INOVIQ LTD — Capital/Financing Update 2005

Nov 21, 2005

ASX RELEASE

22 November 2005

ASX & AIM Symbol "EUG"

Highlights

• Further drilling success in Ukraine
• Independent valuation by RSG Global gives a "preferred value" of US\$26.1 million
• Future fundraising requirements

Saulyak Drill Results

Eurogold is pleased to announce the results of the latest drill hole from its 99.72% owned Saulyak Project in the Ukraine. Hole C409 was drilled from surface to a depth of 550 metres as a 'step-out hole' to test the continuity of mineralisation down-dip from the previously announced Soviet C1 and C2 Category of 578,000 ounces of gold. The hole intercepted an interval of 3.8 metres at 5.8 g/t gold at a down-hole depth of 465 metres and is approximately 70 metres below the planned Adit 3 elevation.

NEW D/D

55m North of Section

OLD D/D
Hole 310

Eurogold's Chairman, Mr Peter Gunzburg, commented that the results of C409 are extremely encouraging for the following reasons:

• the position of the main mineralised interval in C409 suggests that the mineralisation extends down $\bullet$ dip and is still open at depth.
• it indicates that historical drill holes provide a guide to the position of mineralisation, but that the $\bullet$ results of these holes may have been skewed by poor core recoveries across mineralised intervals. Improved core recovery in the diamond drill holes drilled by Eurogold appear to give a more accurate evaluation of mineralisation at Saulyak.

Detailed underground mapping and sampling indicates that the main ore zone at Saulyak is between $3.6 -$ 6.4 metres thick and that the average gold grade of the presently defined ore blocks is between approximately 5-10 $g/t$ Au.

Eurogold's technical team notes, "as our understanding of the Saulyak deposit increases and we better define the controls on mineralisation, we feel increasingly confident that Saulyak has the potential to host a significant gold ore body".

RSG Global Valuation of Eurogold's Assets

Prior to the discontinuation of the proposed sale of Eurogold's assets to Oxus Gold Plc ("Oxus") as announced on 26 October 2005, RSG Global had been commissioned by Stanton Partners Corporate Pty Ltd to prepare an independent technical valuation of Eurogold's mineral assets to enable shareholders to approve the sale of those assets to Oxus. The RSG valuation concluded the value of Eurogold's equity interest in its Romanian and Ukrainian mineral assets is considered to lie in a range from US\$15.5 million to US\$39.4 million, within which range RSG Global has selected a preferred technical value of US\$26.1 million. This report can be viewed in detail on Eurogold's website at www.eurogold.com.au

Future Fundraising Requirements

The latest drill results from Saulyak, together with the RSG Valuation, reinforce the Directors' confidence in the value of the Company's assets and the Board is considering various fundraising alternatives to realise that value for Shareholders.

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All of the mining activity for the Eurogold Group is located outside Australia and as such all of the mineral resources or ore reserves in this report are based on information compiled by Mr Simon Pepper who is a recognised mining professional on the basis that he holds a MSc Mining Geology from Camborne School of Mines, has at least five years experience in the estimation, assessment and evaluation of the type of mineral resources or ore reserves in this report and is a member of the Institute of Materials, Minerals and Mining in the United Kingdom.

For more information please contact:

Peter Gunzburg

Executive Chairman Eurogold Limited Tel: +61 8 9481 0572 Mob: $+61412927773$