Class of security:

Ordinary Shares

ISIN:

NZNZIE0007S5

Number issued:

15,029,219

Issue price:

1.3 cents per Ordinary Share

Payment in cash:

No

Fully paid:

Yes

Percentage of Ordinary Shares on issue

1.50%

Purpose of the issue:

As full consideration for the transfer to the Company of 900,000 shares in King Solomon Mines Limited and 200,000 shares in Golden Phoenix Resources Limited

Authority for the issue:

Board Resolution

Number of Ordinary Shares on issue after the issue:

1,020,016,919 (and 9,500,000 shares in treasury stock)

Date of issue:

20 March 2008