MATSA RESOURCES LIMITED — Capital/Financing Update 2007

Nov 27, 2007

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ASX Announcement ASX Codes: KAL, KALO

28 November 2007

KALGOORLIE-BOULDER RESOURCES RAISES $2.5 MILLION FOR NORSEMAN GOLD PROJECT

Kalgoorlie-Boulder Resources Ltd (KAL:ASX) is pleased to announce it has raised $2.5 million to fund ongoing exploration at its flagship Norseman Gold Project by way of a placement to sophisticated investors.

The placement was arranged by Patersons Securities as lead manager and successfully led to the placement of 13,888,889 million new KAL shares at a price of 18c per share.

The shares were placed with clients of Patersons across Australia in Perth, Melbourne and Sydney. The placement has introduced a significant number of new investors to the Company.

Funds raised in the placement will enable further exploration and development studies at the Norseman Gold Project, where the Company announced a 20 per cent increase in total inferred mineral resources to 1.2 million ounces on 6 November 2007.

The money raised will be used to undertake further exploration and resource drilling, as well as other activities required for the preparation of a prefeasibility study which is scheduled to commence in March 2008.

The work required for the prefeasibility study includes some diamond drilling to provide data for geotechnical studies and metallurgical and process test-work. A scoping study, already underway, will be used to determine any further drilling required to elevate the current resources where required.

Since announcing its most recent resource upgrade, the Company has released additional significant drill results from the Mt Henry and Selene deposits which are expected to result in a further upgrade of project resources by the end of 2007.

The Company also intends to commit funds to a new type of geophysical exploration program which it believes will be successful in identifying further exploration targets in addition to the current list of nine known target areas. The

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geophysics budget also includes funds for initial EM work to be carried out at the Clinker Hill Nickel project.

As the placement is now complete, the Company requests that the voluntary suspension on its securities be lifted.

For and on behalf of the directors of Kalgoorlie-Boulder Resources Ltd

Michael Atkins Chairman

About Kalgoorlie-Boulder Resources

Kalgoorlie-Boulder Resources is an ASX-Listed minerals exploration company focused on its 100% owned Norseman Gold Project and its Clinker Hill Project NNW of Kambalda WA.

The Norseman Gold Project covers 124 square kilometres of the prolific South Norseman-Wiluna Greenstone belt of the Eastern Goldfields in Western Australia. Norseman is the southern most gold mining centre of the NorsemanWiluna gold belt which hosts an endowment of over 270 million ounces of gold. The Norseman region has been a major gold producer with production in excess of 6.1 million ounces of gold from 1935.

The Norseman Gold Project contains a number of mineral resources at the Mt Henry, Selene and Scotia deposits where there are currently indicated and inferred resources totalling 21.1Mt @ 1.7 g/t for 1.2M ounces of gold.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Richard Breyley, who is a member of the Australasian Institute of Mining and Metallurgy. Richard Breyley is a full time employee of Kalgoorlie Boulder Resources. Richard Breyley has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves. Richard Breyley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Figure 1: The Norseman Project Area

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