SCIDEV LTD — Capital/Financing Update 2008

Mar 30, 2008

ABN 25 001 150 849

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

Phone: 02-9351-6741 Fax: 02-9351-7180 Email: mail@intec.com.au Website: www.intec.com.au ASX code: INL

Companies Announcements Office 31 March 2008 Australian Securities Exchange

Hellyer Residues Project Update

Intec Ltd (ASX code: INL) has previously announced its intention to finalise the Investment Proposal for the Hellyer Residues Project by 31 March 2008, and then seek to finalise arrangements with potential project partners and financiers during the June 2008 quarter.

Andeburg Consulting Services Inc. (ACSI) of Toronto, Canada was commissioned to prepare a conceptual engineering package for the Hellyer Residues Project. This involved production of the following engineering items:

• Process Description

• Process Control Description

• Process Design Criteria

• Process Flowsheet Drawings

• Preliminary Piping & Instrument Drawings

• Mass and Energy Balances

• Operating Inputs (consumption rates of energy and reagents)

• Material Selection Diagrams

• Facilities Description

• Project Implementation Schedule

• Piping Specifications

• Equipment List (including description, materials, process conditions, maximum/minimum/nominal flows and motor power)

• Equipment Data Sheets

Using the ACSI engineering package, GHD Australia was then requested by Intec to develop capital and operating cost estimates for the Hellyer Residues Project, and to prepare a discounted cash flow financial model. Based on data derived from several campaigns treating EAF dust at the Burnie Demonstration Plant in 2007-08, Intec has since been heavily involved in the review of ACSI’s engineering package, selection of equipment, and in obtaining relevant quotations for such equipment.

Due to earlier changes in the scope of the engineering package, the delivery by GHD of the cost estimate and financial model has been marginally delayed from the originally-envisaged timeframe and will now be available by mid-April 2008.

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ASX code: INL

Detailed engineering, to the level required for construction, will be progressed once the relevant funding has been secured, prioritising long lead equipment items.

Concurrently, commercial negotiations are now well advanced with prospective suppliers in Australasia of EAFD and prospective offtake partners in Australasia and China of zinc oxide and high value calcium sulphate co-products. Investment discussions have also commenced with these various major companies that are active in the steel recycling, zinc and high value calcium sulphate industries.

It is now anticipated that the specific Investment Proposal will be presented confidentially to these parties during April 2008, with non-confidential aspects of the Investment Proposal being released to the ASX as early as possible during the latter half of that month. However the completion of commercial and investment negotiations for the Hellyer Residues Project will take priority over market publication.

At this juncture it is already possible to say that, despite the limited scale of EAFD treatment available in Australasia, the economics of the Hellyer Residues Project are very robust. This is by comparison with other EAFD treatment technologies around the world that (unlike Intec) rely on substantial treatment fees for economic viability even at much larger scale. Intec’s favourable economics are due to the very high extractions of zinc, lead and silver (i.e. all payable metals), the lowest possible acid consumption, low energy intensity, modest capital and operating costs even at smaller scale, ‘zero waste’ disposal charges and very significant additional credits due to the chemically-derived pure and crystalline nature, and the large tonnages, of Intec’s calcium sulphate co-product.

Yours faithfully, Intec Ltd

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Philip R Wood Managing Director & Chief Executive Officer

Background Notes

The Intec Hellyer Mill, the Hellyer tailings resource and the associated assets are 100% owned by Intec Ltd. The Mill was restarted as the Hellyer Zinc Concentrate Project in December 2006 in joint venture with Polymetals, one of Australia’s largest unlisted mining groups. Under the terms of this 50/50 joint venture agreement, Polymetals will operate the Intec Hellyer Mill for four years (expiring 1 December 2010) or until 6 million tonnes of tailings have been processed, whichever comes first. At the end of the agreement, Intec has the right to purchase Polymetals’ half share for A$1.

Intec Hellyer Metals Pty Ltd is also in the process of implementing at Hellyer the first commercial project utilising the Intec Process, a patented Australian hydrometallurgical technology for the recovery of base and precious metals from a range of different feedstocks. Scheduled for construction in 2008 and operation in 2009, the Hellyer Residues Project to recycle EAF dust (a zinc-bearing waste from steel recycling) will share the Hellyer site, offering a number of synergies between the two operations.