boe call option, page-11

GRV's and ESM's Announcement dated 27 Aug 07. They are schedule to try a new technology using microwaves:

Joint Announcement of Progress Report

We have been negotiating for several months with a prominent oil shale technology company in the USA which has developed a unique microwave system, using a fully self contained plant, to extract oil from oil shale. They have developed various plants with capacities ranging from 150 to 4000 barrels a day output.

The company has offered us the use of a pilot plant with a 150 barrels a day capacity for a period of 6 months commencing in the second quarter of 2008. The oil produced by this plant is refinery crude quality and the oil recovered from its operation would cover much of the cost of the demonstration project.

We plan to accept this offer and have signed a non disclosure agreement to further this project. We will run the pilot plant on our shale deposits of Alpha, Nagoorin and Lowmead shales.

The plant will be in a US west coast refinery, commencing October for 60 days then of to Brazil for
probably 60 days. We are aiming for end of March/April to arrive in Australia.

The pilot plant can be shipped in a 40ft marine container, weighing about 34000 pounds. If the Pilot trial would be successful an arrangement can be made for either lease or purchase of a full grade industrial system.

The pilot plant will be an Australian first for testing of an environmentally friendly technology for the recovery of oil from oil shale and at negligible cost to our companies.

It is not a retort and has not the problems that Southern Pacific encountered with emissions. Your directors see this as a breakthrough for your companies who are in the forefront of oil shale research and development.

ON BEHALF OF THE BOARD OF
GREENVALE MINING N.L. & ESPERANCE MINERALS N.L.
L.White
Chairman
27 August 2007


Regards

SP