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    Seram JV Payments Update - Kalrez Achieves Target

    Document date: Wed 29 Jan 2003 Published: Wed 29 Jan 2003 14:04:43
    Document No: 231504 Document part: A
    Market Flag: Y
    Classification: Periodic Reports - Other

    HOMEX - Perth

    With the first drawdown of $500,000 of the Tulloch Lodge ("Tulloch")
    Loan Facility, Kalrez advises it has today cleared all default cash
    calls and imposed interest penalties, due on the Seram JV Project.

    This is a very important step for Kalrez, in that this is the first
    time since January 2002, that the company has been clear of it's
    payment obligations as a partner in the Seram JV Project.

    The Tulloch facility totals 2 million dollars and consists of
    $500,000 placement in the company (already subscribed) and 1.5
    million dollars loan facility, dedicated to funding Seram JV cash
    calls (500,000 drawn down today).

    Eddie Smith, the company's former Chairman comments "That with
    Tulloch's assistance the company now has a certainty that was
    previously missing and the future now looks a lot brighter for Kalrez

    For further information please contact:

    Mr Russell Brimage or Mr Giuseppe (Joe) Mercorella
    Jakarta Office Adelaide Office
    Ph: 0011 6221 7696977 Mobile: 0403680570
    Fax: 0011 6221 7697012 Ph: 08-82391344
    Email: [email protected] Fax: 08-82391744

    Mr Eddie Smith Email: [email protected]
    Perth Office
    Ph: 08-93629330
    Fax: 08-93629331


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