Release: Straits Asia: Financial close and drawdown of debt facility

(Singapore - 24 November 2008)--further to the announcement on 18 November 2008, Straits Asia Resources Limited is pleased to announce that it has achieved financial close of the US$300 million term and revolving loan facility from Standard Chartered Bank and today has received first drawdown.

The initial drawdown was US$250 million and will be used to repay Straits Asia?s previous US$230 million bridge facility and to pay transaction expenses, with the balance to be used for working capital.

Richard Ong, Chief Executive Officer, said, ?This completion places our balance sheet in an extremely strong and enviable position with over US$ 100 million in cash or near cash and with a further US$50 million still available under the revolving loan.? (end of release)