LIBERTY METALS LTD — Capital/Financing Update 2003

Nov 19, 2003

Traka Resources Limited

17 November 2003

Ms Marian Tang Australian Stock Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

Dear Marian

MARKET ANNOUNCEMENT - TRAKA RESOURCES LIMITED ("Company")

Further to your letter of 13 November 2003, the directors of the Company confirm the following:

• The Company has exercised and settled its option to acquire the Ravensthorpe Tenements $1.$ and all other related assets, as set out in the Option Agreement dated 13 January 2003 and varied by agreement dated 9 October 2003 between the Company and Red5 Limited.
• The Company's Prospectus stated that a substantial part of the work planned for the $2¹$ Ravensthorpe Nickel Project and Ravensthorpe Gold Project would not be carried out unless and until the surface rights to certain mining tenements had been secured as a result of the registration of access agreements made with the underlying land owners.

The Company advises that the access agreements referred to have now been registered by the Department of Industry and Resources and to that extent the surface rights are now included in the relevant tenements.

We also enclose the following documents for release to the market as requested:

• A distribution schedule of the numbers of holders in each class of security. $3₁$
• A statement setting out the names of the 20 largest holders of each class of securities to be $4₁$ quoted, including the number and percentage of each class of securities held by those holders.
• An updated statement setting out the number of securities subject to escrow and the $5₁$ escrow period applied to those securities.

Yours faithfully

Patrick Verbeek Managing Director