Lachlan Star Limited — Capital/Financing Update 2004

Sep 28, 2004

Level 45, 2 Park St, Sydney NSW 2000 +61 2 9264 5515 $T\mathbf{H}$ $Fay = +R1992643985$

BUKA MINERALS LIMITED

ASX ANNOUNCEMENT, 29 SEPTEMBER 2004

COMPLETION OF LADY ANNIE & GYMPTE TRANSACTIONS

The Directors of Buka Minerals Limited (Buka) are pleased to announce the completion of two transactions which were approved by Buka's shareholders at a General Meeting held on 14 September 2004, viz:

• $\mathbf{I}$ the sale of the Lady Annie project in return for cash payments and a major shareholding in a new independent copper business, "CopperCo"; and
• $\mathbf{ii}$ the acquisition of an interest in the senior secured debt, and related assets, of Gympie Gold Limited (Receivers & Managers Appointed) (Liquidators Appointed) (Gympie Gold).

As a consequence, Buka now owns an approximately 22% shareholding in CopperCo and 12.885% interests in the senior secured debt of Gympie Gold and the share capital of Gympie Eldorado Mining Pty Limited, the new entity formed to hold the Gympie Eldorado gold production and exploration assets.

The completion of these two transactions places Buka firmly on the path of its evolution from explorer / developer into an investor in and financier of resources companies and projects.

For further information contact:

John Richards, Managing Director

Phone: +61 (0)2 9264 5515 Mobile: +61 (0)414 885 976 E-mail: jr@buka.com.au