MATSA RESOURCES LIMITED — Capital/Financing Update 2008

Sep 21, 2008

KALGOORLIE-BOULDER RESOURCES LTD ABN 48 106 732 487

ASX Announcement

ASX Code: KAL

22 September 2008

UNDERWRITING AGREEMENT

Kalgoorlie Boulder Resources Ltd (ASX:KAL) is pleased to advise that it has entered into an Underwriting Agreement with Mr Paul Poli and Mr Andy Viner which will form part of the proposed capital raising included as part of the Company’s acquisition of Matsa Resources Pty Ltd.

Pursuant to the Underwriting Agreement, Mr Poli and Mr Viner will underwrite the proposed capital raising to a maximum of $3 million. The full details of the proposed capital raising have yet to be finalised and the acquisition of Matsa, the proposed capital raising and the sale of RASL’s shareholding remain subject to shareholder approvals and other corporate regulatory requirements.

For further information on the details of the proposed transaction please refer to the Company’s announcement dated 15 August 2008.

Any queries with respect to the above should be directed to the Company’s Chairman Michael Atkins.

Yours Sincerely,

Michael Atkins Chairman

Unit 10 Vosper House 31 – 33 Dugan St Kalgoorlie PO Box 10808, Kalgoorlie WA 6430 Tel: 08 90217 200 Fax: 08 90 217 277 admin@kbrl.com.au

www.kalgoorlieboulderres.com.au