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EQUATORIAL RESOURCES LIMITED Capital/Financing Update 2007

Dec 12, 2007

64870_rns_2007-12-12_b670931e-b295-44a4-93a3-31d8225baeac.pdf

Capital/Financing Update

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ASX Release

Update on Biotechnology Assets.

13 December 2007: The Board of Directors of EQiTX Limited (ASX:EQX) today advise that an investment agreement has been signed with Australian Venture Capital company Starfish Ventures Pty Ltd (Starfish) whereby Starfish will invest in VacTX Pty Ltd, one of EQX’s biotechnology assets.

VacTX has focussed its efforts to date on developing novel synthetic immunotherapeutics against a range of human conditions, including infectious diseases, cancer, allergies and autoimmune diseases.

Starfish Ventures is an experienced venture capital manager that has a successful track record in seeding, building and managing high growth technology businesses and it is hoped that their active involvement in the running of VacTX will enable the full potential of the project to be realised.

As already announced to shareholders, EQX is now looking to focus its future activities on coal exploration and production, however the Board also remains committed to maximising the value of both VacTX and its other biotechnology project, ZingoTX. Work continues on developing an ongoing development strategy for ZingoTX.

Any questions relating to this announcement should be directed to Geoff Gander, Executive Chairman, on 0417 914 137.

ENDS

EQiTX Limited