Mr. David Southam reports

CHAIRMAN'S ADDRESS TO THE SCHEME MEETING

Cygnus Metals Ltd. refers to the proposed transaction under which Central Asia Metals PLC will acquire 100 per cent of the shares in Cygnus pursuant to a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth).

In accordance with Australian Securities Exchange Listing Rule 3.13.3, the chairman's address to be presented at the scheme meeting being held today at 2 p.m. AWST (Australian Western Standard Time).

Cygnus shareholders may attend, participate and vote at the scheme meeting in person at Level 39, 152-158 St. Georges Terrace, Perth, Western Australia, 6000. Cygnus will announce the results of the scheme meeting on the ASX shortly after the conclusion of the scheme meeting.

Further information

If you require further information or have any questions in relation to the scheme or the scheme meeting, please contact Cygnus's scheme information line on 1-300-103-401 (from within Australia) or 61-2-9066-4063 (from outside Australia), Monday to Friday (excluding Australian public holidays) between 8:30 a.m. and 5 p.m. AWST.

We seek Safe Harbor.