DEVEX RESOURCES LIMITED — Capital/Financing Update 2008

Jun 22, 2008

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Monday 23 June 2008

Positive Uranium Drilling Results, Watson Project, South Australia

Highlights

• Anomalous gamma reported from four holes

• Drilling validates exploration model

The Directors of InterMet Resources (ASX:ITT) advise that the drilling program undertaken by joint venture partner Uranium Equities Ltd (ASX:UEL) has been completed. Nine holes totaling 621m were completed as part of the reconnaissance drilling program at Watson, located 210km northwest of Ceduna in the far west of South Australia. UEQ is earning up to 80% interest in uranium from InterMet in this project.

Results confirm the validity of the exploration model, with significant gamma anomalism encountered in holes WT001, WT004, WT005 and WT006 related to thick sequences of both oxidized and reduced sands near the channel margin. The best intersection was 390 counts per second in hole WT0004 with equivalent grade at 100ppm eU3O8 over 1.8m[1] . See Figure 1.

The presence of anomalous gamma within the channel is consistent with previously reported anomalous uranium (ASX release 19[th] May 2008).

Drilling was planned to investigate a potential uranium depositional site in the northeastern part of the palaeochannel. This site is characterised by a 10km long area of oxidized and reduced sands with anomalous uranium present in water bore samples and cuttings.

Difficult drilling conditions were encountered in penetrating the limestone overlying the target sequence requiring suspension of the program until a more suitable drilling rig is available. Geological interpretation of the initial results is continuing.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Gary Ferris, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr. Ferris is the Managing Director of InterMet Resources and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gary Ferris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

1 Equivalent grades (eU3O8) from Borehole Wireline Pty Ltd gamma probe 3349, calibrated at Adelaide Test Pits. Dead Time 4.4078e-6, k factor 2.46874E-5, 51/8[th] hole, water filled.

Operations Office InterMet Resources Limited Unit 1 garyferris@intermetresources.com.au 22 Maple Avenue FORRESTVILLE SA 5035 info@intermetresources.com.au ACN 112 291 960 Tel: +61 8 8351 3388 Fax: +61 8 8351 0023 www.intermetresources.com.au

Registered Office Level 41 Australia Square 264-278 George Street SYDNEY NSW 2000 Tel: +61 2 8221 0404 Fax: +61 2 8221 0407

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For further information, contact:

Mr Gary Ferris Managing Director InterMet Resources Tel: +61 8 8351 3381 Mob 0423 259 488

Duncan Gordon Investor Relations 0404 006 444

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Figure 1: Drill hole locations and representative wireline log for hole WT004, northeastern Watsons channel.

InterMet Resources Limited