STOCK EXCHANGE ANNOUNCEMENT

Expiry of Listed Options

Thursday 4 April 2002

The Directors of Pima Mining advise that the March 02 listed options have now expired. A total of 13,216,484 were exercised, with exercise of the remaining 30,548,945 underwritten by Bell Potter Corporate Finance Limited.

A total of in excess of $8.3 million (net of costs) will be raised from the options. These funds will be used to maintain momentum in the Company’s wholly owned SAMAG Project as it moves towards finalising the Bankable Feasibility Study in the next couple of weeks, with financial close expected later in the year.

For further information

In accordance with Australian Stock Exchange listing requirements, the geological information in this report has been based on information provided by geologists who are corporate members of the Australian Institute of Mining and Metallurgy or Australian Institute of Geoscientists and who have had in excess of 5 years experience in their field of activity.