underwriting of exercise of quoted options

The Manager - Company Announcements Office
ASX Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000
Via ASX Online Number of pages – 1
Dear Sir,
Re: Underwriting of exercise of quoted options expiring 31 October 2007
The directors of Goldsearch Limited are pleased to advise that they have arranged the
underwriting of the exercise of all of the Company’s quoted 5 cent options which expire on 31
October 2007.
The underwriting has been arranged with a panel of six professional investors from Australia
and New Zealand, most of whom are existing optionholders who agreed, as part of the
underwriting arrangements, to the early exercise of some or all of their options.
The agreed fee for the underwriting is $87,071 being 2% of the $4,353,563 application
monies to be raised from the exercise of the 87,071,274 outstanding options at the time the
underwriting was offered.
Since the underwriting was offered a total of 9,355,450 options have been exercised, mostly
by participants in the underwriting panel.
The exercise of the remaining 77,715,824 options will raise $3,885,791 additional working
capital. This will provide assured funding for the Company’s planned exploration programs
on the Mary Kathleen uranium ,copper, gold prospects in Queensland; the Mount Wellington
gold, copper prospect and the Sandy Creek gold prospect in Victoria; and continuing work on
the Musgrave Block nickel and base metal joint venture prospects in South Australia which
are managed by Independence Group NL.
For and on behalf of the directors of
Goldsearch Limited