RNS Number:9377M
Reefton Mining N.L.
30 June 2003



                REEFTON MINING N.L. ("Reefton" or the "Company")

TERMINATION OF AGREEMENT -CHARTER SUMMIT INVESTMENTS LIMITED, CARLOS AC DA CRUZ
                              AND MANUEL DE CASTRO

The Company refers to the Agreement dated 23rd January 2003 between Reefton
Mining NL, Reefton Exploration Pty Ltd, Charter Summit Investments Limited,
Carlos AC Da Cruz, Manuel De Castro, Storm Diamond Mining Company (Pty) Ltd and
Black Range Mining (Pty) Ltd.

The Company advises that despite written and verbal assurances to the contrary
Messrs Da Cruz and De Castro have failed to settle a 10% placement of securities
in the capital of the Reefton Mining NL nor complied with the Agreement by
providing the names of the black empowerment representatives to be associated
with the Namibian company which was to hold the 40% equity interest in Storm
Diamond Mining Company (Pty) Ltd and Black Range Mining (Pty) Ltd.

In addition Messrs Da Cruz and De Castro have failed to perform their specific
obligations and pay the sum of A$6,000,000 for a 40% equity interest in Storm
Diamond Mining Company (Pty) Ltd and Black Range Mining (Pty) Ltd.

Accordingly Reefton and its subsidiaries have terminated the Agreement and in
doing so have reserved their rights to claim any and all losses and damages
caused to them by Messrs Da Cruz and De Castro's breach of the Agreement.



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