REDCASTLE RESOURCES LIMITED — Capital/Financing Update 2004

Feb 3, 2004

ASX Announcement Great Pacific Capital Limited (ASX Code GRP)

Great Pacific Capital Limited ("GPCL") announces that the company has approved a long term plan to raise funds for the Group's lending activities. It is anticipated that this fund raising plan will significantly boost GPCL business opportunities leading to greater returns to shareholders.

A wholly owned subsidiary, Charter Financier Limited ("CFL") has been incorporated for this process. Under this plan, CFL will issue debentures at an attractive rate of return to investors through a trust structure. The trust is to be administered by an ASIC approved trustee company which has reached an "in principle" agreement with CFL.

The initial prospectus is expected to be issued on or before 1 July 2004 and will invite a raising of $50 million. The funds raised will be used for the Group's lending activities for commercial and residential property development purposes.

GPCL chairman Mr. Alfred Wong will head the board of management of CFL which will be made up of executive and non-executive members from diverse commercial backgrounds. A lending committee responsible to the Board will be established to receive, review and approve lending applications. GPCL may itself act as an originator of lending transactions for CFL.