TASMAN RESOURCES LTD — Capital/Financing Update 2004

Feb 18, 2004

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 19^th February 2004

LAKE TORRENS PROJECT

Highlights

• Gravity survey underway in the vicinity of Titan targeting further new iron oxide copper gold (Olympic Dam-style) systems:
• Drilling at Titan scheduled to commence in late March;
• Electrical surveys to commence at Clara St Dora and Titan Prospects in late February; $\bullet$
• Drilling at Clara St Dora to follow up high-grade copper-gold surface samples planned to commence in early March.

Titan Prospect

Geochemical, petrophysical and mineralogical data from drilling at Titan (30km north of Olympic Dam) indicates the area remains prospective for high-grade copper-gold mineralisation. Furthermore, the area surrounding drill holes TI3, TI4 and TI6, on the eastern side of the prospect, has been highlighted as the most prospective target zone in the vicinity of existing drilling at Titan. In particular, the area east of TI6 (which intersected the highest grades of copper and gold so far seen at Titan) has been confirmed as offering the best potential for economic grade mineralisation.

Tasman has also assessed the suitability of several downhole geophysical techniques to assist in providing additional key information in the vicinity of the existing drilling. Logistic and survey design issues are currently being resolved, with fieldwork planned to commence in late February to early March 2004. This is likely to include at least one further drill hole following interpretation of the downhole geophysics.

Gravity Survey to Target Further Olympic Dam-style targets

A 525-station gravity survey has commenced over a large area extending from just west of Titan to approximately 15km east and 18km south of Titan. Near Titan, the survey is designed to identify dense rocks of interest or potential hosts to mineralisation around the margins of the main Titan system itself, which until now has been poorly defined.

Further away from Titan, existing gravity coverage is extremely poor, with station spacings of the order or 6km or greater. The current survey by Tasman is designed to provide infill over an area of about 350km² at around 1.2km station spacing. The survey includes a large, highly prospective and unexplored area extending from about 15km north of Olympic Dam to just east of Titan.

Clara St Dora Mine Area

High resolution complex resistivity and induced polarisation geophysics (IP) in the vicinity of the old high-grade Clara St Dora copper workings (120km northeast of Olympic Dam) is scheduled to commence in late February 2004. The results of this survey will complement recent detailed mapping of the structural controls on mineralisation, and assist in the siting of a programme of shallow drilling.

Reverse circulation percussion drilling, targeting near surface high grade copper-gold mineralisation, is due to commence in early March on several traverses of holes testing both strike and down plunge extensions to the northwest of the main workings.

OK Copper Area

Orientation gravity and IP surveys are planned over the two best prospects at OK Copper (located at the northern end of Lake Torrens, 45 northeast of Olympic Dam) to assist in understanding the nature of the mineralisation and to identify drill targets. This work will be undertaken by the crews collecting the geophysical data at Titan and Clara St Dora.

Gregory H. Solomon EXECUTIVE CHAIRMAN

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.