EQUATORIAL RESOURCES LIMITED — Director's Dealing 2006

Feb 20, 2006

Appendix 3X

Rule 3.19A.1

Initial Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

	Name of entity EQITX LIMITED
ABN	50 009 188 694

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Dr Wayne Andrew Millen
Date of appointment	08 February 2006

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

Nil

⁺ See chapter 19 for defined terms.

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature оf interest Note: Provide details of the circumstances giving rise to the relevant interest.	Number & class of Securities
pharmaBank Pty Ltd (Dr Millen is a director of a shareholder of pharmaBank Pty Ltd.	1,000,000 options, exercise price \$0.25, expiry date 08 February 2011 1,000,000 options, exercise price \$0.30, expiry date 08 February 2011
Millen Superannuation Fund (Dr Millen is a member of the superannuation fund)	1,000,000 options, exercise price \$0.40, expiry date 08 February 2011

Part 3 – Director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	Consultancy Agreement between EQiTX Ltd, Pharmabank Pty Ltd and Dr Millen - 12 month consultancy
Nature of interest	Dr Millen is a director of a shareholder of pharmaBank Pty Ltd. Consideration for the contract includes the following options: 1,000,000 options, exercise price \$0.25, expiry date 08 February 2011 1,000,000 options, exercise price \$0.30, expiry date 08 February 2011
Name of registered holder (if issued securities)	N/A
No. and class of securities to which interest relates	N/A

$+$ See chapter 19 for defined terms.