INOVIQ LTD — Capital/Financing Update 2007

May 27, 2007

RELEASE TO AUSTRALIAN STOCK EXCHANGE ("ASX")

MONDAY, 28 MAY 2007

NEW FUNDING AGREEMENT - EUROGOLD LIMITED

• $1₁$ The Board of Directors of IMF (Australia) Limited announces that it has agreed to fund litigation on behalf of Eurogold Limited against Oxus Gold PLC in the Federal Court of Australia. The claim arises out of a contract between the parties relating to the purchase by Oxus of the mining assets of Eurogold for the consideration of AUD \$27.8 million.
• $2.$ Proceedings have been issued and the Federal Court has recently refused applications by Oxus to stay the proceedings on jurisdictional grounds.

Then Walker

John Walker Managing Director