RAIDEN RESOURCES LIMITED — Capital/Financing Update 2004

Oct 14, 2004

15 October 2004

Company Announcements Office Australian Stock Exchange Ltd Sydney 2000

Dear Sirs

RE: Primedical International Update

The company provides the following update from Primedical International, a company now associated with Medical Monitors Limited, in accordance with ASX Listing Rule 3.1 on Continuous disclosure.

Attached please find the relevant documentation.

Dr Allan Shell Managing Director

239 Bradley Street New Haven Connecticut 06510 USA USA: +203 606 6946 www.primedical.com

The Chairman of the Board Medical Monitors Limited Eastgardens NSW Australia

Thursday, October 14, 2004

Dear Sirs.

I sincerely thank you and your board for the opportunity you have given Primedical International (Primedical) in choosing our funding/market development proposal.

The directors are pleased that as the licensee, of the Medical Monitors Limited (MDM) technology for ECG and blood pressure monitoring devices, we have the opportunity here to outline our strategy and key milestones achieved to date.

The Primedical board believes these devices, which offer far-reaching benefits globally, can be immediately commercialised. The company expects to engender strong demand for the MDM devices and produce a robust and reliable dividend stream for all shareholders.

The company has engaged the services of key members on its board and within its operating vehicles. These personnel provide the depth, reliability, high standing and a tangible capacity to manage a very robust business model for shareholders. The management team has strengths in all the areas required to successfully enter and build a significant share of the market for ECG and blood pressure monitoring services. Initial targets have been set on a two-pillar strategy, focusing on exploitation of the high-growth ECG market in the US and the blood pressure monitoring market in the UK.

The Primedical chairman, Mr. Andrew Kent, has a long history in (successful) capital raising in Europe, having had over twelve years experience as the Head of Corporate Development & Risk Management with a large international equities company T.C. Coombes.

Mr. Harry Platt, our key designer, anchors our technical team and oversees the direct needs analysis of the US and UK markets to ensure generation 2 delivery meets the needs of the customer base, while onthe-ground technical and corporate expertise is provided at the highest level in the UK market through Professor Brvan Williams and Mr. Boris Patkin.

Mr. Herbert Ochtman provides the US technical expertise, with significant experience in bringing new technologies and a number of startup companies into the US market. Mr. Avi Perez brings sound financial skills to the company, having had significant experience in corporate funds management at State Street, a multinational fund manager.

The group is well advised by its investment banker, Code Securities Limited, London, the leading investment bank operating in the biomedical fund raising arena with significant experience in capital raisings and corporate advice. At this point we have received a valuation from Code Securities of GBP £20 -25 million, and I have attached a confidential valuation herein, for your information.

The legal adviser is Atlantic Law, and the financial adviser is Baker Tilly International. Primedical has banking facilities with HSBC and a head office location at 1 Great Cumberland Place, London.

It is envisaged that at the operational end, Mr Platt will build a sales force which will primarily target NHS doctors and hospitals in the UK. In the US market, Primedical has successfully engaged Mr Bill Willis, who built a most successful 'book' of ECG device sales in the US market while at Cardguard (a Swiss public company with annual sales of USD\$35 million). He has fully mobilised and finalized an operational office and established a depth of highly experienced sales force. Mr Willis is confident in comfortably achieving forecast targets.

US healthcare expenditures have soared over the past 50 years, now representing 13.5% of GDP compared with 5.1% in 1960. The US market for cardio-telemedicine is made up of more than 4.4 million potential customers, from whom an average of USD \$200 per service expenditure is 100% reclaimable from the adult health insurance market.

As yet, no figures are available for the particular blood pressure monitoring device. However, two of the leading US hospital groups, John Hopkins in Baltimore and Veteran Affairs in Missouri, have chosen MDM's blood pressure monitors for some long term trials. It is not surprising that the National Health Service (UK) has awarded a most coveted prize to the blood pressure monitor, which is meeting similar success in the broader tech spectrum for the SE Asian market.

We ourselves hope to have positive news from the trials of the blood monitoring devices in the USA, currently in progress at the prestigious John Hopkins and nationwide Veterans hospitals. I continue to be optimistic that Professor Bryan Williams will be successful within the NHS, which is currently considering technology partners for the critical hypertension market. I am sure the endorsement of the British Hypertension Society will also be an important consideration in the selection process.

The board of Primedical is excited about progressing sales and marketing of what they regard as very important devices, which will in turn be upgraded to markets which are growing at 5% compound per annum. The board feels that the next generation devices are ahead of its competitors with an 18-24 month lead, which allows ample time to solidify and establish strong ongoing worth.

We are highly optimistic that the relationship with Code Securities and their specialist expertise in this sector will help provide the rationale and resources to meet our challenge. The coming weeks will be busy in the fund-raising process - time-consuming, but productive.

Yours Sincerely

Andrew L. Kent Chairman Primedical International plc