ARDIDEN LTD — Capital/Financing Update 2010

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PACIFIC NIUGINI LIMITED

ABN 30 003 207 467

Company Announcements Office

Australian Stock Exchange Ltd Level 5, Riverside Centre

123 Eagle Street Brisbane QLD 4000. 11[th] January 2010.

- Farm In Agreement between Pacific Niugini Ltd and

Eldore Mining Corporation Ltd on Mt Hagen Project in PNG

The board of Pacific Niugini Limited (PNR) is pleased to announce the signing of a farm-in agreement with Eldore Mining Corporation Limited (EDM) on their Mt Hagen Project EL1613 located north of the town of Mt Hagen, Capital of the Western Highlands Province, in PNG.

• EDM have the right to earn a 60% interest in the project by spending a total of AU$2 million on exploration.

• A minimum expenditure of $500,000 in the first year is required before EDM have any right to withdraw. A minimum expenditure of $500,000 is required each year thereafter.

• The on-ground exploration activities and technical management in PNG are to be carried out by a team of PNG National geologists and other specialists provided by PNR’s wholly-owned PNG subsidiary company, Pacific Niugini Minerals (PNG) Ltd.

• Upon completion of the $2 million expenditure and resulting 60% farm-in earned by EDM, a Joint Venture between the two parties would be established to further progress the project. Any such future Joint Venture would be managed and operated by EDM.

PNR is of the view that the project has significant potential for the discovery of large porphyry copper-gold-molybdenum deposits as well as epithermal gold and base metal deposits.

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D J Lovell.

Company Secretary

Postal Address: P O Box 1578 Toowong QLD 4066

Head office: 14/46 Douglas Street, Milton, QLD 4064 Tel: (07) 3367 3996 Fax: (07) 3368 2998