ROX RESOURCES LIMITED — Capital/Financing Update 2007

Jan 28, 2007

ASX/MEDIA RELEASE

29 January 2007

ROX CONTINUES TO DEFINE LEAD-ZINC MINERALISATION IN LAOS

Rox Resources (ASX: RXL, "Rox"), is pleased to advise that initial results from its current exploration campaign at the Company's Pha Luang lead-zinc project in Laos are very positive.

The first 10 of 38 holes drilled at Pha Luang (PLR042 to 052) confirmed continuity of sulphide mineralisation at the Nam Yen prospect and intersected significant oxide and sulphide mineralisation at the new Pha Sod prospect.

Rox has spent the last 18 months transforming itself into an emerging base metals explorer in Laos, following high grade drill intercepts of lead and zinc, a favourable mining environment and rising zinc metal prices.

In 2005, Rox entered a joint venture with Lao company, First Pacific Mining Lao Co Ltd, to acquire a 60% interest in the sulphide portion of Pha Luang, a lead-zinc oxide mine approximately 160km north of the Lao capital, Vientiane. There are several large soil anomalies of interest to Rox at Pha Luang, including the Bon Noi, Switchback, Pha Luang, Nam Yen, Pha Sod and Pha Daeng prospects (Figure 1).

Last December, the Company commenced a drilling campaign to test these identified anomalies and budgeted around A$2.2 million for this exploration campaign.

In the current drill programme 38 holes (PLR042 to 079) have been drilled for a total of 2,766 metres at the Nam Yen, Switchback and Pha Sod prospects. Results from the remaining holes are expected within 3-4 weeks.

Drilling at Nam Yen has continued to intersect lead-zinc sulphide mineralisation, with assays only received from the first 5 holes of 22 drilled (Figure 2). Results include:

• 11 metres grading 7.8% combined Pb+Zn $(1.8%$ Zn, 6.0% Pb, 16 g/t Ag) from 8 metres depth, and
• 6 metres grading 10.0% combined Pb+Zn (2.4% Zn, 7.6% Pb, 21 g/t Ag) from 21 metres depth, both in hole PLR045.

Two other holes, PLR044 and 046 intersected lower grades, and extend the known limits of mineralisation along the western side. Of the other 17 holes drilled at Nam Yen, 11 have reported visible lead and zinc sulphides, but assays are pending.

Drilling at the new Pha Sod prospect also intersected significant oxide mineralisation in the top portions of the holes confirming the strong soil anomaly. Significantly, the drill holes also intersected wide intercepts of very fine-grained, lower grade zinc sulphide in the lower portions of the holes (Figure 3). These wide intercepts at Pha Sod are particularly encouraging and confirm the emerging zinc potential of the area. Further drilling will be required to fully test the potential of the sulphide zone.

Sulphide results from Pha Sod include:

• 24 metres grading 1.3% Zn, 0.1% Pb, and 5 g/t Ag, from 4 metres depth in hole PLR048, $\bullet$
• 20 metres grading 1.6% Zn, 0.2% Pb, and 7 g/t Ag, from 4 metres depth in hole PLR049, $\bullet$
• 8 metres grading 1.3% Zn, 0.2% Pb, and 7 g/t Ag, from 4 metres depth in hole PLR050, and
• 28 metres grading 1.2% Zn, 0.1% Pb, and 5 g/t Ag, from 4 metres depth in hole PLR052. $\bullet$

For complete results see the attached table.

A pause in drilling while results are received and interpreted will now occur until early March, when a second drilling campaign is planned. Induced Polarisation (IP) geophysical surveys are scheduled during February to aid the drill targeting process.

Foreign Investment Licence

Meanwhile Rox has received advice from the Lao Department of Domestic and Foreign Investment ("DDFI") of a delay in the processing of its foreign investment licence application. The delay is due to "an assessment and evaluation by the Lao Government of all mining projects previously approved in Laos". Rox believed that its foreign investment licence application had reached the final stage of approval by the Government. The DDFI has advised that the application will be "reconsidered as soon as the assessment and evaluation is completed".

Rox's interests in Laos are held under a legally binding and detailed joint venture agreement with its partners First Pacific Mining Co. Lao Pty. Ltd. ("FPM") and Triple Nine Mining Co. Pty Ltd. FPM holds a granted Mining Concession in trust for the JV partners that allows lead, zinc and barite mining and exploration over the Pha Luang project area, that is valid to 3 February 2021.

The purpose of Rox's foreign investment licence application is to register a majority foreign-owned joint-venture company in Laos. The delay in the processing of the application does not affect Rox's operations in Laos, which are undertaken under the provisions of the JV agreement.

$-$ ENDS $-$

For more information:

lan Mulholland Managing Director Tel: +61 8 6380 2966 admin@roxresources.com.au Ann Nahajski or Jim Hawtin Porter Novelli Tel: +61 8 9386 1233 jhawtin@wa.porternovelli.com.au

About Rox Resources

Rox is a Perth-based exploration company exploring the Pha Luang lead-zinc project in Laos, where high grade drill intercepts of lead and zinc have been made at the Nam Yen prospect. The Company also has first right of refusal over a number of other prospective resource projects in the country.

Laos is a rapidly growing economy on the Indo-China peninsula, located close to markets in Thailand, China and Vietnam. Several Australian mining companies are enjoying outstanding success operating in Laos.

Figure 1: Prospect Location Plan

Figure 2: Nam Yen Drill Plan

Figure 3: Pha Sod Drill Plan

- Hole	East	North			RL Dip Azimuth Depth		From	Τo	interval	$Zn%$		$Pb%$ $Pb+Zn%*$	AAgppm
PLR042	229031	2115958	1143	-60	90	100	NSR
PLR043	229031	2115958	1143	-60	135	100	NSR
PLR044	228953	2116008	1148	$-75$	135	100	85	86		3.3	0.1	3.4
							90	91		4.1	0.3	4.4
PLR045	229083	2116085	1038	-55	135	100	0	2	ົ	1.4	1.7	3.1	11
							8	19	11	1.8	6.0	7.8	16
							21	32	11	2.3	4.3	6.6	13
incl.							21	27	6	2.4	7.6	10.0	21
incl.							31	32		3.8	0.7	4.5
PLR046	229027	2116122	1041	-60	180	80	54	58	4	4.0	0.4	4.4	9

Nam Yen Sulphide Intercepts* above a 3% Pb+Zn lower cut-off, maximum 2 metres internal dilution. NSR = No Sample Results above cut-off

Pha Sod Sulphide Intercepts* above 1% Zn lower cut-off, 4 metre composite samples

Hole	East	North	RL.	Dip	Azimuth	Depth From		To	Interval	Zn%*	$Pb%$	Pb+Zn%	Ag ppm
PLR048	223970	2118963	1406	-60		60.	4	28	24
PLR049	223957	2118974	1409	-80		60		24	20		0.2
PLR050	223859	2119007	1393	-60		34				.3	0.2
PLR052	223975	2118959	1406	-60	90	52	4	32	28

Pha Sod Oxide Intercepts* above a 3% Pb+Zn lower cut-off, 2-4 metre composite samples

Hole	East	North	$\mathbb{R}^n$ RL.	Dip	Azimuth Depth From To Interval				Zn%	$Pb%$	Pb+Zn%* Ag ppm
PLR047	223920	2118984	1407	-60		70	0		6.4	4.8	11.2	96
PLR048	223970	2118963	1406	-60		60	0	4	3.7	2.2	5.9	36
PLR049	223957	2118974	1409	-80		60	0	4	6.8	4.7	11.5	-54
PLR050	223859	2119007	1393	-60		34	0		10.7	1.3	12.0	38
PLR051	223854	2118951	1394	-60		70.			2.0	1.2	3.2	21
PLR052	223975	2118959	1406	-60	90	52	NSR

All assays by ALS Chemex Brisbane, using methods ME-ICP61s and OG62