A UNIQUE INNOVATIVE
TAX EFFECTIVE OPPORTUNITY
TO PARTICIPATE IN MINERAL
EXPLORATION

• ANKETELL RESOURCES OVERVIEW
• ANKETELL EXPLORATION PROJECT OVERVIEW
• THE EFFECTIVE COST OF PARTICIPATION IS REDUCED
• THE MINERAL EXPLORATION BUSINESS

ANKETELL RESOURCES OVERVIEW

• Anketell Resources NL ("ARN") is a company established to explore for minerals in joint venture with the participants (Explorers) in the Anketell Exploration Project.
• ARN will have rights to acquire the Explorers' interests in the Joint Venture after completion of exploration.
• Explorers or their nominee will be IPO shareholders in ARN. 1
• Once the offer has closed, the ARN Board will apply for listing on the ASX.

ANKETELL EXPLORATION PROJECT OVERVIEW

The Anketell Exploration Project ("the Project") provides a unique innovative opportunity to enter into the exciting field of mineral exploration. Explorers are able to participate in the potentially high return exploration business in an innovative and tax effective manner.

This has the effect of reducing the effective entry cost to the participant by up to 48.5% from the cost of investing in exploration through the traditional method of acquiring shares in mining exploration companies.

The key features of the Anketell Exploration Project include:

• Contributions to the Project are for $10,000 and multiples thereof (plus 10% GST).
• 100% tax deductibility for all contributions at the time of entry.
• The mineral exploration project being conducted in joint venture with ARN.
• Explorers (or their nominees such as their superannuation fund) subscribe for shares in ARN at the same time as establishing their interest in the Anketell Exploration Project and accordingly extending their effective interest in the underlying exploration project.
• Guaranteed sale of the Explorers' interests through put and call options between the fund and ARN (to be based on independent valuations).

1 Explorers also are required to subscribe for 40,000 shares in ARN for 6.25 cents each per $10,000 contribution to the Anketell Exploration Project.

THE EFFECTIVE COST OF PARTICIPATION IS REDUCED

A portfolio interest in mineral exploration has historically been offered only through an investment in the shares of an exploration company. This approach offered no tax benefits to the participating investor.

As demonstrated below the innovative approach developed for undertaking mineral exploration through the Anketell Exploration Project and subscribing for ARN shares significantly reduces the cost of participation compared with the historical alternative.

Effective cost of typical $12,500 contribution to exploration project by an individual.†

In the example the net cost of participation is reduced by $4,850 per $12,500 (38.8%).

The Tax Deductibility is supported by an Independent Taxation Opinion from Ernst & Young and a Tax Office Product Ruling is Pending

The tax deductibility of the Project contributions is supported by the independent tax expert's opinion included in the prospectus provided by Chartered Accountants, Ernst & Young. Application has been made for a binding Australian Taxation Office Product Ruling. This should be received shortly.

THE MINERAL EXPLORATION BUSINESS

Mineral exploration is high risk by nature but can lead to spectacular returns. By way of example, all major mining projects begin life as exploration projects.

Despite the level of risk involved in mineral exploration, the discovery of a viable resource involves much more than mere luck. It is necessary to carefully manage the exploration activities, particularly in large under explored regions such as the Anketell Project. The Anketell team has the skill, experience and funding necessary to explore, effectively and efficiently, this remote region of Western Australia.

The resources sector is recognised as highly cyclical because of volatility in mineral prices and in recent years the high level of capital returns seen in the high tech projects has led to a reduction in the funding available for mineral exploration. Nonetheless, a strong world economy has strengthened the demand for many minerals and metals driving prices higher.

Despite this fact, this lack of exploration funding presents a strong investment opportunity.

† Stated exclusive of the impact of GST since GST will be recoverable if the Explorer is register for GST with the Taxation Office.

Applications Required Pursuant to Prospectus

This information is intended only as an introduction to the Anketell Exploration Project and ARN. Interests in the Anketell Exploration Project and shares in ARN are only available pursuant to completed application forms as included in the Anketell Exploration Project and Anketell Resources NL Prospectus dated [date] 2000 (Prospectus). It is recommended parties considering an investment in the Project and ARN read the Prospectus in full.

The Prospectus is available here or by telephoning 1800 [number].