exercised options early, page-2

Sydney - Tuesday - October 3: (RWE Aust Business News) - Climax
Mining Ltd (ASX:CMX) said its major investor, Sercor, a subsidiary of the
Santa Elina Group, will exercise 12.5 million listed options.
These options, representing half of Sercor's total option
holding, have an exercise price of 32c and expire on 15 April 2007.
The exercise of the options will lift the total shareholding of
Sercor to 62.5m shares, or some 13.3pc of the issued shares in Climax.
The $4m of additional capital will be used to secure
the purchase of grinding mills for the Didipio project.
Climax chairman Jim Askew said that the continued support of the
Santa Elina Group, through Sercor, helped ensure timely construction of
the Dinkidi project in the Philippines.
"This support is all the more significant as we progress the
merger with Oceana Gold," Mr Askew said.
Climax shares were steady at 43.5c.