ANNOUNCEMENT TO THE ASX on 21/03/06INCREASE IN PROJECT RESOURCE...

ANNOUNCEMENT TO THE ASX on 21/03/06

INCREASE IN PROJECT RESOURCE LIKELY FOLLOWING ACQUISITION OF FURTHER HISTORICAL DRILL DATA AT KARIBA URANIUM PROJECT ZAMBIA

OmegaCorp Limited (“the Company”) is pleased to announce that drill data relating to the Bungua
Prospect (“the Prospect”), part of the wholly owned Kariba Uranium Project (“the Project”) in Zambia has now been reviewed.

The data covers two areas (Kaumpwe A and B) of percussion drilling approximately one kilometre apart completed by the Geological Survey of Zambia (“GSZ”) in the 1970s and highlights the potential of the Prospect to yield zones of outcropping, shallow mineralisation and a JORC compliant resource estimate.

Key points from initial analysis of the historical drill data are:

• Over 95% of the drill holes contained mineralised intercepts, with over 75% containing more than one intercept – potential for multiple mineralised lenses;

• > 65% of the mineralised intercepts are within 20m of the surface;

• Drill intercepts include individual values up to 1.6% (16 kg/t) U3O8, and up to 9m in width;

• Drilling covers only approximately 500m of a 7.5 kilometre zone with five further known uranium occurrences;

• The drilling was shallow <41m in depth;

• The style and nature of the mineralisation is directly analogous to the Mutanga Deposit, which hosts >5 million pounds U3O8, and the two areas drilled to date cover approximately half the area of the Mutanga Deposit

The Company reported high grade surface sample results on 16 February 2006 at the Bungua Prospect. The Prospect is located approximately fifteen kilometres south of the Dibwe and Mutanga Prospects. These Prospects host an ELEVEN MILLION POUND JORC compliant resource estimate completed by independent geological consultant, reported by the Company in November 2005.