GRANGE RESOURCES LIMITED. — Capital/Financing Update 2003

Nov 23, 2003

M311-02

November 24, 2003

The Manager Company Announcements Office Australian Stock Exchange Limited 4th Floor, 20 Bridge Street SYDNEY, NSW 2000

Dear Sir

GLOBAL DOCTOR'S SOUTHDOWN MAGNETITE PROJECT ACQUIRED BY GRANGE RESOURCES

We are pleased to announce that Global Doctor, a wholly owned subsidiary of MedAire, Inc., has entered into an agreement whereby Grange Resources Limited acquires Global Doctor's Southdown Magnetite Project, located in South Western Australia.

Under the terms of the purchase agreement, Grange Resources Limited can acquire Southdown on purchase arrangements as follows:

• \$50,000 within 5 business days from execution of the agreement; $\mathbf{r}$
• \$100,000 on settlement of the sale and purchase of Southdown; $\blacksquare$
• \$100,000 within 12 months of settlement; $\mathbf{z}^{\top}$
• \$400,000 within 24 months of settlement; and $\overline{\phantom{a}}$
• \$1,000,000 upon the commencement of commercial mining operations. $\ddot{\phantom{1}}$

Global Doctor's previous royalty partner, Vagar International Limited, has advised termination of the agreement and has not satisfied their obligations.

Yours sincerely

Joan Sullivan Garrett PRESIDENT

EXPERT CARE, EVERYWHERE."

80 East Rio Salado Parkway, Suite 610 · Tempe, Arizona 85281 P 480-333-3700 · F 480-333-3592 · www.medaire.com

ARBN 103 340 227 Australian Registered Office 30 Ledgar Road, Balcatta, 6021 P 618-9285-1933 F 618-9285-1944