RELEASE: Austindo Resources completes placement to raise $1.7 million

October 20, 2003 -- Following shareholder approval at a General Meeting held in Melbourne on 7 October 2003 Austindo Resources Corporation NL is pleased to confirm that it has finalised the placement of 52.5 million shares at 3.2 cents per share.

This additional working capital, together with funds raised from the recent successful

Shareholder Share Purchase Plan, will fund the Company through and beyond the completion of its Bankable Feasibility Study (?BFS?) in respect of its 77% owned Cibaliung Gold Project in Banten Province, Indonesia.

The placement was made to the Company?s major shareholders, interests associated with some of the Directors of the Company and other parties determined by the Directors.

In accordance with ASIC Class Order 02/1180, which provides relief from certain prospectus requirements, the Company confirms that there is no price sensitive information which has not been announced by the Company to the ASX in reliance upon the confidentiality carve out in Listing Rule 3.1.

The funds raised place the Company in a healthy position to finalise the BFS and meet its working capital requirements while project funding for the Cibaliung project is put in place and the Company?s interests in Victoria are advanced. (end of release)