options about to mature

Optlon Expiry Notice - 31 January 2003 Optlons
The company has been granted from the Australian Stock Exchange Limited a waiver from listing rule 6.24
to the extent necessary to permit the company not to send notices required by paragraph 6.1 of Appedix 6A
in relation to 277,690,000 options exercisable at $0.10 each on or before 31 January 2003.

Pursuant to the conditions of that waiver, the company provides the following information:
1. The company will not send to option holders an Option Expiry Notice.
2. If the price of the Company shares exceeds 7 cents before 31 January 2003, the company will immediately send an Option Expiry Notice to holders of the options.
3. The total number of options expiring on 31 January 2003 is 277,690,000.
4. The exercise price of the options is 10 cents per option.
5. The due date for is 31 January 2003. The consequences of non-payment of the exercise price of
the option is that the option will automatically lapse if not exercised before 5.04 pm EST on 31 January
2003.
6. The date that quotation of the option will end is 24 January 2003
7. The latest available market price of the fully paid ordinary shares at 3 January 2003 was 1.2 cents
8. The highest market price of the shares in the three months immediately preceding this announcement
wag 1.9 cents on 9, 23, 25 and 28 October 2002.
9. The lowest market price of the shares in the three months immediately preceding this announcement was
0.9 cents on 18 and 19 November 2002.