Mr. Bryan Davis and Mr. Steve Bonett have tendered their resignation as directors of Terramin Australia Ltd. Mr. Davis retires as Chairman and Non-Executive Director of the company. Mr. Bonett has resigned as Non-Executive Director having held this position since June 2005 in addition to his role as Chairman of the Nomination & Remuneration Committee and member of the Audit Committee. Mr. Michael H Kennedy, currently a Non-Executive Director, has been appointed as interim Chairman. Mr. Kennedy has an extensive, 35 year career in the mining industry, and was appointed to the Terramin Board as a Non-Executive Director in June 2005.