ORION EQUITIES LIMITED — Capital/Financing Update 2002

Nov 25, 2002

Total No of Pages: 1

Tuesday, 26 November 2002

MARKET ANNOUNCEMENT

COMPANY UPDATE

$\mathbf{1}$ . Prospectus

The Company's Prospectus dated 1 August 2002 closed on 25 November 2002 without raising sufficient funds to reach the minimum subscription level of \$1.50 million.

Accordingly, the Prospectus has been withdrawn and all application monies will be returned in due course.

$\overline{2}$ . Share Sale Agreement with Juniper Resources Ltd

A condition precedent of the share sale agreement to acquire all of the issued capital of Juniper Resources Ltd has not been fulfilled within the requisite time, namely, that the Company raise, within 6 months of the date of the agreement, a minimum of \$1.50 million by 22 November 2002.

Accordingly, the Company has given notice of termination of the agreement for failure to fulfil a condition precedent. The Company notes that such termination releases the parties from their obligations to further perform the agreement (except as to confidentiality).

3. Directors

Messrs H. Shanker Madan and John Stephenson, also being directors of Juniper Resources Ltd, have resigned as directors of the Company effective immediately.

Mr Brett McKeon has also resigned as a director effective 28 November 2002.

The Board takes this opportunity to thank Messrs McKeon, Madan and Stephenson for their valuable contribution to the Company.

4. Re-Admission to ASX

The Company will be applying to the ASX for its shares to be reinstated for quotation on the Official List of the ASX.

The Company will continue to trade on the industrial board under ASX Code: "CXL"

Further information:

Mr Victor Ho Company Secretary

Ph. (08) 9214 9797 email: vho@centralexchange.com.au

www.centralexchange.com.au

A.B.N. 77 000 742 843 Level 14, The Forrest Centre, 221 St Georges Terrace, Perth WA 6000 Tel: (08) 9214 9797 Fax: (08) 9322 1515 Email: info@centralexchange.com.au