RAREX LIMITED — Capital/Financing Update 2007

Jul 5, 2007

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COMMENCEMENT OF OFFICIAL QUOTATION-CLANCY EXPLORATION LIMITED

Clancy Exploration Limited (the "Company") was admitted to the official list of the ASX Limited on Friday 6 July 2007.

Official quotation of the Company's securities will commence on Wednesday 11 July 2007.

Quoted Securities:	26,450,000 fully paid ordinary shares
ASX Code:	CLY
Time:Date:ITS Abbreviation:	12.00 PM EST (10.00 am WST)Wednesday 11 July 2007CLANCY EXP
ISIN:	AU000000CLY6
Home Branch:	Perth
Industry Classification:	Metals and Mining
Registered Office:	57 Havelock StreetWEST PERTH WA 6005Ph: (08) 9420 7400Fax: (08) 9226 1299
Company Secretary:	Rowan Caren
Share Registry:	Computershare investor Services Pty LtdLevel 2, Reserve Bank Building45 St Georges TerracePERTH WA 6000Ph: (08) 9323 2000
Underwriter to the issue:	Martin Place Securities Pty Ltd
Balance Date:	31 December
CHESS:	Participating. The Company will also operate an issuersponsored subregister.

6.JUL.2007 12:22 ASX PERTH

Western Australia State of Incorporation. See below ASX restricted securities: $\frac{1}{2}$ None Dividend Policy: Exploration for gold and copper. Activities:

Securities not auoted:

Voluntary Escrow:

The following securities have been classified by ASX as restricted securities and to be held in escrow for a period of 24 months from commencement of official quotation.

• 21,355,506 fully paid ordinary shares $\blacksquare$
• 1,150,000 incentive options exercisable at $0.20 $\bullet$ on or before 30 April 2010.
• 250,000 series 1 performance options exercisable at $0.30 on or before 30 April 2010.
• 250,000 series 2 performance options $\bullet$ exercisable at $0.40 on or before 30 April 2010.
• options 2,000,000 broker performance exercisable at $0.20 on or before 2 years after the expiry of any ASX escrow.

The following securities have been classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue being 23 April 2007:

• 650,000 incentive options exercisable at $0.20 $\bullet$ on or before 30 April 2010.
• performance options series 1 150.000 $\blacksquare$ exercisable at $0.30 on or before 30 April 2010.
• options $2$ performance 150,000 series $\blacksquare$ exercisable at $0.40 on or before 30 April 2010.

The holders of the above securities that have been escrowed by ASX for 12 months from the date of issue, have entered into voluntary escrow for a period of 24 months from quotation.

ASX Contact:	Ben Donovan
Business Unit	Issuers Perth
Ext.No:	6025
Date:	6 July 2007