GRANGE RESOURCES LIMITED. — M&A Activity 2003

Oct 1, 2003

JOINT STOCK EXCHANGE ANNOUNCEMENT

A.C.N. 009 132 405

RANGE

RESOURCES LIMITED

BY GRANGE RESOURCES LIMITED (ASX: GRR)

AND HILLGROVE GOLD LIMITED (ASX: HGO)

2 October 2003

Hillgrove Gold Limited ("HGO") and Grange Resources Limited ("Grange") refer to their joint ASX announcement dated 6 September 2003 ("Announcement") pursuant to which they announced their intention, through an equally and jointly owned nominee, to make an offmarket takeover bid ("Bid") pursuant to Chapter 6 of the Corporations Act 2001 (Cth) for all the fully paid ordinary shares in Selwyn Mines Limited (Receivers and Managers appointed) $("SLN").$

The Bid is conditional on a number of matters including Selwyn Group's exploration and mining tenements (as noted in the 2002 Annual Report of SLN), all water licences, the Placer Joint Venture Agreement between Placer Pacific (Osborne) Pty Ltd and Selwyn and all water bore rights being fully retained by the Selwyn Group, on terms and conditions identical in all material respects to those that prevailed at 30 June 2003.

On 30 September 2003 Ivanhoe Mines announced that "a newly formed subsidiary of Ivanhoe Australia has purchased all of the Selwyn copper-gold project's mining and exploration leases in Australia".

Hill grove and Grange are considering the implications of this announcement for their Bid.

About Hillgrove Gold Limited

HGO is an Australian mineral exploration and development company listed on the Australian Stock Exchange which is focused on identifying resources opportunities that can either be brought into production readily or those where there is a defined value adding route within a clearly understood risk environment. Commodities that are of particular interest include copper, gold and nickel.

About Grange Resources Limited

Grange is a Western Australian based mining and exploration company listed on the Australian Stock Exchange. Projects include a 30% interest in the Reward Deeps underground copper mine in Queensland and gold royalties from the Freshwater and Red Hill projects in Western Australia. Grange's objective is to grow through the acquisition, development and exploration of resource projects.

GRANGE RESOURCES LIMITED A.C.N. 009 132 405

Contacts:

David Archer Managing Director Hillgrove Gold Limited Tel: 0414 737 767

Adam Rankine-Wilson Managing Director Grange Resources Limited Tel: +61 8 9231 1118 Fax: +61 8 9231 1523