REDCASTLE RESOURCES LIMITED — Capital/Financing Update 2008

Apr 29, 2008

30 April 2008

Great Pacific Capital Limited (ASX code: GRP)

Update on company activities

Following the successful completion of the debt restructuring and debt conversion process in December 2007, the Directors had started the process to revitalise the activities of the Company.

The first step identified by the director is to recapitalise the Company. The board of Directors has held several meaningful discussions with certain existing shareholders and potential investors with a view of recapitalise the Company through private placements. The final formation of this process is being discussed and will be announced to the market once finalise.

Once the company is recapitalised, the Directors will concentrate on rebuilding the activities of the Company to re-establish its presence in the financial market. Given the current slowdown of property development activities, the demand for the subordinated loan previously provided by the Company has decreased significantly, the directors has decided to take a broader view of the products and services to be provided by the company in the near future which may include the shifting of the focus to other property related activities. As such, this process has taken a longer time than originally anticipated. In the mean time, the Company will keep the market informed about its development and will take appropriate actions which may include the temporary suspension of its share trading to protect the share value of the Company.

The company will suspend its share trading if the above cannot happen before 9 May 2008.

Alfred Wong

Chairman