SUR 4 cent div ex 10.7.02, page-3

Lash,

I know what you mean!!!

Changes in holding by directors:

B.L. Farrell bought 5,000,000 over the period 5,9 & 10 Jul while P.A. Woods bought 1,023,700 over the days 5,8 & 9 Jul.

Suprisingly (not), the company decided to declare a special dividend of 4c per share to the holders as at 10 Jul. Must have come as a real pleasant suprise to those directors. There timig was pretty fortunate!

Bull, I've attached the announcement relating to the special dividend:

SUN RESOURCES NL 2002-07-11 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Sun Resources NL ("Sun") wishes to update Shareholders on the developments of ASX listed Basin Minerals Limited ("Basin") and its impact on forward project funding. Many Shareholders may not be aware
that Sun is a significant Shareholder in ASX listed Basin. Sun has seen a marked increase in value of its investment in the company over the last year culminating in a scrip/cash takeover offer from Iluka
Resources Limited ("Iluka") that values the company at $130 million.

The Directors of Sun have always taken the view that its holding in Basin is an investment that would be realised on maturity and the proceeds would be applied to Sun's exploration and development programmes and any surplus proceeds paid to shareholders by way of a
dividend.

Sun has accepted Iluka's offer for its shares in Basin and following Iluka declaring its Offers for shares and listed options in Basin unconditional expects to be paid in cash and Iluka shares within three business days. Shareholders are advised that the $12.55 million
proceeds with the current $1.85 million at bank will be directed to:

1. EXPLORATION AND DEVELOPMENT

Sun's immediate scheduled exploration and development programme consists of; the PNG seismic program to mature the Maipe (697 MMBO), Muir (424 MMBO) and Guy River (423 MMBO) prospects in PPL 228 to
drill status; a Carnarvon Basin four well programme commencing in August and extending into the new year, ic Ceres (WA-261-P), Argos (WA-254-P), Cooper and Rivoli (EP325) and; conditional on the expected success of back to back, late October drilling of the Argos Complex on both WA-254-P and northern adjacent WA-1-P, an immediate start to a joint permit development well programme on Argos to tie back production by September 2003 to the Woodside-Apache-Santos Legendre production platform in WA-l-P some 5 kilometres to the north. Some $6.5 million has been budgeted for these main activities in the next 9 months.

2. DIVIDEND PAYMENT

The Directors have decided to pay a special dividend of 4 cents a share to Shareholders on the register as at COB 5pm WST on Wednesday, 10 July 2002. This dividend will absorb $3.8 million and will he paid
to Shareholders at the end of July 2002.

3. FORWARD EXPLORATION PROGRAMME

The remaining $4.1 million in funds will be directed to further exploration and drilling on San's interests in PNG, the Carnarvon Basin in Western Australia, the San Joaquin Basin in California, USA and in New Zealand, and to general corporate maintenance.

If Shareholders have any queries on the above they should contact the undersigned or the Company Secretary, Peter Woods on (08) 9345 4100.



Dr B L Farrell
MANAGING DIRECTOR


Cheers

Badfish