niche1 -kimberley rose prospectus

Hi Niche1 - Kimberley Rose is alive and well -contrary to your prognostications. I don't think they will go for your oil suggestion !!!

Kimberley Rose Prospectus Lodged with ASIC

Document date: Thu 16 Jan 2003 Published: Thu 16 Jan 2003 14:30:49
Document No: 230901 Document part: A
Market Flag: Y
Classification: Issued Capital - Other
DIAMOND ROSE NL 2003-01-16 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The Directors are pleased to advise that the much-anticipated IPO of
Kimberley Rose Australia Limited (Kimberley Rose) is underway through
the lodgement of a prospectus with the ASIC on 15 January 2003.

Diamond Rose NL (DRN) shareholders, are being offered an exciting
opportunity to participate in a priority offer in the Kimberley Rose
IP0.

Kimberley Rose is involved in 9 major projects over 22 tenements
covering an area of 4,853 sq kilometers, of which two tenements
covering 388 sq kilometers are under joint venture with DeBeers
Australia Exploration Limited. Complete information on all projects,
joint-venture arrangements and Kimberley Rose's interests are
detailed in the prospectus.

The Directors of Kimberley Rose are confident that new and advanced
exploration techniques coupled with the recent success of other
companies in the Kimberley region may lead to further discovery of
diamonds during the next field season.

It is intended that the funds raised by Kimberley Rose will be
utitised to further explore and develop the company's projects.

Kimberley Rose intends to offer for subscription a minimum of
15,000,000 shares in the capital of Kimberley Rose at an issue price
of 20 cents per share to raise a minimum of $3,000,000 (Offer) and
apply for admission to the official list of Australian Stock Exchange
Limited. Kimberley Rose may accept over subscriptions for up to
10,000,000 Shares to raise up to a further $2,000,000.

The Offer consists of a public offer, which is open to the general
public, and a priority offer to DRN shareholders (Priority Offer).

Under the Priority Offer, Diamond Rose Shareholders holding at least
a marketable parcel (being a parcel of DRN shares with a value equal
to or greater than $500) on 7 February 2003 (Record Date) are
guaranteed an allocation of 10,000 Kimberley Rose shares (Shares) at
a subscription price of 20 cents per Share. In addition, for no extra
consideration, they will be issued one (1) free attaching option for
every two (2) Shares subscribed for under the terms of the Priority
Offer. Diamond Rose shareholders may apply for more Shares and
options under the Priority Offer, however they will not be guaranteed
the allocation of these additional shares.

The offers of the securities will be made in, or accompanied by, a
copy of the prospectus. If Diamond Rose Shareholders wish to acquire
Kimberley Rose securities they will need to complete the application
form that is in the prospectus.

The prospectus, including the application form, can be viewed and
downloaded at www.kimberleyrose.com.au. Requests for the prospectus
and application form can also be made by phoning Kimberley Rose on
(02) 9386 1282.

Together with my fellow Directors, I am delighted to be able to offer
this opportunity to Diamond Rose Shareholders, and to the general
public, to invest in Kimberley Rose, a comprehensive Portfolio of the
highly prospective Kimberley region.


P Feldman
EXECUTIVE DIRECTOR/CHAIRPERSON