INOVIQ LTD — Capital/Financing Update 2006

Jul 16, 2006

ASX ANNOUNCEMENT

14 July 2006

ASX & AIM Symbol "EUG"

A\$2,000,000 Placement Fully Committed

On 11 July 2006 Eurogold Limited ("the Company) announced a placement to raise up to \$2,000,000 by issuing up to 40,000,000 fully paid ordinary shares each at \$0.05, each with one free attaching option exercisable on or before 30 June 2009 at A\$0.10 for each share subscribed ("Placement").

The issue of options is subject to shareholder approval and lodgement of a prospectus with the Australian Securities and Investments Commission.

The Company has received firm commitments for all 40,000,000 shares to be issued under the Placement, including a commitment from Mr Peter Gunzburg, a director of the Company, to subscribe for 4,000,000 shares. Mr Gunzburg's participation is subject to shareholder approval, which will be sought at the Company's next general meeting. The Company will at the same meeting seek shareholder approval for the issue of the options.

Completion of the Placement is expected to be finalised early next week, save for the issue to In the meantime, Mr Gunzburg has loaned the Company \$200,000 on Mr Gunzburg. commercial terms, representing his commitment under the Placement. The loan is repayable if shareholder approval is not given. The directors of the Company consider, having consulted with RFC Corporate Finance Ltd, the nominated adviser of the Company in relation to the AIM market, that Mr Gunzburg's participation in the placement and related loan to the Company are fair and reasonable as far as its shareholders are concerned.

Peter Gunzburg Executive Chairman Eurogold Limited