TASMAN RESOURCES LTD — Capital/Financing Update 2003

Jun 15, 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

DRILLING PROGRAM 16 June 2003

The present drilling program is continuing and the details below are the recent highlights.

Marathon

Waterman's Plain (M1)

A single 60 degree angled reverse circulation percussion hole was drilled beneath the old copper workings to a down hole depth of 65m and produced a 9m intersection, between 12-21m down hole (vertical depth 10.4-18.2m) in a ferruginous zone within the upper Andamooka Limestone assaying:-

• $\mathbf{1}$ . Copper $(Cu)$ – 9m at 3.3% Cu (including 3m at 9.82% Cu, a duplicate sample of which assayed $3.34\%$ Cu):
• $\overline{2}$ . Lead (Pb) – 9m at $1.44\%$ Pb (including 3m at $4.3\%$ Pb, a duplicate sample of which assayed 950ppm Pb);
• 1. Zinc $(Zn)$ – 9m at 269ppm Zn (including 3m at 650ppm Zn);
• $\overline{4}$ . Silver $(Ag)$ – 9m at 0.5ppm Ag (including 6m at 0.75ppm Ag).

These encouraging results will be followed up with further drilling to determine the extent of the mineralization.

Shelf 6

Vertical diamond drill hole SF3 intersected 6m of mineralisation and alteration between 152 and 158m, at the base of the Andamooka Limestone which averaged:

• $\mathbf{1}$ . Copper $(Cu)$ – 6m at 263ppm including 2m at 370ppm;
• $2¹$ Zinc $(Zn)$ – 6m at 164ppm including 1m at 480 ppm;

In addition, cobalt, molybdenum, nickel and lead assays were also elevated over the same zone.

Various other zones in the other drill holes completed at Shelf 6 also returned elevated assays in these elements (up to 900ppm Zn, 500ppm Cu, 150ppm Co and 270ppm Ni).

The basal 12m of the Andamooka Limestone is distinctly altered with an interpreted silica-clay assemblage. Sulphides, including chalcopyrite, tennantite, sphalerite, galena, pyrite and marcasite are present as interpreted late stage infill of factures, stylolites and porous zones, in amounts upon to 1% over 1m intervals.

This zone offers an encouraging target horizon for significant "Mississippi Valley Type" base metal mineralisation in the Shelf 6 vicinity and elsewhere on the Stuart Shelf and the results will now be reviewed in detail to determine Tasman's ongoing exploration strategy at Shelf 6 and on the portion of the Stuart Shelf within Tasman's project area for base metal mineralisation.

Titan

The drill hole being drilled 270m south east of WMC's BD1 (1976) drill hole was abandoned at approximately 460m when the drill bit became jammed in the hole (which has now been converted to a water bore). The target depth was between 500-600m. The drill hole is now being re-drilled and is scheduled to be completed within the next 3-4 weeks.

The drilling company (Stanley Drilling Co (WA) Pty Ltd) has entered into an agreement with Tasman to drill this hole and for the price to be satisfied by the issue of fully paid Tasman ordinary shares calculated at 80% of the weighted average market price of Tasman's shares during the 5 days prior to 12 June 2003 on which Tasman shares traded. The estimated cost of the hole is between \$80,000 and \$120,000 depending on ground conditions.

Gregory H. Solomon Executive Chairman 16 June 2003