ROX RESOURCES LIMITED — Capital/Financing Update 2004

May 13, 2004

ASX RELEASE 14 May 2004

ROX COMMENCES DRILLING AT MENZIES

Rox Resources Limited ("Rox") advises that it has commenced a 2,000 metre drilling program at its Menzies project today following receipt of all necessary government department approvals.

The drilling will be targeting high-grade zones at seven locations which Rox anticipates will confirm and add to the 150,000 ounces of identified gold resources already present.

Results should be received by late May / early June.

Rox listed on the ASX on 27 April 2004 and has \$3.5 million in cash on hand having purchased the Menzies project from Deep Yellow Limited for a consideration of \$1.0 million (\$500,000 cash and \$500,000 in Rox shares) and paving brokerage fees for the recent IPO.

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PLEASE DIRECT ENQUIRIES TO:

Rox Resources Limited lan Mulholland Managing Director Rox Resources Ground Floor, 1 Havelock Street West Perth WA 6005 Tel: 08-9486-4537

The information on mineralisation contained in this statement accurately reflects information compiled by Mr Ian Mulholland B.Sc (Hons), M.Sc., F.Aus.I.M.M., F.A.I.G., who is a Competent Person (as defined by the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves) with relevant experience in relation to such mineralisation. Mr Mulholland has given permission for the information to be included in this statement, and is a full time employee of the Company.