GOLDEN DEEPS LIMITED. — Capital/Financing Update 2004

Nov 24, 2004

Golden Deeps Ltd

A.C.N. 054 570 777

1st Floor, 8 Parliament Place, West Perth WA 6005 PO Box 1618, West Perth WA 6872 Tel: (08) 9481-7833 Fax: (08) 9481-7835 Email: ged@goldendeeps.com Website: www.goldendeeps.com

24^th November 2004

Australian Stock Exchange Companies Announcement Office 20 Bond Street SYDNEY NSW 2000

Proposed New Option Entitlement Issue

The Directors are pleased to announce a pro-rata non renounceable rights issue of up to 27,306,018 New Options (assuming that all the Options currently on issue are exercised) on the basis of nine New Options for every ten Shares held on the Record Date of 9^th December 2004 at an issue price of \$0.01 per New Option, to raise approximately \$273,060.

Each New Option is exercisable at 15 cents on or before 1^st March 2007.

The Company's ordinary shares will be quoted ex entitlement on 3 December 2004 and acceptances of entitlements will close at 5:00pm AWST on $5^th$ January 2005.

The purpose of the Rights issue is to raise funds for the ongoing exploration programme at the Company's Kelimaizina Gold Project in Madagascar and for working capital.

A Prospectus will be despatched to shareholders on 15^th December 2004.

Yours faithfully

D N Zukerman Director