TASMAN RESOURCES LTD — Capital/Financing Update 2003

Nov 23, 2003

TASMAN RESOURCES NL

ACN 009 253 187

Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866

Website: www.tasmanresources.com.au

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT

EXPLORATION UPDATE

LAKE TORRENS PROJECT

24 November 2003

Highlights

The first two holes in the current drilling program have been completed, confirming the magnitude and complexity of the 5km long Titan system as an Olympic Dam style iron oxide copper gold system. The geophysical modelling has been confirmed with the identification of complex strongly altered 5-10% haematiterich rocks (locally up to 40% haematite) with approximately 1% sulphides (mostly pyrite and lesser chalcopyrite (copper sulphide)) (locally several percent sulphides) and at two locations traces of bornite (high grade copper sulphide).

Titan Prospect

The first two holes (TI3 and TI4) of the current three to five-hole drilling program at Titan Prospect have been completed. TI3 was drilled approximately 500m southeast of the closest hole (T12). The hole intersected a sequence of medium-grained clastic sediments from 601m to 799m where the hole was terminated and is interpreted to have defined the eastern limits of the Titan mineralized system ("the Titan System") (see figure 1). These rocks are not believed to be related to the Titan System and contain no visible mineralisation. The implications of this result and follow-up strategies for this zone are being determined. The possibility of mineralisation at greater depth in the T13 area remains open.

TI4 was drilled approximately 270m east-northeast of TI2 and was designed to confirm the gross mineral zoning of the Titan System and targeted an interpreted haematite and metal-rich portion of the eastern flank of this system. The hole intersected the Titan System from a depth of 608m to the end of the hole at 871.5m. The rocks intersected are strongly altered, complex and zoned, with visual estimates of approximately 1% (and locally up to several percent) sulphide mineralisation (mostly pyrite and lesser chalcopyrite) between a depth of 800m and the end of the hole. The iron elevation was predominately haematitic (5-10% haematite, and locally up to 40% haematite), and included several zones of encouraging complex haematite rich breccias.

Traces of bornite were noted at 733m and 800m. This later occurrence, at the top of the visible sulphide mineralisation, is considered to confirm the similarities of the zoning in the Titan System with the high-grade mineral zones within the Olympic Dam system.

Although base metal values for TI4 are not expected to be high, the thickness and intensity of the zoned alteration sequence intersected confirms the magnitude and complexity of the 5km by 1km gravity anomaly which is interpreted to define the Titan System and confirms the potential of this system to host large highgrade economic mineralisation.

In the light of the new data, the drilling programme will now focus firstly on deepening the previous hole TI2 from 762m and then testing possibly two other high priority targets previously identified. The drill core from both TI3 and TI4 will be assayed, and the results are expected to be available in the next 3-4 weeks.

Gregory H Solomon Chairman

Figure 1: Titan Prospect - Current and possible additional drill holes on residual gravity with revised geophysical modelling (Model 8)