HAWSONS IRON LTD — Capital/Financing Update 2007

Nov 11, 2007

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Carpentaria Exploration Limited

ABN 63 095 117 981

12 November 2007

Vickrem Naicker Adviser, Issuers (Perth) ASX Limited Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000

Dear Vickrem

Re:

CARPENTARIA EXPLORATION LIMITED ADMISSION

Updated Statement of Commitments based on actual funds raised.

	Year 1	Year 2	Total
Project	$	$	$
Mt Agate	495,000	515,000	1,010,000
Glen Isla	495,000	540,000	1,035,000
Cargoon	450,000	510,000	960,000
Lady Inez	385,000	440,000	825,000
Redbank	210,000	290,000	500,000
Combaning	250,000	350,000	600,000
Total on granted	2,285,000	2,645,000	4,930,000
tenements
Pre float acquisition	578,000	-	578,000
expenses and costs of
listing (incl. Brokerage)
Working Capital	382,000	650,000	1,032,000
Administration	480,000	480,000	960,000
Totals	3,725,000	3,775,000	7,500,000

Tenement EL6901 (Combaning project) was granted on 8 October 2007.

Yours sincerely

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Company Secretary

REGISTERED OFFICE:

Level 2, 33 Ord Street, West Perth, Western Australia 6005 PO Box 1665, West Perth, Western Australia 6872 Tel: (+61-8) 9481 4440 Fax: (+61-8) 9321 0070

CAP/BA/Corr/1101.lc