Gold Mines of Sardinia Limited

A.C.N. 009 234 851

23 Mar 2000
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March 23, 2000

Manager - Companies
The Australian Stock Exchange Limited
2 The Esplanade
PERTH WA 6000

Dear Sir/Madam:

RE: SHARE PLACEMENT

Further to the Company's announcement on March 15, 2000 regarding the proposed share placement to raise 4m (A$10,256,400), the directors wish to advise that the placement has been successfully concluded by the issue of 22,222,222 new ordinary shares at 18p (46c) per share. The placement was fully underwritten by SG Securities (London) Ltd. The net proceeds after commission and out of pocket expenses amounted to 3.9m (A$10,009,615).

Application has been made to the London Stock Exchange and to the Australian Stock Exchange for the new shares to be admitted to trading on the Alternative Investment Market and the Official List of the Australian Stock Exchange (respectively). Admission to both exchanges is expected to become effective on Monday 27 March 2000. The new shares will rank pari passu in all respects with the existing issued ordinary shares of the Company.

The monies raised are to be used to fund the further development of the Furtei sulphide mine and the associated work on the Geobiotics treatment, the fast-tracking of the feasibility study at Osilo and the exploration and drilling of other identified sites.

Yours faithfully

GOLD MINES OF SARDINIA LIMITED

JEANNETTE P. SMITH
COMPANY SECRETARY

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Last modified: May 01, 2001