[Translation] Ref. PDI.B.02.81/99 31 August 1999 To : President The Stock Exchange of Thailand Re. : Notification of signing a memorandum of understanding with a foreign investor in relation to a subsidiary's Loei copper project (Area 3) Padaeng Industry Public Company Limited (PDI) and Puthep Co., Ltd., PDI's wholly owned subsidiary have entered into a memorandum of understanding (MOU) with Pan Australian Resources N.L. (PNA), a listed exploration and mining company on the Australian Stock Exchange on 23 July 1999 to carry out a bankable feasibility study on Puthep's copper project in Area 3, Loei province. Further negotiation on a full joint venture agreement will proceed after both parties' completion of due diligence by the end of November 1999. Please be notified accordingly. Yours truly, - Signature - (Mr. Pinit Vongmasa) President & CEO Board Secretary Division Tel. 661-9900 Ext. 230