SUREFIRE RESOURCES NL — Capital/Financing Update 2006

Apr 27, 2006

GENESIS BIOMEDICALE

5th Floor, 33 York St, SYDNEY 2000 Telephone 61-2-8916 6778 Facsimile 61-2-8916 6732

TO: COMPANY ANNOUNCEMENTS OFFICE COMPANY: AUSTRALIAN STOCK EXCHANGE LIMITED FROM: RODGER JOHNSTON DATE: 28 April 2006 No. PAGES: 2 (INCLUDING THIS COVER PAGE)

CORD BLOOD BANKING AND COLLAGEN CELL REPLACEMENT THERAPY TRANSACTION UPDATE

Genesis Biomedical Limited ("GBL") wishes to provide the market with a brief update on its initial due diligence process surrounding the two projects contemplated in the Heads of Agreement entered into on 28 February 2006, being the Cord Blood Banking and Collagen Cell Replacement Therapy.

As a reminder, Genesis entered into a Heads of Agreement with Synergene Biotechnology Group, a Malta based biotechnology company specialising in gene research and genetic identification ("Synergene"); and Dr Marios Kambouris, PhD, FACMG, a medical and molecular geneticist ("DMK") to commercialise technologies and business ventures surrounding:

• Collagen Cell Replacement Technology ("CCR"): and
• Commercial Cryogenic Cord Blood Banking ("CBB") (together "the Technologies").

Initial and ongoing due diligence is concentrating on better understanding the following aspects of the Technologies:

• 1. Underlying science behind the Technologies including scientific process's and protocols required to be established to fully commercialise the Technologies;
• 1. Review of existing laboratories from where the additional facilities for the Technologies are proposed to be constructed and commissioned;
• 1. Current regulatory environment surrounding the Technologies and their target markets:
• 1. Review of intellectual property surrounding the Technologies and its competitors;
• 1. Marketing and sales assessment surrounding products derived from the Technologies including, status of existing markets, review of target markets, review potential distribution models and sales channels, existing and proposed market pricing:
• 1. Identification and assessment of additional product development partners; and
• 1. Further development, assessment and definition of the underlying business cases.

The initial 60 day period set aside for the completion of this due diligence and satisfaction of other conditions precedent has been found to be insufficient due to various factors, including the Company awaiting completion of independent reports commissioned covering certain aspects of the due diligence.

The Company needs to complete its assessment of several of the points outlined above and the Company therefore has reached agreement with Synergene and DMC to extend the timeline to satisfy the conditions precedent for a further 40 days, to 8 June 2006.

Review to date indicates that there exists a large potential market for the two products and that the proposed sites and management have the expertise to design, construct commission and accommodate the proposed facilities.

The Directors will continue to keep the market informed as it progresses this transaction particularly if the results of its due diligence require any change to the structure or nature of the original transaction. If you require any further information please contact Mr Shane Hartwig on (02) 8916 6778.