KINGSROSE MINING LIMITED — Capital/Financing Update 2007

Dec 5, 2007

6.DEC.2007 7:36 ASX PERTH

NO.234 P.7/7 Kingsrose Mining Limited

FOR RELEASE TO THE MARKET

6 December 2007

The Manager ASX Limited Level 8, Exchange Plaza 2 The Esplanade Perth WA 6000

Dear Sir

We wish to advise that:

• all conditions precedent in respect of the asset sale and liability transfer agreement between the $\bullet$ Company and KRM (WA) Pty Ltd as trustee for the Kingsrose Unit Trust dated 29 October 2007 and the issue of 20,000,000 fully paid ordinary shares have been completed.
• The retirement of \$2,268,647 liability with Airedale (Asia) Limited has been satisfied by way of: $\bullet$
• (a) The issue of 6,250,000 fully paid ordinary shares in the capital of the Company at a deemed issue price of \$0.20 each for satisfaction of \$1,250,000 of the liability.

(b) The issue of 5,000,000 convertible notes at an issue price of \$0.20 each with a total repayment of $$1,000,000$ at the issue price for satisfaction of $$1,000,000$ .

(c) Payment of \$18,648 cash being the balance of the liability.

The retirement of \$1,212,825 liability with J.W. Phillips has been satisfied by way of:

(a) The issue of 6,000,000 convertible notes at an issue price of \$0.20 each with a total repayment of \$1,200,000 at the issue price for satisfaction of \$1,000,000.

(b) Payment of \$12,825 cash being the balance of the liability.

Yours faithfully KINGSROSE MINING LIMITED

JEANNETTE P. SMITH COMPANY SECRETARY