Ann: Change in substantial holding , page-6

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The Directors of Western Desert Resources (WDR) advise that they have entered into an agreement with Titeline Drilling Services Pty Ltd (Titeline) to procure drilling services for a period of 54 weeks, and for Greenstone Property Pty Ltd (the nominee of Titeline) to take a placement of 7,500,000 ordinary shares in WDR.

Under the terms of the agreement, Titeline will provide drilling services to WDR at a total cost of $3.3m for a period of 54 weeks. As part consideration, Greenstone Property Pty Ltd will take a placement of 7,500,000 ordinary shares in WDR at a price of 20 cents per share, to raise $1.5m.

The proceeds of the share placement will be offset against the total cost of drilling services provided over the 54 week duration of the contract. The balance of the costs of drilling services will be paid in cash in 12 equal monthly instalments of $150,000.