Release: Herald Resources: Market update

(29 January 2008)--The directors of Herald Resources Limited note the increase in Herald's share price in today's trading. The directors again confirm that they are still in discussions with interested parties with a view to attracting a higher offer than the $2.25 per share offered by Calipso Investment Pte Ltd and that some of these discussions are at an advanced stage. The directors will immediately inform the market of any developments in relation to these discussions. (end of release)