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ILUKA RESOURCES LIMITED Capital/Financing Update 2005

May 2, 2005

65116_rns_2005-05-02_38545beb-f575-470d-9892-b54f7c9b2282.pdf

Capital/Financing Update

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Notice to the Australian Stock Exchange

3 May 2005

Sale of NSW Exploration Licence

Iluka Resources Limited and Bemax Resources NL today announced that they have reached an agreement on the future development of the Snapper mineral sands deposit, located in the NSW sector of the Murray Basin.

Under the terms of the sale agreement, Bemax will make a quaranteed net deferred payment of A\$3.9 million to acquire Iluka's interest in the northern section of Exploration Licence EL 6024, which contains an extension to the Snapper Deposit.

The implementation of the sale agreement remains subject to securing the necessary approvals from the NSW Government.

Investment Community & Media contact - Iluka Resources

Geoff Wedgwood Mobile: 0409 997 256