WESTERN METALS LIMITED (ASX.WMT)

name changed to Indago Resources Ltd

Indago Resources Ltd (formerly Western Metals Ltd - we will process the name change on or about 12 May) advises that the 1:10 consolidation of its issued capital has been finalised. In accordance with Appendix 7A, clause 5 of the ASX Listing Rules, Indago confirms that the despatch of post-consolidation holding statements has occurred today. The shares are currently trading on a deferred settlement basis under the ASX code: WMTDA and will recommence trading under the ASX code: WMT, tomorrow Thursday, 7 May

shares reinstated to quotation

company lodges its prospectus with ASIC and ASX

subject to shareholder approval, the board will proceed with the consolidation of capital on a 1 for 100 basis

the company is released from external administration

provides notice of a General Meeting to be held on Friday, 18 November 2005 at 9.00am at Ferrier Hodgson, Level 26, BankWest Tower 108 St George's Terrace, Perth - this is to consider a recapitalisation proposal involving among other things a share consolidation (1 for 100), the issue of 120,000,000 Shares at an issue price of 0.25 cents per Share (post consolidation), to raise $300,000 for working capital, the issue of a total of 30,000,000 unlisted Options, the issue of a further 135,000,000 Shares at an issue price of 1 cent per Share (post consolidation) to raise $1,350,000 for working capital - If the resolutions are passed the Company will seek the reinstatement of the quotation of its securities on ASX - Ascent Capital has provided the funding to meet the costs associated with this Notice of Meeting and will arrange $550,000 in additional loan funds - it advises that it intends the Company to continue with its mineral exploration business through its 60% joint venture interest in the Zeehan Tin Deposit and its interest in the Royalty Deed with Hamill Resources Limited (the Northcote Royalty) and to pursue complementary acquisitions. It also intends to review new investment opportunities

Administrators replace the following directors and company secretary: David Benham Ian Gould Geoffrey Wedlock David Fowler (secretary) with the following directors and secretary: David Christian Steinepreis Hugh David Warner Gary Christian Steinepreis (director and secretary)

receivers complete their tasks and retire

receivers confirm they are about to complete their tasks and will retire probably in the next month

administrators believe the receivers will retire shortly

administrators advise they are still waiting for the receivers and they can't provide any timeframe for their completion - the receivers have realised the major assets of the Group and continue to act in realising minor assets and finalising their administrative and statutory obligations

Terramin agrees to purchase the minority 40 percent interest in the Fleurieu and Menninnie Dam joint venture held by Western Metals Ltd

ASIC grants relief to the company in respect of financial reporting requirements

administrators report that they are still waiting to hear from the receivers

administrators advise that the receivers are yet to finalise their outstanding matters

administrators are still trying to progress a Deed of Company Arrangement and believe another month is needed

receivers have indicated there will be no return to shareholders but shareholders are unable as yet to claim any capital loss as a liquidator has not been appointed nor a liquidator's declaration made

administrators advise that a re-structure and re-listing of Western Metals Ltd on ASX has been proposed and is subject to shareholder approval - this can only be accomplished following the retirement of the Receivers - "either way it should be resolved by 30 June 2004"

ASIC grants WMT relief from preparing Half Year Reports

receiver announces sale of the group's shareholding in Niwest Limited for $2.7 million to Minara Resources Limited - the sale brings total divestments to about $51 million - there will be no return to unsecured creditors or to shareholders

receiver announces the sale of the Hellyer Metals Project (a tailings prospect in Tasmania) to a consortium controlled by Intec Limited, Ivanhoe Mines Limited Group and Ammtec Limited

creditors, secured and unsecured, resolve to approve the execution of a deed of company arrangement with Ascent Capital to recapitalise the Company (this was subsequently executed on 24 December 2003)

receiver announces that the assets of the Lennard Shelf mining operations have been sold to Teck Cominco Ltd (a Canadian company) for $26m

receivers advise they are currently working towards concluding a sale of the Lennard Shelf operations, and, following this, the sale of the Hellyer assets

Mt Gordon operations were sold by the receivers to the Aditya Birla Group

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

reports that receivers are hoping to conclude a speedy sale of the company's base-metals mines in order to recoup about $225m owed to noteholders and hedge counterparties - it is anticipated that the sale process for the company's operations may not be concluded until at least the end of September 2003

D McEvoy and S Longley of PricewaterhouseCoopers appointed Receivers and Managers by the noteholders - they will effectively be in control of the operations of the company

company advises it has not been able to conclude a deal to attract new capital and restructure its debt and has appointed M Jones and G Trevor of Ferrier Hodgson as voluntary administrators (in the case of Western Metals Copper Limited, P Geroff) - the board says it remains confident of the group's ongoing prospects

company advises it has secured additional short term funding from its US Noteholders for working capital purposes, pending formalisation of the debt and equity restructuring presently being negotiated

the company and Intec Ltd sign a heads of agreement to investigate the technical and economic feasibility of jointly developing Western Metals' 100% owned Hellyer Metals Project

shares suspended from quotation - the Company expects the signing, within two weeks, of an agreement in principle to a significant debt and equity restructuring of the Company will end the suspension

company places the Kapok Zinc-Lead Mine, part of the Lennard Shelf Operations, onto Care and Maintenance - this decision was taken in response to the recent strong rise in the $A and continued low prices of zinc and lead, and with a view to improving the company's cashflow

name changed from Western Metals NL