INOVIQ LTD — Capital/Financing Update 2003

Apr 15, 2003

EUROGOLD

LIMITED (ACN 009 070 384) 4^th Floor, Grain Pool Building, 172 St George's Tce, Perth WA 6000 (PO Box 7493 Cloisters Square, Perth WA 6850) Ph: (08) 9481-0572 Fax: (08) 9481-3586

16 April 2003

The Manager Company Announcements Office Australian Stock Exchange SYDNEY NSW 2000

Pages: $(1)$

Dear Sir

PLACEMENT FACILITY

Eurogold Limited wishes to announce that all the resolutions that were put to the shareholders at the Company's Extraordinary General Meeting held today, were passed unanimously without any amendment, those resolutions being ordinary resolutions as follows:

• $1)$ To authorise the Directors to place up to 20,000,000 Shares at an issue price of at least 80% of the average market price of the Shares (Placement Facility); and
• $2)$ To authorise the participation of Mr Peter Gunzburg, or his Nominee, in the Placement Facility up to a maximum of 4,000,000 shares.

The Directors are pleased to confirm that the Company has subsequently placed 20,000,000 Shares at \$0.06 each, raising \$1.2m.

Yours sincerely

P L GUNZBURG Executive Chairman