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Deepgreen - news -

HOMEX - Melbourne ------------------------- Response to ASX price fluctuation query

RESPONSE TO ASX QUERY We refer to your letter dated 27 January 2000 and comment as follows:

1. No. 2. No. 3. No. 4. To the best of the Company's knowledge, information and belief of each of the officers of the Company, the Company is in compliance with the listing rules and, in particular, listing rule 3.1.

If you require additional information please do not hesitate to contact the undersigned on (03) 9639 1533.



Australian Stock Exchange Limited ("ASX") has noted that the price of Deepgreen Minerals Corporation NL's ordinary shares has today risen 0.5 cents to 2.5 cents. The volume of shares traded is also unusually high.

We regard timely disclosure of relevant information as of prime importance in the operation of an efficient market. Listing rule 3.1 is a particularly important listing rule. It is part of ASX's continuous disclosure regime and is based on the following principle:

Timely disclosure must be made of information which may affect security values or influence investment decisions, and information in which security holders, investors and ASX have a legitimate interest.

In the absence of any information which explains the price change referred to above, we wish to make the following enquires:

1. Are any matters of importance concerning the company about to be announced to securityholders and/or the market? If so, can an announcement be made immediately?

2. Is the company aware of any information concerning it which, had it been available to the market, might reasonably be regarded as an explanation for recent trading in the securities of the company?

3. Is the company able to offer any other explanation for the price rise in the securities of the company?

4 Can the company confirm to ASX that it is in compliance with the listing rules and, in particular, listing rule 3.1?

The queries set out above cover matters of current specific interest to us. However, we cannot be aware of all the information which would be required to ensure that the market is property informed in accordance with listing rule 3.1. Accordingly, we would emphasise that your responsibility under that listing rule is not confined to, or necessarily satisfied by, answering the specific requests set out in this letter.

If the information requested is information required to be released pursuant to listing rule 3.1 your obligation is to disclose the information immediately. Otherwise, your co-operation in lodging a reply in a form suitable for release to the market is required as soon as possible and, in any event, not later than half an hour prior to the commencement of trading (ie prior to 9.30 am EDST) on Friday 28 January 2000. Your response should be sent directly to me on facsimile number 9614 0303.

If you are unable to respond by that time you may wish to request a trading halt in the company's securities (refer the "Trading Halts" Guidance Note).

If you have any queries regarding any of the above, please do not hesitate to contact me on 9617 7842.


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