HAWSONS IRON LTD — Capital/Financing Update 2008

Jun 25, 2008

ASX ANNOUNCEMENT

26 June 2008

ASX Limited 20 Bridge Street Sydney NSW 2000

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Dear Sir/Madam

CLOSE OF ENTITLEMENTS ISSUE ‐ UNDERSUBSCRIPTIONS

Carpentaria Exploration Limited (ASX:CAP) confirms that the Closing Date for acceptances under the Entitlements Issue was 23 June 2008.

We advise the shortfall under the Entitlements Issue was as follows:

• total entitlements to Options 31,421,570 - acceptance 21,131,384 - under-subscription 10,290,186

The Company anticipates that it will place the New Options not subscribed for by 30 September 2008.

The Company raised $211,313.84 under the Entitlements Issue and as set out in the Prospectus lodged with ASIC on 19 May 2008, the net proceeds of the Offer will be used to fund the Company’s ongoing working capital.

The Company notes that this announcement is made in accordance with the timetable set out in the ASX Listing Rules. As at the date of this announcement, not all payments for applications have cleared. Accordingly, the shortfall may be subject to minor change.

Important dates for Shareholders

Dispatch of Holding Confirmation Statements to Shareholders 1 July 2008 Expected Date of Quotation of New Options on a normal “T+3” basis 2 July 2008

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Chris Powell

Company Secretary

Ground Level, Boundary Court 55 Little Edward Street, Springhill Queensland 4000 PO Box 1019 Springhill QLD 4004 Phone: (07)3161 3801 Fax: (07) 3161 3786 e‐mail: info@capex.net.au Website: www.carpentariaex.com.au