MEEKA METALS LIMITED — Capital/Financing Update 2007

Nov 7, 2007

8 November 2007

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ASX ANNOUNCEMENT

Exploration update on the Lionel Diggings gold project in North Queensland

• Geological mapping and chip sampling has been completed over a mesothermal vein system exposed at Lionel Diggings (Mining Lease 10232), some 25 km due east of Ravenswood.

• Preliminary gold assays confirm that Lionel Diggings is a high grade multivein system over a strike length of about 700m.

• Final multi-element results are expected later this month and will be published when received. A map showing the geology and location of the sampling is attached.

IIG has completed the first phase of exploration on the highly prospective Lionel Diggings Gold prospect (ML10232) which lies approximately 100 km to the south of Townsville and 25 km to the east of Ravenswood. The work was carried out by Consulting Geologist Mr Darin Rowley, supervised by Mr Sam Garrett, a Senior Geological Consultant.

The first phase of work involved detailed mapping and rock chip sampling throughout ML 10232 over the historic Lionel Diggings which was first worked in the 1880’s. A map of the lease, vein systems and historic workings is attached with the 90 chip sample locations marked by red triangles.

Preliminary gold assay results received and the geological mapping confirm that the Lionel Diggings is a high grade vein system with many similarities to the gold deposits at Charters Towers. Encouraging gold grades including some bonanza values were recorded over a strike length of 700m in a sheeted mesothermal vein system hosted by granite. Additionally, the sampling has demonstrated that gold can be hosted in the altered granite wall rock adjacent to the mesothermal veins which increases the potential tonnage of a gold deposit on ML 10232. IIG awaits finalised assay results which include multi-element analysis before the end of November and these will be published upon receipt with the detailed geological report then being posted to the company’s web site.

The preliminary results indicate that a reverse circulation drill program is required at the Lionel Diggings prospect to test the sheeted high grade vein system and altered granite wall rock at depth. IIG is actively pursuing a reverse circulation drill rig and is in regular contact with a number of drill contractors to obtain the first available rig. The final geological report will present the recommended drill program to fully assess the gold potential at Lionel Diggings.

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Background: Lionel Diggings is located 25 km east of the Ravenswood gold field which has a gold endowment of over 5 million ounces. It lies on the eastern side of the Pajingo-Charters Towers-Ravenswood structural corridors. Gold was first discovered at Lionel Diggings in 1879 and worked through to the mid-1880’s with approximately 1,000 ounces of gold recovered from a series of shallow, high grade workings over an area of 770m x 385m. Some further chip sampling was undertaken in the 1980’s and 1990’s when the lease was held by other companies, but the property has never been drilled to properly assess the potential of the tenement.

Consultants to the Lionel Diggings Project:

Mr Darin Rowley is a consultant geologist with over 11 years experience in exploration, project development, production and management both in Australia and internationally. Mr Rowley has been involved with Project Generation through to production of gold and base metal projects in Australia, Indonesia, China, Philippines, Chile and Canada. He currently provides professional exploration services to a range of resource companies.

Mr Sam Garrett is a consulting geologist with over 20 years of mineral exploration, evaluation and management experience across a broad range of commodities and geological environments for both multi-national and junior mining companies. His experience spans eight countries and includes involvement and association with the successful discovery and feasibility of gold and copper deposits in Australia and the Philippines. Sam is a member of The Society of Economic Geologists (USA).

For further information please contact: Mr John Smith Company Secretary Integrated Investment group Ltd Level 11, 54 Miller Street North Sydney 2060

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