RAIDEN RESOURCES LIMITED — Capital/Financing Update 2004

May 31, 2004

ASX RELEASE

1st lune 2004

Agreement Signed for USA and European Expansion of ECG and Blood Pressure Businesses

Medical Monitors Limited (ASX: MDM) is pleased to advise that, subject to shareholder approval if required, it has executed an agreement with a U.S. based investment group (Gallery Investments, Inc.). The agreement grants exclusive licenses to operate new monitoring services in the Americas, UK and the European Union using MDM's unique ECG and Blood Pressure monitoring technologies.

Under the terms of the agreement, consideration to MDM includes a significant ownership of fifty percent (50%) in a new Company jointly held by Gallery and MDM, with annual royalty fees based on revenues generated from monitoring services and device sales, and management fees for the provision of technical support. Gallery will assume total funding and managerial responsibility for establishing new businesses in the territories with no additional funding requirement from MDM, resulting in an immediate and substantial reduction in operating expenses.

An AUD$ 970,000 (USD$ 690,000) initial sale of BPfone® monitors and ECG recorders has been contracted for delivery and payment in the third quarter 2004 to launch new monitoring services. MDM will be responsible for the manufacture and supply of the ECG recorders and BPfone® monitors at an agreed transfer price inclusive of a profit margin.

MDM's technologies and business model are superior to the current market offerings, and the new Company will be well placed to take a substantial share of this lucrative market in the USA and EU. It should be noted that the USA market alone for transtelephonic cardiac monitoring services is highly profitable, and is estimated to be in excess USD $450 million per annum.

MDM's unique transtelephonic (telephone transfer) technologies, which allow doctors to remotely monitor the cardiovascular health of their patients, have already been granted United States Food and Drug Administration (FDA) notification to enable marketing and sales.

The directors wish to emphasise that they remain focused and confident in achieving ongoing successful business outcomes for the benefit of all shareholders.

For further information, please contact Dr Allan Shell on (02) 9344 8100.

Medical Monitors Limited Suite 407 Westfield Eastgardens Eastgardens NSW 2036 Tel (02) 9344 8100 Fax (02) 9344 8200 Web site: www.medmon.com.au