NEW AGE EXPLORATION LIMITED — Capital/Financing Update 2005

May 5, 2005

Labtam Limited

33 Malcolm Road Braeside Victoria 3195 A.C.N. 004 749 508 Tel: (03) 9580 5911 Fax: (03) 9587 4986 investor@labtam.com.au

6 May 2005

ASX Announcements Platform C/- Adelaide Branch - ASX

Termination of prospectus

Labtam Limited ("the Company") advises that the prospectus dated 29 October 2004 and subsequent supplementary prospectus dated 17 February 2005 has been terminated due to not achieving minimum subscription requirements.

The Company has informed its share registrar to return all application monies received pursuant to the prospectus as soon as practical.

The directors will now actively seek new offers for the re-capitalisation of the Company. Any person interested in providing a proposals for the re-capitalisation of the Company should contact Gary Gosling on 1300 131 963 or email at po@wiredeapital.com.an.

Kind regards

Adrien Wing Company secretary 0027 IW

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