RAREX LIMITED — Capital/Financing Update 2008

Apr 27, 2008

ASX/ Media Announcement 28 April 2008

NEW RESULTS 'SPOT ON TARGET' FOR CLANCY

Clancy Exploration Limited (ASX: CLY) is pleased to provide a summary of assay results from aircore drilling activities at two of its Lachlan Fold Belt projects, Cowal East and Goobang. The drilling programs at these projects were designed to follow-up previously identified anomalies.

Drilling at the Cowal East project has confirmed and extended the copper and zinc anomalies identified previously. Results have now been received for the 21 holes drilled earlier in the quarter on Wyrra EL6554, which is part of the Cowal East project.

Visual results from Wyrra were reported earlier this month. Clancy can now confirm that a 1000 x 800m zone of intense quartz-sericite-pyrite alteration has been defined on the intersection of northwest and northeast trending structures. Phyllic-style alteration is pervasive and has been identified in nine of the aircore holes, which are anomalous in copper, zinc and molybdenum. The presence of phyllic alteration, or bleached rocks, is a common component of other porphyry and epithermal deposits in the district.

The host rock in the phyllic alteration zone is intensely altered and weathered, however the surrounding host rocks consist of diorite and monzonite. The phyllic alteration zone is anomalous in copper (>500ppm), zinc (>750ppm) and molybdenum (>10ppm), as defined by maximum basement aircore results. A single point gold result of 0.135g/t was also identified within the zone (Figure 1). The depth of transported cover over the phyllic zone is 30-40m and the anomalous geochemistry is from oxidised Ordovician basement at depths of 60- 90m.

Clancy's Managing Director, Mr Mark Stewart, said the results received to date were consistent with the presence of a mineralised system at Wyrra. "Both the visual and analytical results confirm that we have identified a significant hydrothermal system associated with favourable structure and host rocks in an area with no deep drilling. We had planned to complete our regional aircore drilling after crops are harvested in November, but given these results, we will investigate fast-tracking diamond drilling earlier than that," said Mr Stewart.

"Clancy's exploration targeting method is predicated on finding the next generation of deeper deposits, under the blanket of covering material. At Cowal East, we have confirmed that our targeting is spot on and we are now on the trail of a potential discovery under cover. The next step is deeper diamond drilling to determine the extent of the hydrothermal system."

At the 100%-owned Goobang project, located approximately 20km south of Rio Tinto's Northparkes copper-gold mine, two zones of elevated copper values were defined by Clancy during previous drilling in 2006. A total of 39 additional aircore holes were completed during the first quarter of 2008, which identified encouraging alteration and sulphides. Assay results for these holes have now been received.

The drilling has revealed a package of volcaniclastic sandstone, limestone and andesitic lava with two zones of elevated copper and zinc that transgress stratigraphy. The rocks are variably overprinted by K-feldspar, phyllic and propylitic alteration assemblages, and significant pyrite was found coincident with the copper anomalism.

The two zones of copper and zinc anomalies are open to the southeast with peak copper values of 714ppm and 667ppm. They are separated by a northwest-trending structural corridor, that extends to the previously identified copper anomaly northwest of the tenement (Figure 2). Additional drilling is planned to further test the anomalies later in 2008.

Mr Stewart said the analytical results have confirmed that the visual results reported earlier were significant, and that the Wyrra target in particular, looks very promising.

The location and assay details for the anomalous holes at Wyrra and Goobang are presented in the appendix.

-ENDS-

Please direct enquiries to:

Mark Stewart Ann Nahajski Managing Director Porter Novelli Tel: +61 8 9481 8241 Tel: +61 8 9386 1233 Email: info@clancyexploration.com Mob: +61 (0)400 205 433

Web: www.clancyexploration.com

Cowal East Project

Located east of the Cowal Gold Mine (Barrick) and west of the Marsden copper-gold prospect (Newcrest), the Cowal East project is considered prospective for similar style deposits. The Cowal gold deposit is a low-sulphidation carbonate-base metal gold system with an endowment of >4.5M oz of gold. Marsden is a porphyry copper-gold prospect that is currently being drilled out to resource status. Marsden has an inferred resource of 800,000 oz of gold and 380,000 tonnes of copper and has yielded recent drilling intercepts such as 171m @ 0.82g/t gold and 0.7% copper. Gold Fields is earning an 80% interest in Cowal East by spending $2 million over 3 years.

Goobang Project

Goobang is 100% owned by Clancy and located approximately 20km south of the Northparkes copper-gold mine (Rio Tinto), which has an endowment of 1.2Mt of copper and 1.6Moz of gold. There has been little previous exploration in the area, which is surprising given its location.

About Clancy

Clancy Exploration (ASX: CLY) is an Australian-focused copper, gold and base metals explorer. Although a relatively new listing on the ASX (July 2007), the Company's portfolio has been built up over the past four years to consist of highly prospective copper-gold projects in the Lachlan Fold Belt of NSW and base metal projects in the Mount Read Volcanic Belt of Tasmania.

Full details of Clancy's projects and a recent Analyst report from Taylor Collison, can be found at Clancy's website - www.clancyexploration.com/news/news.html

Clancy's competitive advantages include support from major shareholder, Geoinformatics (TSX-V), having one of the largest ground positions of any explorer in the prospective Macquarie Arc (>1850km2 ), and the innovative use of digital geological and geophysical data in probability based targeting.

The Company's objective is to advance its properties to a stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration. The exploration activities are well-funded, applying Clancy's funds and those of its joint venture partners, and substantial upside exists with the potential addition of resources.

Additionally, Clancy has established joint ventures with Gold Fields Limited on three projects in NSW (managed by Clancy) and with Bass Metals Limited on the Tasmanian tenement package (managed by Bass Metals). Clancy, in conjunction with its JV partners, has spent significant funds on the projects to date, with a combined $7.4 million to be spent on the Company's tenement package over the two years from date of listing.

The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Gordon Barnes who is a Member of the Australian Institute of Geoscientists. Mr Barnes is a full-time employee of Clancy Exploration Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Gordon Barnes consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Figure 1 – Cowal East, Wyrra EL6554 drilling

Summary of historical and current drilling in the southern part of Wyrra EL6554 showing the location of the phyllic zone and the maximum basement copper, zinc and molybdenum results. Gold results >0.1g/t are labelled. The image is 1VD RTP magnetics.

Summary of Clancy drilling in Goobang EL6537 showing the maximum basement copper, zinc and molybdenum results. Copper results >500ppm are labelled. The image is 1VD RTP magnetics.

APPENDIX

Aircore Collar Locations March 2008

All coordinates are MGA94 Zone 55

Goobang EL6534

Hole ID	East	North	Depth
GGAC056	598593	6332407	71
GGAC057	598100	6332448	54
GGAC058	598273	6333466	85
GGAC059	598276	6332962	58
GGAC060	597819	6332990	73
GGAC061	598629	6333452	61
GGAC062	598778	6332841	66
GGAC063	599294	6331967	63
GGAC064	598787	6331964	38
GGAC065	598344	6331871	64
GGAC066	598119	6331437	55
GGAC067	599201	6331431	63
GGAC068	599051	6331618	46
GGAC069	598555	6331624	68
GGAC070	598653	6332125	64
GGAC071	598893	6332195	42
GGAC072	599225	6332199	55
GGAC073	599044	6331996	58
GGAC074	598821	6331798	57
GGAC075	599106	6331798	68
GGAC076	598800	6331622	65
GGAC077	598870	6331437	35
GGAC078	598995	6331187	83
GGAC079	598728	6331192	41
GGAC080	598620	6331437	79
GGAC081	598367	6331473	44
GGAC082	598247	6331633	79
GGAC083	598080	6331899	67
GGAC084	598538	6331284	108
GGAC085	598561	6331892	76
GGAC086	598271	6332158	57
GGAC087	597992	6331186	28
GGAC088	598244	6331189	90
GGAC089	598119	6330936	89
GGAC090	598371	6330936	115
GGAC091	598244	6330686	112
GGAC092	597999	6330687	75
GGAC093	597870	6330437	54
GGAC094	598120	6330437	81
GGAC095	597751	6330180	72
GGAC096	598001	6330185	59

Wyrra EL6554

Hole ID	East	North
WYAC001	539309	6255252	96
WYAC002	539155	6255448	93
WYAC003	539409	6255446	70
WYAC004	538906	6255444	107
WYAC005	539273	6255706	70
WYAC006	539032	6255700	83
WYAC007	538776	6255708	81
WYAC008	539402	6255948	94
WYAC009	538650	6255948	89
WYAC010	538151	6255952	58
WYAC011	538398	6256455	96
WYAC012	537902	6256451	36
WYAC013	537923	6257939	111
WYAC014	537171	6257890	86
WYAC015	539565	6255666	61
WYAC016	539794	6254708	125
WYAC017	539170	6254805	88
WYAC018	543535	6263500	117
WYAC019	544274	6263502	95
WYAC020	543144	6262752	89
WYAC021	544664	6262839	99

Downhole assay data for anomalous Goobang and Wyrra Aircore holes

Anomalous holes are defined as having any downhole assay >500ppm copper, >750ppm zinc, >10ppm molybdenum or >0.1g/t Au from the Ordovician basement. The assay data are listed below where any of these criteria are met. Aircore samples are four metre spear-sampled composites, breaking down to smaller intervals near bottom of hole. The samples were analysed by ALS Orange for gold by fire assay / AAS finish (method code Au-AA22), and for the other elements by ALS Brisbane by four acid digest ICP AES/OES (method code ME-MS61). Standards and duplicates are inserted into the sample stream to monitor laboratory performance.

Hole_ID	mFrom	mTo	SampleID	Au_ppm	Cu_ppm	Mo_ppm	Zn_ppm
GGAC063	12	16	CX0185	-0.001	246	0.26	750
GGAC063	16	20	CX0186	0.004	200	0.25	935
GGAC063	20	24	CX0187	0.004	108.5	0.26	831
GGAC068	40	44	CX0294	0.004	124.5	1.96	979
GGAC069	32	36	CX0656	0.001	577	1.48	334
GGAC069	36	40	CX0657	0.004	583	1.37	482
GGAC070	20	24	CX0670	0.004	574	0.93	215
GGAC070	24	28	CX0671	0.028	527	0.76	313
GGAC070	28	32	CX0672	0.005	528	0.65	431
GGAC073	52	56	CX1113	0.002	94.7	1.14	1195
GGAC078	72	76	CX0265	0.006	104.5	10.2	168
GGAC079	12	16	CX1067	0.012	574	0.59	444
GGAC079	20	24	CX1069	0.005	552	1.26	302
GGAC079	24	28	CX1070	0.007	565	1.71	451
GGAC079	40	41	CX1074	0.006	68.1	1.05	1730
GGAC080	24	28	CX0334	0.014	533	0.88	214
GGAC080	28	32	CX0335	0.018	714	0.95	329
GGAC082	28	32	CX0366	0.014	710	1.24	366
GGAC085	56	60	CX0437	-0.001	73.3	0.48	760
GGAC092	44	48	CX0572	-0.001	117	13.95	502
GGAC093	32	36	CX0588	0.003	524	3.02	231
GGAC093	36	40	CX0589	0.003	667	2.3	336
WYAC001	72	76	CX0026	0.002	423	3.69	751
WYAC001	76	80	CX0027	0.002	235	3.44	1155
WYAC001	80	84	CX0028	0.002	328	4.16	1495
WYAC001	84	88	CX0029	0.005	81.1	4.41	934
WYAC002	84	88	CX1049	0.001	377	1.04	1270
WYAC002	88	92	CX1050	0.006	738	1.69	1395
WYAC002	92	93	CX1051	0.003	103.5	0.57	767
WYAC003	52	56	CX0040	0.003	75.7	10.9	437
WYAC003	68	70	CX0044	0.006	118	4.57	768
WYAC004	79	83	CX1129	0.002	182.5	6.3	1085
WYAC004	83	87	CX1130	0.004	103.5	3.78	1555
WYAC004	87	91	CX1131	0.004	39	1.99	1510
WYAC004	91	95	CX1132	0.001	34.7	1.75	1145
WYAC004	95	99	CX1133	0.001	107	1.85	1215
WYAC004	99	103	CX1134	0.009	96.4	1.3	1030
WYAC004	103	107	CX1135	0.008	152	1.71	877
WYAC005	64	68	CX1146	0.003	620	1.99	527
WYAC005	68	70	CX1147	0.004	728	2.04	374
WYAC006	68	72	CX1159	0.135	349	0.42	279
WYAC006	76	80	CX1161	0.011	544	1.25	530
WYAC016	99	103	CX1008	0.001	265	0.85	854
WYAC016	103	107	CX1009	-0.001	253	0.7	1020
WYAC017	72	76	CX1190	-0.001	120	0.91	787