Corporate Objectives

Newland Resources is the 100% owner of the Resources Services Group which is based out of London.

The Group's ambition is to build funds under management in the international resource sector to US$500 million in the short to medium term. Current funds under management are US$100 million. All of the management contracts are based on 1.5% per annum plus a 20% incentive fee paid half yearly. The initial two resource investment vehicles under the management of the Resources Group are:

• Ocean Resources Capital Holdings plc, a mining finance group having gross assets of approximately US$57 million.

• Resources Investment Trust a fully listed London investment trust have gross assets of US$48 million.

There are two further Funds in the pipeline:

• An open ended Cayman based fund with a target size of US$50 million. Subscriptions are currently being canvassed and the first subscription dated is 30th September 2004.

• A Hong Kong stock exchange listed fund having a portfolio of resource companies geographically based in the South East Asia region.

Key personnel in the management team of the Resources Services Group are:

David Hutchins - 43 years

David Hutchins commenced his career in 1979 with the Stock Exchange of Melbourne and later progressed to become an Executive Director of M&G Investment Management. He became Head of the International Desk at M&G Investment Management in April 1995. Here, he was also responsible for M&G Group's investments in the precious metals and commodities sector world-wide. He left M&G Investment Management in December 1996 and has since been involved in Fund Management at Yorkton Securities Inc. London Office, which led to a management buy-out, assisted by Benitz & Partners, of Endstone Trust S.A. He was subsequently employed as a consultant at AWI Administration Services. He is presently an Executive Director of Resources Investment Trust plc and Endstone Capital Limited, is Non-Executive Chairman of Interactive Resource Information Ltd, a Non-Executive Director of Pan Palladium Limited and Murchison United NL.

Merfyn Roberts - 52 years

Merfyn Roberts holds a BSc in Geology from Liverpool University and an MSc from the University of Oxford in Geochemistry and began his career as a geologist working in the UK and in North Africa. In 1976 he joined Thomson McLintock & Co. in London and qualified as a Chartered Accountant in 1980. He joined Charter Consolidated Limited in 1982 as an equity investment analyst and in 1985 he joined Target Group Plc where he managed the Gold, Commodity and World Income Unit Trusts. In 1990 he joined Minorco S.A. in London to set up and manage Minorco's in-house equity fund which, by the time he left in 1996, specialised in the natural resources sector. Since 1996 he has been involved with Dragon Securities Limited, a natural resources based equity fund, as Investment Director until 2000 and subsequently as Investment Consultant. He is also currently the Investment Director of Cardiff Capital Limited, a manager of North American, UK and European resource stocks.

Financials

The estimated management fees at 1.5% of US$100 million are currently running at approximately US$1.5 million per annum.

During the half year to 30th June 2004 the company received an incentive fee paid by Resources Investment Trust to Resources Group of in excess of £1 million (US$1.7 million).