INOVIQ LTD — Capital/Financing Update 2004

Jul 13, 2004

ASX RELEASE

14 July 2004

ASX Symbol "EUG"

COMPLETION OF SAULYAK TRANSACTION AND PROPOSED ADMISSION TO AIM T

Eurogold Limited ("the Company") is pleased to announce:

• The completion of the acquisition of interests in the Saulyak and Beregove gold projects in ${}$ Ukraine in accordance with the terms approved at the Company's general meeting held on June 15.
• $2)$ The completion of a £2.4m (around A\$6.1m) placement in conjunction with the Company's proposed admission to the Alternative Investment Market of the London Stock Exchange ("AIM") on July 20, 2004. The placement was made at 5p per share to institutional clients of Durlacher. A copy of the Company's AIM admission document is attached.

In their independent competent persons report included in the AIM admission document, RSG Global concluded that with successful and well targeted exploration, the Saulvak deposit "has the potential to host a significant gold-silver deposit, in excess of the currently defined C class 'reserve' (of 2.1mt at a cut grade of $8.4g/t$ for 578,000 ozs) as defined under the Ukrainian State system".

3) The appointment of Messrs Chris Barker and Neil MacLachlan to the board of Eurogold,

Mr Barker is a mining engineer with substantial experience in executive management roles at major gold and base metals operations around the world, including previous senior management and project development roles with Ashanti Gold Corporation and the Macraes Mining Project. Mr Barker also has extensive experience in the Former Soviet Union, where he holds certification to run mining operations and where he was previously the general director of the large Nezdaniskove gold project in Russia. Most recently Mr Barker completed a review of various gold and base metals operations in the Ukraine prior to initiating the development of the Saulyak gold project.

Mr MacLachlan has extensive experience in the investment banking and mining industries, including the HSBC Group and Barrick Gold Corporation. Mr MacLachlan is based in London and is a director of Golden Prospect Plc, a large shareholder in Eurogold.

P Collinson Company Secretary