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ORION EQUITIES LIMITED Capital/Financing Update 2003

Dec 18, 2003

65486_rns_2003-12-18_c6384c63-a984-4a00-843c-2e351a1b7f05.pdf

Capital/Financing Update

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Thursday, 18 December 2003

JOINT MARKET ANNOUNCEMENT

Anaconda Confirms Triggering of \$19m Settlement Deed Payment

Queste Communications Ltd ("Queste") and its 48.817% controlled entity Central Exchange Ltd ("Central Exchange") are pleased to announce that Minara Resources Limited (formerly Anaconda Nickel Limited) ("Anaconda") has today served a Review Date Notice confirming the triggering of payment of \$19,051,014 to Central Exchange pursuant to a settlement deed (the "Settlement Deed") between Anaconda and Central Exchange.

Anaconda has advised Central Exchange that payment will be made on 12 January 2004 pursuant to the terms of the Settlement Deed.

The primary focus of the directors of Central Exchange now is to seek the re-admission of the company to ASX as soon as practicable.

ASX has previously advised that prior to reinstatement, Central Exchange will be required to re-comply with Listing Rule 11.1, and in particular Listing Rule 11.1.3, and as a result. re-comply with Chapters 1 and 2 of the ASX Listing Rules. That is, Central Exchange will be required by ASX to seek shareholder approval for confirmation of its activities and meet the requirements of the Listing Rules as if it were applying for admission to the official list of ASX as a new company. In this regard, Central Exchange notes that it should be able to meet the requirements for a minimum share price of 20 cents and a minimum spread of 400 shareholders each having a parcel of at least \$2,000.

Central Exchange is currently working with the ASX to map out a transaction path for the company's reinstatement to ASX early in the new year. Subject to the outcomes of such discussions with ASX. Central Exchange proposes to convene a general meeting early in the new year seeking shareholder approval(s) as required by ASX, and other appropriate matters for shareholder consideration.

For further information, please contact:

Victor Ho Company Secretary Queste Communications Ltd Tel: (08) 9214 9777