REACH RESOURCES LIMITED — Director's Dealing 2004

May 24, 2004

25 May 2004

Company Announcements Office Australian Stock Exchange PO Box H224 Australia Square Sydney NSW 2000

DIRECTORSHIPS

1. Appointment of Managing Director

The Company is pleased to advise the appointment of Mr Robert Grover as its Managing Director. Mr Grover has held the position of Chief Executive Officer of the Company since 10 November 2003. He has been principally responsible for the recent successful integration of the Cervantes/INF operations. Mr Grover is a business consultant with more than 25 years corporate management experience. He has held Board positions with a range of international public companies and is a Fellow of the Institute of Company Directors.

Following is Mr Grover's "Appendix 3X - Initial Director's Interest Notice".

1. The Company also announces the resignation of Mr Paul Rengel as a director. Mr Rengel, who joined the board as a result of the Cervantes/INF merger, has resigned to pursue his private interests. The Company expresses its appreciation to Mr Rengel for his contribution.

Following is Mr Rengel's "Appendix 3Z - Final Director's Interest Notice".

Authorised by:

Barry MacKinnon Chairman

Rule 3.19A.1

Appendix 3X

Initial Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	Cervantes Seafood Limited
IABN	79 097 982 235

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Robert Grover
Date of appointment	19 May 2004

Part 1 - Director's relevant interests in securities of which the director is the reaistered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

	Number & class of securities
Nil.

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interestNote: Provide details of the circumstances giving riseto the relevant interest.	Number & class of Securities
Nil.

Part 3 - Director's interests in contracts

Detail of contract	Not Applicable
Nature of interest
Name of registered holder(if issued securities)
No. and class of securities towhich interest relates

Rule 3.19A.3

Appendix 3Z

Final Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

f entity	Cervantes Seafood Limited
	79 097 982 235

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Paul Rengel
Date of last notice	-24 October 2003
Date that director ceased to be director	19 May 2004

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

Nil

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the cose of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of Number & class of securitiesinterestNote: Provide details of the circumstances giving riseto the relevant interest
Nil.	Nil.

Part 3 - Director's interests in contracts

Detail of contract	Not Applicable
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to
which interest relates