australia).

Yours faithfully COMET RIDGE LIMITED

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GILLIAN SWABY Company Secretary

Australia

Comet Ridge Limited C/- Endeavour Corporate Suite 8,7 The Esplanade Mt Pleasant Western Australia 6153 Phone : +61 8 9316 9100 Fax:- +61 8 9315 5475

USA

Comet Ridge USA Inc 600 17[th] Street Suite 800-S Denver Colorado 80202 USA Phone : +1 303 226 1300 Fax: +1 303 226 1301