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Hardman Resources Ld (HNR)

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Thursday 27 November, 2003

Hardman Resources Ld

Exercise of Options

Hardman Resources Limited
27 November 2003



HARDMAN RESOURCES LTD
Ground Floor, 5 Ord Street, West Perth
PO Box 869, West Perth
Western Australia 6872
Tel: +61 8 9321 6881 Fax: +61 8 9321 2375
ABN 98 009 210 235



STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE:                     27 November 2003

CONTACT:                          Kathryn Davies (08 9321 6881)

RE:                               APPENDIX 3B EXERCISE OF OPTIONS

PAGES:                            9


Please find following ASX Appendix 3B being an application for quotation of
additional securities in Hardman pursuant to the exercise of 3,950,000 options
exercisable at 60 cents per share. The conversion of these securities raises
A$2,370,000 additional capital for the Company.




KATHRYN DAVIES
COMPANY SECRETARY AND
CHIEF FINANCIAL OFFICER



                                                Rule 2.7, 3.10.3, 3.10.4, 3.10.5
                                  Appendix 3B



                            New issue announcement,
               application for quotation of additional securities
                                 and agreement


Information or documents not available now must be given to ASX as soon as
available.  Information and documents given to ASX become ASX's property and may
be made public.

Introduced 1/7/96.  Origin: Appendix 5.  Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002.




Name of entity
HARDMAN RESOURCES LTD


ABN
98 009 210 235



We (the entity) give ASX the following information.





Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).


1     Class of securities issued or to be     Ordinary shares.
      issued



2     Number  of securities issued or to be   3,950,000
      issued (if known) or maximum number
      which may be issued



3     Principal terms of the securities (eg,  As per existing ordinary shares.
      if options, exercise price and expiry
      date; if partly paid securities, the
      amount outstanding and due dates for
      payment; if convertible securities, the
      conversion price and dates for
      conversion)



4    Do the securities rank equally in all  Yes.
     respects from the date of allotment
     with an existing class of quoted
     securities?



     If the additional securities do not
     rank equally, please state:

     •       the date from which they do

     •       the extent to which they
     participate for the next dividend, (in
     the case of a trust, distribution) or
     interest payment

     •       the extent to which they do
     not rank equally, other than in
     relation to the next dividend,
     distribution or interest payment

5    Issue price or consideration           60 cents per share.



     Purpose of the issue                   Exercise of options.

6    (If issued as consideration for the
     acquisition of assets, clearly
     identify those assets)




7       Dates of entering securities into   26 to 27 November 2003.
        uncertificated holdings or despatch
        of certificates





                                            Number                   Class
8       Number and class of all securities  472,960,028              Ordinary shares
        quoted on ASX (including the
        securities in clause 2 if
        applicable)



                                              Number                   Class
9      Number and class of all securities not 8,500,000                Options over ordinary shares
       quoted on ASX (including the                                    exercisable at 60 cents each.
       securities in clause 2 if applicable)
                                                                       Options over ordinary shares
                                                                       exercisable at $1.10 each.
                                              14,700,000

10     Dividend policy (in the case of a      The Directors do not anticipate declaring a dividend in
       trust, distribution policy) on the     the current financial year.
       increased capital (interests)



Part 2 -  Bonus issue or pro rata issue


11     Is security holder approval required?



12     Is the issue renounceable or
       non-renounceable?

13     Ratio in which the securities will be
       offered

14     Class of securities to which the
       offer relates

15     Record date to determine entitlements



16     Will holdings on different registers
       (or subregisters) be aggregated for
       calculating entitlements?

17     Policy for deciding entitlements in
       relation to fractions



18     Names of countries in which the
       entity has security holders who will
       not be sent new issue documents

       Note: Security holders must be told
       how their entitlements are to be
       dealt with.

       Cross reference: rule 7.7.

19     Closing date for receipt of
       acceptances or renunciations


20     Names of any underwriters



21     Amount of any underwriting fee or
       commission

22     Names of any brokers to the issue



23     Fee or commission payable to the
       broker to the issue

24     Amount of any handling fee payable to
       brokers who lodge acceptances or
       renunciations on behalf of security
       holders

25     If the issue is contingent on
       security holders' approval, the date
       of the meeting

26     Date entitlement and acceptance form
       and prospectus or Product Disclosure
       Statement will be sent to persons
       entitled

27     If the entity has issued options, and
       the terms entitle option holders to
       participate on exercise, the date on
       which notices will be sent to option
       holders

28     Date rights trading will begin (if
       applicable)

29     Date rights trading will end (if
       applicable)


30     How do security holders sell their
       entitlements in full through a
       broker?

31     How do security holders sell part of
       their entitlements through a broker
       and accept for the balance?


32     How do security holders dispose of
       their entitlements (except by sale
       through a broker)?

33     Despatch date



Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities


34     Type of securities

       (tick one)


(a)          Securities described in Part 1



(b)   X     All other securities

            Example: restricted securities at the end of the escrowed period, 
            partly paid securities that become fully paid, employee incentive 
            share securities when restriction ends, securities issued
            on expiry or conversion of convertible securities

Entities that have ticked box 34(a)


Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to 43)


Tick to indicate you are providing the information
or documents


35          If the securities are equity securities, the names of the 20 largest 
            holders of the additional securities, and the number and percentage 
            of additional securities held by those holders

36          If the securities are equity securities, a distribution schedule of 
            the additional securities setting out the number of holders in the 
            categories

            1 - 1,000

            1,001 - 5,000

            5,001 - 10,000

            10,001 - 100,000

            100,001 and over

37          A copy of any trust deed for the additional securities



(now go to 43)




Entities that have ticked box 34(b)


38     Number of securities for which          3,950,000
       quotation is sought



39     Class of securities for which quotation Ordinary.
       is sought



40     Do the securities rank equally in all   Yes.
       respects from the date of allotment
       with an existing class of quoted
       securities?



       If the additional securities do not
       rank equally, please state:

       •       the date from which they do

       •       the extent to which they
       participate for the next dividend, (in
       the case of a trust, distribution) or
       interest payment

       •       the extent to which they do not
       rank equally, other than in relation to
       the next dividend, distribution or
       interest payment

41     Reason for request for quotation now    Issue of new ordinary shares upon 
                                               exercise of options.

       Example: In the case of restricted
       securities, end of restriction period



       (if issued upon conversion of another
       security, clearly identify that other
       security)



                                               Number                Class
42     Number and class of all securities      472,960,028           Ordinary.
       quoted on ASX (including the securities
       in clause 38)









(now go to 43)

All entities



Fees


43     Payment method (tick one)


             Cheque attached

             Electronic payment made

             Note: Payment may be made electronically if Appendix 3B is given to 
             ASX electronically at the same time.

       X     Periodic payment as agreed with the home branch has been arranged

             Note:  Arrangements can be made for employee incentive schemes that 
             involve frequent issues of securities.





Quotation agreement



1          Quotation of our additional securities is in ASX's absolute
discretion.  ASX may quote the securities on any conditions it decides.



2          We warrant the following to ASX.



•          The issue of the securities to be quoted complies with the law and is
not for an illegal purpose.



•          There is no reason why those securities should not be granted
quotation.



•          An offer of the securities for sale within 12 months after their
issue will not require disclosure under section 707(3) or section 1012C(6) of
the Corporations Act.



Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty



•          Section 724 or section 1016E of the Corporations Act does not apply
to any applications received by us in relation to any securities to be quoted
and that no-one has any right to return any securities to be quoted under
sections 737, 738 or 1016F of the Corporations Act at the time that we request
that the securities be quoted.



•          We warrant that if confirmation is required under section 1017F of
the Corporations Act in relation to the securities to be quoted, it has been
provided at the time that we request that the securities be quoted.



•          If we are a trust, we warrant that no person has the right to return
the securities to be quoted under section 1019B of the Corporations Act at the
time that we request that the securities be quoted.




3          We will indemnify ASX to the fullest extent permitted by law in
respect of any claim, action or expense arising from or connected with any
breach of the warranties in this agreement.



4          We give ASX the information and documents required by this form.  If
any information or document not available now, will give it to ASX before
quotation of the securities begins.  We acknowledge that ASX is relying on the
information and documents.  We warrant that they are true and complete.





Sign here:         Company Secretary

Date: 27 November 2003







Print name:       Kathryn Davies



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