raises a$2.7mil @ 4.5 cents

Chariot Project Update

GIANTS REEF MINING LIMITED 2003-05-23 ASX-SIGNAL-G

HOMEX - Perth

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The Company has raised $ 2.7 million from its institutional
shareholders at 4.5 cents.

We would like to record our appreciation to existing institutional
shareholders for their continuing support of the company and to
welcome a new Australian institution to the register.

The Company anticipates execution of the ANZ Loan Documentation
Agreement will take place on Monday 26th May.

Following execution of these Agreements the Company will be in a
position to appoint an Underground Mining Contractor for the
development and mining of the Chariot ore body and an engineering
firm to manage the refurbishment of the Warrego mill.

The company expects to formally lock in on its hedging policy next
week and will advise the market accordingly.

An announcement regarding the appointment of a new Chief Executive is
likely to be made next week.

M T A Smith
COMPANY SECRETARY

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I don't hold GTM--- Add 60 Million more shares

Fig Jam