TASMAN RESOURCES LTD — Capital/Financing Update 2002

Nov 10, 2002

TASMAN RESOURCES NL

ACN 009 253 187 Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9221 5323 Facsimile: (08) 9221 5955 Email: gsolomon@tasmanresources.com.au Website: www.tasmanresources.com.au

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT EXPLORATION UPDATE

MARATHON PROSPECT 8 November 2002

M1 Target

In the course of setting out a proposed induced polarisation (IP) survey line over the M1 residual gravity anomaly, which is located approximately 27km NNE of WMC's giant Olympic Dam Mine, an old previously unrecorded 2m x 1m mine shaft approximately 6-8 metres deep was found on the margin of the residual gravity anomaly in unaltered Andamooka Limestone. The location of the old mine shaft is identified on the attached plan.

From the waste discarded near the shaft, malachite (copper carbonate) and possibly crysocolla (copper silicate) is evident. Whilst not of itself of any commercial value, the presence of near surface copper mineralisation on the margin of the gravity anomaly is considered highly encouraging. There are four other small surficial workings within a 50 metre radius.

The M1 gravity anomaly is located adjacent to a strong magnetic anomaly and in close proximity to the intersection of four interpreted major faults as shown on the attached diagram. Three of these faults are interpreted as being the same structures on which the Olympic Dam Mine and WMC's Acropolis prospect are situated.

The IP survey over the M1 gravity anomaly is scheduled to commence in the week commencing 18 November 2002.

M2 Target

At M2, three further IP lines have been surveyed and approximately 200m south of the previously announced (quarterly report for period ended 30 September 2002) 500m wide IP anomaly, a more significant IP anomaly, approximately 200 metres wide and at a depth of approximately 250 metres has been identified on the southern M2 IP line (Line 3) as shown on the attached resistivity/chargeability pseudo section.

The magnitude of this IP anomaly, coincident with the gravity anomaly, off set from a strong magnetic anomaly, and near the intersection of four interpreted major faults is considered highly encouraging.

M3 Target

One IP line has been completed at M3 that has indicated a low level chargeable anomaly at a depth of approximately 100m.

M4 Target

One IP line has been completed at M4 that has indicated a low level chargeable anomaly at a depth of approximately 200m.

M5 Target

The IP line at M5 will be surveyed in the week commencing 18 November 2002.

PROPOSED PROGRAM

Following completion of the IP survey, Aboriginal heritage clearance over all prospective areas will be undertaken, after which the Company proposes to drill all prospective targets, as soon as practicable. The drill program is anticipated to commence during first quarter of 2003.

Dated 8 November 2002

Gregory H. Solomon Chairman

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