SCIDEV LTD — Capital/Financing Update 2005

Mar 28, 2005

Superior and Sustainable Metals Production

Gordon Chiu Building [01 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

29 March 2005

Companies Announcements Office Australian Stock Exchange Limited

Hellver exploration assets transferred to Resource Finance and Investments Limited

Further to its ASX announcement of 15 December 2004, Intec Ltd (ASX Code: INL) advises that on 21 March 2005 its 100% subsidiary Intec Hellyer Metals Pty Ltd (IHM) executed the formal sale and purchase agreement to transfer its exploration assets located in the immediate vicinity of the Hellyer Metals Project in Tasmania to Resource Finance and Investments Limited ('RFI'). These assets comprise three Mining Leases, two Exploration Licences and a Retention Lease (together with related data, the 'Exploration Tenements Package'), covering an area of 68 square kilometers but excluding the Hellyer Mill and Tailings Dam themselves.

RFI has now negotiated the consolidation of approximately 1,000 square kilometres of exploration interests in the Mt Read Volcanics Belt in northwestern Tasmania through acquisition and/or joint venture in adjacent highly prospective areas. RFI intends to lodge its prospectus with the ASIC in April 2005 to raise up to A\$5,000,000 to fund its exploration commitments via listing on the ASX.

In consideration of the transfer of the Exploration Tenements Package, IHM will receive on settlement 8,000,000 fully paid RFI shares at an issue price of A\$0.15 per share and 2,000,000 free attaching options exercisable at A\$0.25 on or before 31 July 2007, subject to satisfaction of conditions precedent and subsequent including Ministerial approval of the transfer. Following these shares and options issues and completion of RFI's prospectus raising on the ASX, it is anticipated that IHM will hold 21.9% of RFI's fully diluted issued capital. Additionally, INL shareholders will receive a Priority Offer to subscribe in the ASX listing of RFI, which has been funded to date by associates and clients of DJ Carmichael Pty Limited, the Perth-based stockbroking, investment management and corporate advisory firm.

The acquisition by RFI of the Exploration Tenements Package was approved by its shareholders at its Extraordinary General Meeting held in Perth on 21 March 2005, which also elected INL's nominee, Mr Kieran Rodgers, as Non-executive Director on the RFI Board. Mr Rodgers is INL's Chief Financial Officer and Business Development Manager, having joined INL in March 2001 after 13 years experience in merchant banking and financial consulting, principally with Resource Finance Corporation Ltd, with specific focus on the Australian and international resources industry. Mr Rodgers graduated from University of New South Wales with an Honours degree in Mining Engineering and subsequently completed his Masters of Business Administration at IMD in Lausanne, Switzerland. Prior to entering the merchant bank sector, he worked for three years as

a mining engineer in the gold and base metals industries, including at the Cobar copper mine in New South Wales.

The other RFI Board members now comprise:

• Mr Don Boyer Non-executive Chairman
• $\bullet$ Mr Michael Rosenstreich Managing Director
• $\bullet$ Mr Craig McGown Non-executive Director

Mr Boyer is a geologist and resource company manager with over 34 years experience in gold and base metals exploration. He was most recently the Managing Director of Australian Mines Limited and is currently the Chairman of both Western Areas NL and Midas Resources Ltd.

Mr Rosenstreich graduated in 1984 from Otago University (NZ) with an Honours degree in Geology, and completed a Masters of Minerals and Energy Economics at Macquarie University in 1996. He has 12 years experience in both exploration and mining roles, including senior management positions with Homestake, Dominion and Consolidated Gold. Since then he was a senior member of the Rothschild resource finance team before leaving in late 2002 to become involved with several junior and start-up resource companies in management, corporate advisory and technical consulting roles.

Mr McGown is a Director of DJ Carmichael Pty Limited and Executive Chairman of it corporate finance arm. Carmichael Capital Markets Pty Limited, with an extensive professional background in all aspects of resources-focused corporate finance.

Following lodgement with the ASIC of the RFI prospectus, it will be available for viewing by INL shareholders on both INL's website at www.intec.com.au and RFI's website (currently under INL shareholders will also receive more detailed construction) at www.rfilimited.com. information on RFI in the near future that will include terms and conditions of their Priority Offer.

Yours faithfully IntecLtd

Philip R. Wood

Philip R Wood Managing Director and Chief Executive Officer

For more information, contact:

Kieran Rodgers

Director Resource Finance and Investments Limited

Chief Financial Officer and Business Development Manager Intec Ltd

$(02)$ 9351-6741 kieran@intec.com.au Mike Rosenstreich

Managing Director Resource Finance and Investments Limited

(08) 9322-8044 miker@rfilimited