ROX RESOURCES LIMITED — Capital/Financing Update 2008

May 18, 2008

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ASX/MEDIA RELEASE

19 May 2008

ROX COMMENCES DRILLING AT REWARD PROJECT (NT)

Rox Resources Limited (ASX: RXL) (“Rox”) is pleased to announce that drilling has commenced at the Myrtle zinc-lead prospect some three weeks ahead of schedule. The Myrtle prospect lies within the Reward project, just 15km south of the large McArthur River zinc-lead mine in the Northern Territory.

The drilling will target a body of zinc-lead sulphide mineralisation over an area of at least 1,000 x 1,500 metres with a nominal hole spacing of approximately 400 x 400 metres.

Previous drilling at the Myrtle prospect has intersected significant McArthur River style zinc-lead mineralisation including:

MY6: 15.5m @ 3.5% Zn, 1.1% Pb from 473.5 metres, MY7: 4.0m @ 3.4% Zn, 0.4% Pb from 389.4 metres, MY8: 6.4m @ 3.8% Zn, 0.4% Pb from 240.6 metres, MY10: 8.0m @ 3.1% Zn, 0.9% Pb from 120.0 metres, “ 8.0m @ 2.8% Zn, 0.6% Pb from 141.0 metres, “ 4.0m @ 5.6% Zn, 1.6% Pb from 191.0 metres, “ 30.0m @ 4.3% Zn, 1.2% Pb from 216.0 metres, MY12: 2.0m @ 3.0% Zn, 0.5% Pb from 195.0 metres.

(all intercepts at a 2.5% combined Zn + Pb lower cut-off)

Rox’s first hole, MY16, is being drilled near MY1 (see Figure 1), the first hole drilled in the area, but not drilled deep enough to intersect the zinc-lead bearing sulphide horizon. It is situated approximately mid-way between existing holes MY8 and MY10, which are some 800 metres apart. Other planned drill hole locations in a 3,000 metre, two month programme, are shown on Figure 1. First assay results are expected in about six weeks.

The drilling will concentrate in the north-eastern part of the prospect where the thickest and highest grade drill intercepts have been made, including MY10. Hole MY10 is interpreted to be close to the axis of an anticline running SW – NE that is defined by an IP anomaly from an earlier survey.

Rox has an option to purchase the Reward tenement from North Mining Limited (“North”), a subsidiary of Rio Tinto Limited. If Rox exercises the option then it will acquire a 100% interest in the project, subject to a cash payment to North of A$1/tonne of defined Mineral Resources upon decision to mine, and a 2% NSR. North would retain a once off clawback right should the in-ground value of Mineral Resources exceed A$5 billion, or at the completion of a definitive study by Rox.

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For More Information:

Ian Mulholland John Phaceas Managing Director Porter Novelli Tel: +61 8 6380 2966 Tel: +61 8 9386 1233 admin@roxresources.com.au jphaceas@wa.porternovelli.com.au

Rox Resources Limited ABN 53 107 202 602 Ground Floor, 63 Hay Street, Subiaco WA 6008 Telephone: +61 8 6380 2966 Facsimile: +61 8 6380 2988 Email: admin@roxresources.com.au

RRL0814D-IM

ROX RESOURCES LIMITED – ASX RELEASE 19 May 2008

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Figure 1: Myrtle Prospect Drill Plan showing the location of existing holes (red dots) and planned holes (yellow dots). Also shown is a geological plan, with the prospective host unit for stratiform zinc-lead mineralisation (Barney Creek Formation) in red, with younger rocks shown as light blue and older rocks shown as dark blue. Part of an IP anomaly delineated in 1966 is shown. The remainder of the IP anomaly is located to the east beyond the drilled area, and presents a target for future drilling.

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ROX RESOURCES LIMITED – ASX RELEASE 19 May 2008

About Rox Resources

Rox Resources (ASX: RXL) is an emerging Australian exploration company focussing on zinc-lead deposits, particularly deposits of the Mississippi Valley Type (MVT) and Sedimentary Exhalative Type (SEDEX).

MVT and SEDEX zinc-lead deposits are known across the world and usually occur in “districts”, providing some 85% of the world’s zinc-lead resources. Notable MVT districts and/or deposits include the Lennard Shelf and Admiral Bay in NW Australia, Navan (Ireland), Mehdiabad (Iran), Reocin (Spain), Fankou (China) and the Mississippi Valley area of the USA. Notable SEDEX districts include the Mount Isa and McArthur Basins in northern Australia, Sullivan and Howard’s Pass (Canada), Red Dog (USA), Rampura Agucha (India) and Aguilar (Argentina).

Rox owns a 60% interest in the Pha Luang zinc-lead sulphide project in Laos which it believes has the potential to become a large new zinc-lead district. The project area covers a 20km² mining concession area and contains more than 20 MVT zinc-lead prospects. Rox is the first explorer to apply modern techniques to the area. Mineralisation is widespread with zinc and lead oxides and sulphides outcropping in various places along a strike length of over 10km.

Rox has been successful at defining mineralisation at a number of prospects in the Pha Luang project, with over 9,000 metres of drilling conducted so far. A number of very strong drill targets, and extensions to known mineralisation remain untested. Rox is now among several Australian mining companies enjoying success in Laos where the Government has stated its intentions to embrace mining as a priority industry.

Rox maintains a fully staffed exploration office in the Lao capital, Vientiane, to support the Pha Luang project.

Rox has an option to purchase the Reward project in the Northern Territory, which covers 379km[2] , and is Rox’s first SEDEX project. There is potential at the Myrtle prospect for a McArthur River style deposit to be delineated, where thick drill intercepts of prospective stratigraphy carrying significant zinc-lead grades have already been made. TEM surveying, soil sampling and geologic interpretation indicate the potential for shallow near surface mineralisation. Other prospects in the tenement area are at an early stage.

Rox also has an option to joint venture a large 2,600km[2] holding of ground on the Lennard Shelf in Western Australia. The Lennard Shelf is a known MVT province with past production, and has a mineral resource endowment of about 40 million tonnes at about 10% zinc equivalent grade. There is an extensive exploration and research database that Rox plans to use to efficiently and effectively explore the area, building upon its MVT expertise as manager of the proposed JV.

Rox continues to actively review potential new opportunities, particularly zinc-lead projects in Australia and South East Asia.

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Ian Mulholland BSc (Hons), MSc, FAusIMM, FAIG, FSEG, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Mr Mulholland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Mulholland is a full time employee of the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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