SCIDEV LTD — Capital/Financing Update 2004

Feb 19, 2004

Intec Ltd

Superior and Sustainable Metals Production

Gordon Chiu Building J01 Department of Chemical Engineering Maze Crescent University of Sydney NSW 2006 Australia

Telephone: +612-9351-6741 Facsimile: +612-9351-7180 Email: mail@intec.com.au Website: www.intec.com.au

20 February 2004

Companies Announcements Office Australian Stock Exchange Limited

AS1.65 million Placement

The Directors of Intee Ltd (INL) advise that they overnight approved the allotment of 15 million fully paid ordinary INL shares at A\$0.11 per share by way of placement to a small group of private investors. These shares will rank pari passu with the existing fully paid ordinary INL shares quoted on the ASX. No fees, commissions or other costs are associated with the transaction.

The net proceeds of the placement will therefore be A\$1.65 million to be used as working capital for INL, principally in defining the technical and economic parameters of the Hellyer Metals Project. Intec owns 100% of the Project following the decision of the Ivanhoe Mines group (Intec's major shareholder) not to invest directly in the Project.

For and on behalf of Intec Ltd Intec Ltd

tin R. Wood

Philip R Wood Managing Director & Chief Executive Officer