TASMAN RESOURCES LTD — Capital/Financing Update 2004

Nov 24, 2004

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 25 November 2004 MARATHON SOUTH DRILLING

Drillhole MS 1 is currently at a depth of 783m, and is drilling ahead in hematite-altered breccias, The thickness of the breccias intersected is now 225m. A further 100m of drill rods have been obtained and, subject to the capacity of the drill rig, it is proposed to continue to 900m.

As previously reported, the breccias consist of a variety of matrix and clast support styles, with clasts of metasedimentary and igneous rocks within a hematite-dominated matrix. A variety of clast types, and evidence of repeated brecciation is evident, and sericite and silica (quartz) alteration occur throughout. However, volcanic rocks and tuffs within the breccias have now been identified. These rocks are very similar to rocks known from within the upper, unmineralised parts of the Olympic Dam deposit (see Figures 1 and 2).

Residual gravity data for the prospect highlight a complex feature, approximately 4km by 6km in size, with MS 1 having intersected the extreme southwest margin of it (see Figure 3). The location of MS 1 was partially chosen to test a strong AMT electrical geophysical response, and the hole has clearly not tested the densest, and probably most hematite-rich parts of the feature. The location of 4 proposed initial follow up drillholes are also indicated on Figure 3.

Figures 4 and 5 are isometric views, showing the distribution of relatively dense rocks at Marathon South, and are based on gravity inversion modelling. The location of MS 1 is shown. The considerable size, shape and complexity of the Marathon South feature are apparent.

Gregory H. Solomon Executive Chairman

Figure 1: Close up photo of finely layered, sericite-hematite rocks, probably tuffs or volcanic ash from within the breccia sequence (670m).

Figure 2: Close up photo of polymict (complex) breccia showing a variety of clast types within a finer matrix of hematite, sericite and carbonate (701.5m)

Figure 3: Image of residual gravity for Marathon South, showing the outline of the main more dense features, the location of MS 1 and possible follow up drillholes.

Figure 4: Isometric view, based on gravity inversion modelling of Marathon South, looking from the west. Drillhole MS 1 is indicated.

Figure 5: Isometric view, based on gravity inversion modelling of Marathon South, looking from the east. Drillhole MS 1 is indicated.