TASMAN RESOURCES LTD — Capital/Financing Update 2003

Jun 19, 2003

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 20 June 2003

Marathon - Waterman's Plain (M1)

Highlights

• drill hole beneath the recently discovered historic copper workings intersected 3m $(a)$ 9.8% $\ddot{\phantom{0}}$ copper (Cu) and 4.3% lead (Pb) from 18m downhole.
• assays of remnant mineralised material from old workings returned values up to 40% Cu and 28 $g/t$ Silver (Ag).
• petrographic analysis of this mineralised material identified it as copper rich gossan containing up to 20% copper sulphides.
• potential for a shallow, high grade copper resource to be present at Waterman's Plain, with possibility for silver and lead credits.

Details

Background

The historic copper workings at Waterman's plain (M1) approximately 30 km NE of WMC's Olympic Dam mine were located by Tasman Resources during geophysical surveys conducted in November 2002. The old workings were not previously known of or recorded in published material. The workings are located on a 3 km long residual gravity anomaly identified by Tasman's earlier gravity survey (see Figure 1).

The electrical survey (IP/resistivity) was conducted at various points along the gravity anomaly and identified several chargeable zones both north and south of the old workings.

The workings are located on an area of outcropping Andamooka Limestone 600m long by 450m wide. The outcrop is shown on the published geology sheet, and is clearly evident on remotely sensed images. The outcrop area is covered with a thin veneer of ferruginous lag material, derived from pyrite/marcasite infilling fractures $\&$ disseminated within the limestone. The exposed flat lying limestone becomes more dolomitic with depth.

The workings comprise a main shaft or pit, approximately 5m deep, 2-3m wide and 4m long. Gypsiferous mullock has been thrown on the northern end of the shaft & clay/soil has covered most of the rock exposed in the shaft. The bottom of the shaft likewise has filled with soil.

A number of shallow $(< 0.5$ m) excavations have been dug around the main shaft, principally along a roughly north-south axis, covering an area of approximately 30m by 15m. Presumably these trenches were dug to look for additional copper but no mineralisation is evident...

The shaft appears to have been dug on a subvertical structurally controlled zone. There is an indication of possible brecciation within the shaft but it is largely obscured by dirt coating the shaft walls. The shaft is also located on a lithological contact between a massive grey fenestral limestone and a light brown flaggy dolomitic limestone.

Green secondary copper minerals, goethite (both earthy and vitreous), red earthy material and grey sulphides have been excavated from the shaft. A small mound of discarded sorted material is located nearby the shaft.

Drilling

As part of the Company's current drilling program, to test for any extension of the mineralisation in the workings, a single 60-degree angled RCP drill hole was drilled to a depth of 65m beneath the shaft (see Figure 2). The hole intersected three zones of goethitic material:

• within the 11-12m downhole interval:
• from 13m to 20m downhole; and, $\bullet$
• from 25m to 28m downhole.

The central zone also had green copper minerals from 16m to 18m, initially identified as malachite, but probably atacamite.

Samples from the hole were collected as 3m composites. The 12-21m zone averaged 3.3% Cu, incl 3m $\omega$ 9.82% Cu and 4.3% Pb. A duplicate of the same 3m zone assayed 3.34% Cu and 950ppm Pb. Zinc assays were low order (max. 560ppm).

Petrographic Analysis

Since these drilling results were obtained, a mineragraphic (reflected light) and SEM examination of two small pieces of mineralised rock from the mullock heap has interpreted the material to be copper-rich gossan containing a mixture of goethite (iron oxides) and atacamite (basic copper chloride, 59% Cu) with about 20% copper sulphides. The sulphides comprise principally chalcocite $(80\% \text{ Cu})$ together with subordinate digenite $(78\% \text{ Cu})$ and covellite $(66\% \text{ Cu})$ . The atacamite is pervasive, permeating the goethite and forming monomineralic zones. Relict sulphide textures are present in the goethite. SEM scans revealed the presence of silver halide (AgI, iodargyrite) and traces of lead salts. One speck of gold was also noted, but this may have been contamination from the polishing machine.

Primary gossan textures were evident in the samples, suggesting weathering and supergene enrichment of primary mineralisation rather than formation by transported surficial accumulation.

Assays of discarded waste

Additionally, assays of five grab samples of gossanous mineralised rock selected from the mullock heap have been obtained giving results of up to 40% Cu and 28.4ppm Ag with elevated Co (210ppm max). These assay results are listed in Table 1.

Sample	Ag.	As	Co	Cu	Pb	Zn
ID	ppm	ppm	Ppm	ppm	ppm	ppm
67351	0.3	165	58.0	236,000	4,300	380
67352	2.9	130	3.9	400,000	3,300	145
67353	28.5	155	90.0	344,000	6,150	390
67354	0.5	250	70.0	284,000	4,250	195
67355	$0.1$	850	210.0	37,300	5,850	380

Table 1

Summary and ongoing program

The assays from both the drill hole and the samples from the mullock heap together with the petrographic data support the potential for a shallow, high grade copper resource to be present at Waterman's, with potential silver, lead and possible gold credits.

This target will now be followed up, initially with several shallow drill holes being planned after completion of the current drill hole at Titan, to test for extensions of mineralisation.

20 June 2003

Gregory H. Solomon Executive Chairman