GRANGE RESOURCES LIMITED. — M&A Activity 2003

Sep 9, 2003

Hillgrove Gold Limited ACN 004 297 116

Level 8. Buchanan House 3 St. James's Square London, SW1Y 4JU United Kingdom Tel: $+442073210313$ $\text{Fax:} + 442078397685$

10 September 2003

ASX ANNOUNCEMENT APPLICATION TO TAKEOVER PANEL

Hillarove Gold Limited (ASX:HGO) confirms that it has made an application to the Takeover Panel seeking an order that:

• (1) the Receivers provide the information to the Selwyn Directors to enable them, the ASX and the market to consider the relative merits of any proposal to purchase the Selwyn assets, compared to the off-market bid announced by Hillgrove Gold Limited and Grange Resources Limited; and
• (2) the Receivers be prevented from further negotiating or entering into any binding agreement with any third party until such time as the Selwyn Directors are able to assess and obtain independent legal advice on the legal status of any agreement that the Receivers may have entered into with any third party in connection with the purchase of the Selwyn Assets.

About Hillgrove

Hillgrove 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.

For more information contact:

David Archer - Chairman Mobile 0414 737 767