RAREX LIMITED — Capital/Financing Update 2008

Oct 7, 2008

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SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

8 OCTOBER 2008

SALE OF AUSTRALIAN EXPLORATION ASSETS

The Board of Directors of Centaurus Resources Limited (ASX Code: CUR) is pleased to announce the sale of all of the Company's Australian copper-gold exploration assets to Clancy Exploration Limited (ASX Code: CLY), with the exception of the Dish Project.

Under the Agreement with Clancy Exploration, Centaurus will receive 3.33 million Clancy shares (representing 6.5% of Clancy's issued capital) at 9c together with 1.25 million options with an exercise price of 20c expiring on 30 September 2011 for the sale of the tenements. The tenements that are the subject of this agreement are set out in Schedule 1.

Centaurus' Managing Director, Mr Mark Papendieck said, "The sale of the Company's Australian copper-gold assets will allow Centaurus to focus its exploration and development efforts on the execution of our exciting carbon steel strategy in Brazil. The opportunity presented by our current projects and strategy is such that an Australian copper-gold focused explorer such as Clancy Exploration is better placed to devote the necessary time and attention to these Australian copper-gold tenements".

He added "By retaining an equity interest in Clancy, an experienced NSW focused explorer, our shareholders will benefit from any future exploration success on the current Clancy exploration portfolio and the increased exploration attention that the sale tenements will attract and deserve."

• ENDS -

Release on behalf of the Board: Mr Mark Papendieck/Mr Richard Hill Managing Director/Executive Director Telephone: (+61-8) 9321-6201 www.centaurus.com.au

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SCHEDULE 1

Centaurus NSW licence schedule

Project	Lease	Grant Appl	Expiry	Holder	Units
Melrose	EL6707	25/01/2007	24/01/2009	CENTAURUS RESOURCES LIMITED	21
Nyngan	EL6708	25/01/2007	24/01/2009	CENTAURUS RESOURCES LIMITED	65
Palmers Oakey	EL6709	25/01/2007	24/01/2009	CENTAURUS RESOURCES LIMITED	42
Nadbuck	EL6732	8/03/2007	7/03/2009	CENTAURUS RESOURCES LIMITED	15
Roseholm	EL6822	10/07/2007	10/07/2009	CENTAURUS RESOURCES LIMITED	42
Nanadine	EL6823	10/07/2007	10/07/2009	CENTAURUS RESOURCES LIMITED	22
Gunningbland	EL6824	10/07/2007	10/07/2009	CENTAURUS RESOURCES LIMITED	28
Marsden North	EL6937	8/11/2007	8/11/2009	CENTAURUS RESOURCES LIMITED	28
Moorefield	EL6938	8/11/2007	8/11/2009	CENTAURUS RESOURCES LIMITED	77
Condobolin	EL6939	8/11/2007	8/11/2009	CENTAURUS RESOURCES LIMITED	53
Parks	EL6987	19/12/2007	19/12/2009	CENTAURUS RESOURCES LIMITED	19

Centaurus WA licence application

Yalgoo	ELA59/1302	27/10/06	CENTAURUS RESOURCES LIMITED	70 blocks
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