REDCASTLE RESOURCES LIMITED — Capital/Financing Update 2003

Mar 23, 2003

Great Pacific Capital Limited (the Company) releases the following information to the market as an update to the pre-quotation disclosure made on 18 March 2003.

Further to the pre-quotation disclosure in relation to the provision of finance by two subsidiaries, GPC No. 8 and GPC Bellambi, of the Company to an independent third party consortium for the acquisition of a coal mine near Wollongong, the Company announces that the transaction is now settled.

GPC No.8 Pty Limited and GPC Bellambi Pty Limited have successfully arranged senior debt to the consortium provided by an independent third party in the amount of $16 million.

GPC No.8 Pty Limited and GPC Bellambi Pty Limited have advanced a further $3,585,387 to the consortium upon settlement as mezzanine finance secured by second mortgage on the coal mining lease and the land.

The coal mining lease was valued at $28 million for mortgage purpose on 31 January 2003 by Robert Duffin, licensed investment adviser of Resource Equity Consultants Pty Ltd.

Edwin Yeung

Company Secretary