NEURIZER LTD — Capital/Financing Update 2008

Jun 15, 2008

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Primary Resources Limited (“PRZ”)

Australian Stock Exchange Announcement

13 June 2008

The Manager Companies Announcements Office Australian Stock Exchange Electronic Lodgement

Dear Sir/Madam

Operations Update June 2008

Warburton Joint Venture – Western Musgrave E69/1564

A follow up drilling programme has commenced on the Company’s highly prospective tenement E69/1569 which is one of seven Exploration Licenses held by Primary Resources Limited (PRZ) in the Warburton area covering an area 1047 square kilometres. The drilling is being conducted by Marathon Resources Limited (MTN) as part of their commitment to a Joint Venture with PRZ whereby MTN spends $3.25m over 3.5 years to earn 70% of the project.

In 2006, PRZ completed 4000m of RC drilling and 1000 metres of diamond core drilling based on magnetic targets. The location of these drill holes are shown in Figure 1. Since this time a detailed ground gravity survey has been completed over the same area along with surface outcrop geological assessment and soil/calcrete sampling.

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Figure 1

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Gravity and magnetic modelling using inversion techniques indicate that the previous diamond drilling did not reach the depth of the inferred source of the geophysical anomaly. This hypothesis is also supported by the petrological observations which show that the diamond drill holes intersected highly altered alkali intrusive rocks containing various metal-bearing sulphides and that the alteration diminishes with depth. The petrology suggests that the original rock may have been pyroxenite gabbro or parent magma of peridotite gabbro composition.

The first drill hole in the current program has re-entered Primary’s MB106-2 hole with the aim of deepening this hole from 309 metres to approximately 800 metres. A further four targets have been identified from the latest geophysical interpretation and these are scheduled for testing following the completion of the current drill hole. See Figure 2.

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Figure 2

Yandeyarra Alluvial Project – M 47/561

Following the encouraging results from sluicing operations at Station Peak, PRZ has built an alluvial gold plant which is currently being commissioned at Station Peak (M 47/561). The plant is capable of processing around 30 tonne of alluvial sediment per hour and will be used to measure the quantity of gold that is recoverable from these sediments. Should this operation prove to be economical, PRZ will increase the capacity of the plant to approximately 100 tonne/hour.

On 21 May, 2008, PRZ was granted a Mining Operations Permit for this activity.

PRZ has a contractual right to explore for alluvial gold over seven Exploration Licences, four Mining Leases plus one Mining Lease Application held by Chalice Gold Mines Limited. It also holds five Exploration Licences in its own right.

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For further information, please contact:

Don Triggs General Manager Primary Resources Limited Level 5, 70 Pirie Street, Adelaide SA 5000 (08) 8228 5212 | 0409160649 | Fax 08 8223 3235 don.triggs@primaryresources.com.au | www.primaryresources.com.au

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