METEORIC RESOURCES NL — Capital/Financing Update 2004

Nov 16, 2004

58 PEKO ROAD TENNANT CREEK NT 0860 PO BOX 1244 TENNANT CREEK NT 0861 Telephone 08 8962 4900 Facsimile 08 8962 2900 Email: email@giantsreef.com.au Website: www.giantsreef.com.au
ABN 71 058 436 794

17 November 2004

The Manager Company Announcements Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

VIA: www.asx.online.com

SUBJECT: BARKLY JOINT VENTURE

We attach the above announcement.

Yours faithfully

Julielland

Michael Boud COMPANY SECRETARY

17 November 2004

BARKLY JOINT VENTURE

Giants Reef ("the Company") has previously advised that it has been conducting a review of its exploration tenement portfolio, with the aim of offering properties peripheral to its core holdings for joint venture or sale.

In doing so, the Company is able to focus its exploration efforts and resources on its core tenements by attracting other companies to explore outside these areas, whilst maintaining a right to participate in the potential upside, and to toll treat any discoveries that are not "standalone".

The Company is pleased to announce that it has entered into a joint venture with Meteoric Resources NL (ASX code MEI) ("Meteoric") on tenements EL10370, ML C57, and ML C217-C224 ("Barkly Tenements"), which are located on the eastern margin of the Tennant Creek Goldfield (refer Figure 1).

Meteoric is exploring in the Tennant Creek field at its Warrego North Project, which is located approximately 10 km north of the Warrego mine. Meteoric has specialist "in-house" geophysical (gravity and magnetic) expertise, which the Company believes can rapidly add value to the Barkly Tenements.

The key terms of the joint venture are as follows:

• Meteoric may earn a 51% interest by the expenditure of \$300,000 within 3 years and must spend at least \$75,000 within the first year with a \$10,000 cash payment on signing of the agreement;
• Giants Reef may contribute at the 51% interest level. If Giants Reef does not contribute at this level Meteoric may earn a further 19% by expenditure of \$200,000 within an additional 2 years; and
• Giants Reef may elect to toll treat mineable gold (and/or copper-gold) deposits of less than 100,000 oz on commercial terms at its Warrego treatment plant, up to a maximum of 200,000 ozs.

The Company intends to offer other non-core land packages for joint venture over the next six months.

Enquiries:

GV Ariti Managing Director & CEO Telephone: (08) 9480 0492 E-mail: gvariti@bigpond.net.au

Figure 1: Location of Giants Reef and Barkly Joint Venture Tenements