A Little company Going Ahead

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    More Money to continue the work at Christmas Island

    Sale of Shares in Allied Mining & Processing Ltd

    Document date: Fri 31 May 2002 Published: Fri 31 May 2002 11:53:56
    Document No: 217170 Document part: A
    Market Flag: Y
    Classification: Security holder details - Other , Director Appointment/Resignation

    HOMEX - Perth

    As part of the strategic refocus of the Company's investments, we are
    pleased to advise that Asset Backed Holdings Limited has today sold a
    total 8,000,000 shares (19.8%) in Allied Mining & Processing Ltd at
    20 cents per share, being total consideration received of $1,600,000.
    This represents a profit to the Company of approximately $475,000.

    The proceeds received from the disposal of these shares will be
    re-applied by Asset Backed Holdings Limited in pursuing additional
    investment opportunities on or associated with Christmas Island
    and/or Phosphate Resources Limited.

    Michael Parrott has retired as Chairman of the Board of Allied Mining
    & Processing Limited. Antony Rigoll continues as a Director of that

    Asset Backed Holdings Limited continues to hold a total of 774,652
    shares in Allied Mining & Processing Ltd, which it will consider
    disposing over the ensuing period.

    N J Kroyer

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