ORCODA LIMITED — Capital/Financing Update 2005

Apr 4, 2005

Smortirans

5 April 2005

The "Instinct" Prospect yields high grade gold and base metals intersections

Recent drilling by SmartTrans Holdings Limited (SMA), Manager of the Mt Mackenzie Joint Venture, has encountered significant Gold in Lead-Zinc-Silver mineralized breccias and extensive, intensely sulphidic, alteration under cover rocks at the "Instinct" Prospect located 500m to 1000m west of previous drilling at the Mt Mackenzie Project.

The host of the mineralization is the late Carboniferous Macksford Andesite which is covered by 400m to 600m of younger, Early Permian, volcanic cover rocks, along the structurally favourable eastern margin of the Bowen Basin.

All three of the vertical, precollared diamond core holes (MMDD655, MMDD656 and MMDD657) drilled in the past month, have intersected mineralized and altered Macksford Andesite and associated intrusives at depth.

Hole MMDD657

The most westerly hole (MMDDD657) returned 8.5m at 5.23 $g/t$ Gold, 22.19 $g/t$ Silver, 1.01% Lead and $0.31\%$ Zinc between 645.6m and 654.1m.

This zone occurs in a galena-sphalerite-pyrite mineralized silica altered polymict breccia. Sub zones of high grade mineralisation containing up to 22.6 $g/t$ Gold and 142 $g/t$ Silver are shown in Table 1.

Previous drilling 500m to 1200m east of hole MMDD657 on the same east-west grid line (1800m North) has returned elevated Gold values in the $0.1g/t$ to 5.0g/t range from all of the widely spaced holes. Gold mineralization is developed in breccias, silica-alunite-pyrophyllite zones and multidirectional quartz pyrite stockworks over a distance of 1300m.

Mt Mackenzie has previously been recognized as one of the largest, open ended, advanced argillic alteration systems in Eastern Australia. This latest drilling program has extended the size of the intense alteration and mineralization zone by at least 500m to 1000m to the west, where a magnetic low feature may indicate a further continuation of the system.

The three recent holes were exploratory in nature, and were bold step-outs to determine what lay beneath the volcanic cover sequence. SmartTrans is encouraged by the fact that Gold, plus Lead-Zinc-Silver mineralization is recorded in all holes, and that the westernmost hole recorded the best Gold grades. The age, polymetallic Gold-Lead-Zinc-Silver mineralization and style of the breccias all have similarities with the Late Carboniferous highly productive North Queensland breccia systems such as Mt Leyshon and Kidston. The scale and style of the Mt Mackenzie advanced argillic alteration systems is also directly comparable with those associated with major porphyry Copper - Gold systems around the world.

Table 1: MMDD657 Summary of Assay Results
Location		Depth		Width	Average Assays				Comments
(local grid)
North	East	From	To	(m)	Gold	Silver	Lead	Zinc
(m)	(m)	(m)	(m)		(g/t)	(g/t)	(%)	(%)
1800	$-260$	602.0	622.7	20.7	0.33	4.01	n.s.	n.s.
		642.0	655.0	13.0	3.52	15.20	0.68	0.31	Sulphidic, polymict
									breccia
	(including)	645.6	654.1	8.5	5.23	22.19	1.01	0.30)	, ,
	(which	646.8	647.2	0.4	19.7	142.0	2.60	$1.00 -$	, ,
	includes
	and	647.3	647.7	0.4	11.2	36.3	0.88	0.42	, ,
	and	652.4	652.6	0.2	22.6	32.2	1.44	n.s.	, ,
		691.4	695.0	3.6	0.23	0.87	n.s.	n.s.	Sulphidic, fault zone,
									gypsum

(n.s. signifies an assay that is not significant)

Hole MMDD655

Four hundred metres to the south east of hole MMDD657 (at1500m North 0m East), hole MMDD655 returned 10.8m at 0.18g/t Au (476.2m- 487.0m) from oxidized iron stained and bleached pyrite-pyrophyllite brecciated andesite. The zone occurs in the palaeo weathering zone immediately below the unconformity with overlying volcanic cover rocks. Further down the hole at 505m-506m, primary sulphidic brecciated andesite returned 1m at 1.48g/t Gold. The hole also contained traces of visible Copper mineralisation (Chalcopyrite) and the bottom 77 metres of the hole were anomalous in Copper with the best assay of 1 metre at 0.23% Copper at 727 metres. Assay results of this hole are summarized in Table 2.

Table 2: MMDD655 Summary of Assay Results
Location		Depth		Width	Average Assay				Comments
(local grid)
North $(m)$	East(m)	From	Tо	(m)	Gold	Silver	Lead	Zinc
		(m)	(m)		(g/t)	(g/t)	$( \% )$	(%)
1500.		476.2	487.0	10.8	0.18	1.08	B.S.	n.s.	palaco weathering zone
		505	506	$\cdot$ 0	.48	4.80	0.20	11.S.	breccia

(n.s. signifies an assay that is not significant)

Hole MMDD656

Hole MMDD656 was drilled 300m to the south of MMDD655 (at 1200m North, 0m East). It intersected the unconformity at 450.9m and encountered an 83 metre wide zone of anomalous Silver and Gold. This is comprised of siliceous gossanous breccia followed by vughy siliceous breccia above an intensely brecciated pyrophllite altered, clastsupported, polymict breccia which is highly sulphidic for 40m. Moderately pyritic andesite volcanic breccia, feldspar porphyry intrusives and felsic ignimbrite occur till the end of the hole at 624.6m. The breccia zones in MMDD656 are characterized by elevated Gold, Lead, Zinc and Silver. Assay results of this hole are summarized in Table 3.

Table 3: MMDD656 Summary of Assay Results
Location		Depth		Width	Average Assay				Comments
(local grid)
North	East	From	Τo	(m)	Gold	Silver	Lead	Zinc
(m)	(m)	(m)	(m)		(g/t)	(g/t)	(%)	(%)
1200		453.0	536.0	83.0	0.10	3.05	1.52	n.s.	Broad Silver zone
	(including	463.7	488.0	24.3	0.15	3.74	0.30	n.s.	Palaeo weathering zone
									that includes 1m
									$@4.33\%Pb$
									Breccia zones
	and	496.0	512.0	16.0	0.19	3.54	0.16	n.s.

(n.s. signifies an assay that is not significant)

MINERALISATION STYLES

Mineralisation is evident as:

• sulphide matrix polymict breccias of hydrothermal and probable intrusive origin;
• well developed multidirectional quartz-sulphide stockworks;
• vughy silica alteration, and;
• haematized and probable supergene zones related to palaeo weathering, immediately below the unconformity with the cover sequence.

SUMMARY

Several important criteria have been enhanced by this phase of exploration:

• The size of the alteration system. It is still open-ended and has yielded better results as drilling progressed Westwards;
• The spatial extent of the mineralisation within the system has increased;
• A Base Metals association, common to many major deposits, has been established:
• The geological style of the brecciation and mineralisation is more in keeping with that associated with a major deposit;
• The grade and thickness of gold intersections compared to earlier drilling programs has improved;
• Visible Copper minerals have been identified in drill core for the first time in this prospect.

The Company looks forward to the next phase of exploration.

For further information, please contact: James Laurie. Director SmartTrans Holdings Limited Phone: 08 9228 1199